The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1911-12-19
A REMARKABLE STORY
OF "FRENz|ED FINANCE

dictments we're also returned against
Ulysses s. Lybarger, former cashier OF
the Gambler Banking company, and
Claude N. Wyant, at one time at the
head of Kenyon Military Academy and
at the present time the principal of a
school for boys at South Bethlehem,
Pennsylvania.
The indictment against the three
men is result of the mismanagement
of the affairs of the old Gambler Saw
ings Bank Co., later taken over by
the Gambler Banking Co.
Hills, Lybarger and Wyant are in
dicted jointly "for procuring the sig
natures as makers of promissory
note by false pretenses with intent to
defraud."
The said note was in the sum of
100000, executed on February 21, 1905,
and was from George w. Porterfield,
now deceased, and his wife Priscilla
Porterfield.
In the year 1899, Harry N. Hills,
then one of the most influential citi-
zens of Gambler, at the head of Har-
court Place Seminary, interested in
Kenyon Military Academy, owner of
large real estate holdings, and Ulysses
s. Lybarger, one of the we'll known
men of the village, solicited funds, en-
tered into the private banking bust
ness and secured quite a large mum.
ber of depositors. Mr.. Hills was the
president of the bank and Mr.. Lybar-
ger was the cashier.
About this time Mr.. Hills became
interested in a large number of other
enterprises, which required consider
able capital. He operated "Harcourt
Farm" which was noted for it's fine
stock, the owner paying as high as
500 for certain breed of hogs. Other
enterprises occupied Mr.. Hills's at
tention and his money was largely in
vested. On February 21, 1905, as re-
suit of such investment, the allega.
tion is made, that M, Hillss private
account in the Gambler Savings Bank
was overdrawn s20,O90.72.
1t is claimed that about this time
the fact developed that a change of
some kind was necessary and that
prior to this date Mr.. Hills left Gam
bier rather suddenly and remained
away for an indefinite period of time.
In the meantime the Gambler Saw
ings Bank was operating without
so 1t was decided that
Claude N. Wyant should be called in
as sort of nominal president Ac-
cordingly Mr.. Wyant took Mr.. Hills's
place and it is said represented to the
citizens of Gambler that the bank was
a safe and sound institution Mr.. Wy
ant was one of the well known and
most influential citizens of the village
and his assuming charge of the bank
ailayed all fears and prevented run
on the bank, which seemed likely at
about the time Hills suddenly left
town.
However, Mr.. Hills returned to Gam
Tier along in February, 1905, and pro
posed to his partner, Lybarger, that a
new institution be formed and that the
Gambler Savings Bank Company be
turned over to the new institution.
Before any steps were taken, how
ever, towards the organization of a
new banking company, George W. Por-
terfield, well-to-do-farmer of Knox
county, was taken in as partner in
the old banking company and it was
agreed that Mr.. Porterfield would give
his note for $4,000, as both Hills and
Lybarger represented that the bank
was solvent and was paying bank
ing institution.
The assets of the Gambler Savings
Bank on February 81 1905, were $685.
777.91, and the liabilities, as repre-.
sented by Hills and Lybarger, were
$97, ,645.S1.
In order to bring the assets above
the liabilities and to make a good
showing before the old bank was
turned over to the promoters of the
new institution, it is alleged that Hills
and Lybarger secured this note of $780,
900 from Porterfield.
This additional 100000, obtained by
false pretenses, SO 1t is claimed, gave
the finances of the old bank a good
showing and on February 81, 1905, the
Gambler Banking Company was in
corporated under the laws of Ohio,
with the following directors: Hosea
w. Jones, George w. Porterfeld, e.
p. Webster, J. p. Thompson, G. N.
Wyant and U. S. Lybarger, and on this
date the new institution did take over
and assume the assets and liabilities
of the Gambler Savings Bank com.
pany.
To go back little, it is alleged that
when Porterfield was taken in as a