The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1911-05-19
CLOSED
Was Bank Of The Gambler
Banking Company
Tuesday Morning By The
State Superintendent
Had Been Running Behind
Expenses For Some Time
Its Troubles Due To Paper It
Inherited
Deputy Of State Supefin-
sus ~, Ca
Deputy Of State superln-
tendeDt Is Placed In Charge

The bank Of the Gambler Banking
Company did not open for business on
Tuesday morning, but instead the es-
tablishment was taken possession of
at the hour for opening by State Sup
erintendent OF Banks f. f. Baxter of
Columbus.
Mr.. Baxter came over from Column
bus in an automobile Monday night
and remained in Mt. Vernon over
night. The only reason for coming
through in an automobile was that the
morning train would not arrive at
Gambler until after the hour for open
ing the bank.
Mr.. George Walters, bank exam
iner, under the state superintendent
came over from Columbus on the
morning train, going through to Gam
bier Mr.. j. a. Holmes of Weston,
o., also a bank examiner in the depart
ment, was summoned to Gambler from
Cleveland and arrived in Gambler on
the morning tram
Superintendent Baxter took posses
sion of the bank and appointed Mr..
Holmes as special deputy superintend-
ent to act as liqudating officer in
clearing up the affairs of the bank.
Supt. Baxter returned to Columbus
In the afternoon, leaving Mr.. Holmes
in charge.
While in Mt. Vernon Tuesday after
noon, Supt Baxter was seen by re-
porter of the Banner and he stated
in answer to inquiries that of late his
department mad been cognizant of the
fact that the Gambler Bank was not
In the best of condition and that it
was running behind, but there was a
hope that It would pick up and that it
would not be necessary for the state
department To intervene, but that in
stead of affairs growing better they
continued to get worse and 1t was de-
cided TO take the step on Tuesday.
This probable action, however, was
not surprise to those in charge of
the bank.
Superintendent Baxter stated that
the condition of the bank was largely
a matter of Inheritance of paper that
was not very good, 1t coming to the
bank when the institution was taken
over as private bank by the present
owners. Mr.. Baxter also stated that
the affairs of the bank, so far as the
state department knows, and their
frequent examinations of 1t gave them
a familiarity with 1t. have been hon
estly conducted and In avery business
like manner, hut the bank did not do
a volume of business of sufficient size
and kept running below It's expenses.
Supt. Baxter is of the opinion that in
settling up the affairs of the bank
that there will not be enough assets
to take care OF the full deposits and
that some loss will consequently be
sustained by the depositors.
The Banner had talk with Mr..
Holmes over the telephone Tues.
day afternoon and that gentleman re-
peated most of the statements made
by Superintendent Baxter as to the
condition of the banks affairs. He
stated that the managers of the bank
had accomplished a great deal, but II
was too much OF an uphill job for
them to surmount the difficulties that
confronted them, although they had
worked very diligently. He also stat
ed that 1t would take sometime to
liquidate the banks affairs. but was
not able to state just how long, but it
would take several months.
The Gambler Banking Company is
q state organization, has capital of
$4,000 and has been operating since
1896.
The directors of the hank are as fol-
lows: II. w. Jones. George w. Ben
nett, Barker Newhall. Sylvester Baker.
and G. N. Wyant. The officers are:
President, II. w, Jones; Vice Presi-
dent, George w, Bennett; Secretary,
Barker Newhall; Cashier. U. S. Ly-
barger.