Wilbur started out looking like a carbon copy of W.C. Fields - he would often try to swindle some unsuspecting mark, only to have Superman turn the tables on him. Wilbur would eventually reform, but only on Earth-2. Earth-1's version would continue to be a nuisance for the Man of Steel.
Wilbur was created by Bill Finger. His first appearance was Superman #26.
Wilbur Wolfingham is little more than a confidence trickster, conning people out of their savings wherever possible. Wolfingham formed a company - allegedly to make a movie starring has-been stars - but his plan was to get them to invest in his project and then abscond with the money.
However, Lois Lane bought Wolfingham's share of the stock and with the help of Superman made the film a success. The man of Steel then forced Wolfingham and his companions to return any ill gotten gains they had made.
Following this incident. Wolfingham came up with several other schemes, but they all went awry. No matter how ingenious his schemes to con people out of their money, Superman was always there to intervene, with the result that Wilbur gained nothing and his intended victims became the beneficiaries of his Superman encouraged generosity.
Major Story Arcs
Like many of the Golden Age characters, Wilbur didn't really have long arcs of story. All of his appearances had individual stories.
Skills and Abilities
Wilbur didn't have any powers to speak of. He usually just came up with schemes to get money via trickery. This shows that he did have some strategic thinking skills.