First National Bank (Grantsville, MD)

Episode Information

Episode UID
594301598
Episode Type
Suspension โ†’ Closure
Bank Type
national
Bank ID
59430 national
Charter Number
5943
Start Date
February 25, 1933
Location
Grantsville, Maryland (39.695, -79.151)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e3b9f8343a462098

Response Measures

None

Receivership Details

Depositor recovery rate
68.3%
Date receivership started
1933-10-25
Date receivership terminated
1938-03-23
Share of assets assessed as good
29.6%
Share of assets assessed as doubtful
63.8%
Share of assets assessed as worthless
6.6%

Description

Statewide Maryland banking holiday (Feb 25, 1933) suspended operations; the Grantsville bank later remained closed and was in receivership by 1934.

Events (4)

1. August 20, 1901 Chartered
Source
historical_nic
2. February 25, 1933 Suspension
Cause
Government Action
Cause Details
Three-day statewide banking holiday proclaimed by Governor Ritchie (Feb 25, 1933) impounding deposits and suspending operations while emergency legislation was drafted.
Newspaper Excerpt
All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals
Source
newspapers
3. October 25, 1933 Receivership
Source
historical_nic
4. December 13, 1934 Receivership
Newspaper Excerpt
A second dividend of 12ยฝ per cent will be paid to depositors of the First National Bank of Grantsville, according to an announcement of R. E. Sliger, receiver.
Source
newspapers

Newspaper Articles (16)

Article from Imperial Valley Press, February 25, 1933

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BANKS CLOSED MARYLAND BALTIMORE, Md., Feb. 25. (U.P.) All banks in Maryland were closed today under a three day banking holiday proclaimed by Governor Albert C. Ritchie to stop heavy withdrawals which threatened the stability of the state's financial institutions. The holiday, impounding deposits of more than $800,000,000 in 205 banks and trust companies, will continue at least through Tuesday. Governor Ritchie in a formal statement announcing the holiday expressed confidence the banks would be able to reopen on Wednesday after passage of emergency legislation enabling them to restrict demand withdrawals to a given percentage of depositors' funds. The governor expected to work out details of the legislation today with Attorny General William Preston Lane. The proposal will be presented to the state legislature when it reconvenes at Annapolis Monday night. Immediate passage under suspension of rules will be sought. Governor Ritchie announced the holiday last midnight after a six hour conference with leading Baltimore bankers at the federal reserve branch bank


Article from Great Falls Tribune, February 25, 1933

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Banking Holiday for All Maryland Feb. Albert Ritchie late tonight declared tomorrow legal holiday all banking and financial institutions of Maryland and made Monday and Tuesday in an effort for banks here take against heavy this week. Howard Bruce, chairman of the Baltimore Trust company, said withdrawals totaling made his institution today and the week's withdrawals were $13,000,000.


Article from The Daily Times, February 25, 1933

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Seen In Line THREE DAY HOLIDAY For Post MARYLAND BANKS PROCLAIMED BY STATE EXECUTIVE Governor Ritchie Issued Proclamation Stem Heavy Withdrawals From Baltimore City Concerns During The Week SUSPENSION OF OPERATIONS IS TO-ENABLE GENERAL ASSEMBLY TO PASS PROPER LEGISLATION No Justification For Withdrawals, Declares Governor; Situation Not Created By Condition Of Any County Institution Baltimore, Feb. bank and financial institution Maryland was closed today by proclamation of Governor Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchfe, by his proclamation, declared today legal holiday accompanied with statement that the moratorium would be extended daily to included Monday and Tuesday while the Maryland General Assembly prepared legislation to aid the banks. The proclamation, as interpreted by Attorney General William Preston Lane, affected banks, saving intitutions, trust companies and building and loan totaling more than 200 in the state as well the Baltimore stock exchange. A $13,000,000 withdrawal, principally by small depositors from Baltimore banks this week, prompted the bankers of the state to confer at the federal reserve branch bank last night with Governor Ritchie and state officials. The was followed the governor's proclamation and stateAttorney General Lane immediately began, with the aid of John Ghingher, State Bank and the state law and banking several intended to relieve the financial cerns for introduction in the state islature which reconvenes in Annapolis Monday night. The provisions of the proposed legislation were not revealed by the state officials but bankers intimated they would designed to declare the all banking institutions basis that would classify them in manner governing the rate which withdrawals from each institution would be permitted after the holiday's close. The hope was expressed by Governor Ritchie that the legislature would enact the measures. by Tuesday permit the banks to reopen with ample facilities available for the needs of the people." No bank was singled out for the withdrawals but they were general throughout the city, being taken out yesterday, while county banks were unaffected for the most part. Bankers who attended the conference said the withdrawals resulted from an uneasy state of mind created the state-wide suspension of bank in Michigan, the closing the Title Guarantee and Trust Company here Monday and made before the Senate Banking and Currency Committee in Washington during the week. The total resources of the Maryland banking concerns reported to the the currency of Dec. 31, The deposits the Baltimore banks was placed half billion Attorney General Lane said the terests depositors will be paramount in drafting of legislation under which the Maryland banks will reopen after the banking holiday. survey, he said, was being made legislation recently enacted in othstates to deal with banking situations similar to that in and this information would be utilized formulating the bills for the General Assembly. Special attention was being paid the Iowa law, passed in January, providing for the of fixed according schedule and in some the segregation of old and new declaring the Maryland bank iday, Ritchie relied section of the code, dealing exchange and notes" which in addition scribing certain regular holidays the Fourth of July and Columbus Day special days that may be pointed by this days fasting and prayer, sation of business, shall regarded legal Governor Ritchie had asked consider bank holiday night of first days the (Continued page


Article from The Dispatch, February 25, 1933

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MARYLAND Governor Ritchie Acts to tect Institutions After Withdrawals. Baltimore, bank and financial institution in Maryland was closed today by proclamation of Gov. Albert Ritchie to stem heavy withdrawals from Baltimore concerns during the week. Governor Ritchie, by his proclamation, declared today legal day and accompanied it with statement that the moratorium would be extended daily to include Monday and Tuesday while the Maryland general assembly prepared legislation to aid the banks. The governor's interpreted by Attorney General William Preston Lane affected banks, savings institutions. trust companies building and loan associations, more than 200 the state as well as the Baltimore stock exchange. Withdrawal. withdrawal. principally by small depositors from Baltimore banks this week, prompted the of the state to confer federal branch bank last night with Ritchie state officials. The conference by the governor's proclamation and statement. Attorney General Lane immediately began, with the of John Ghingher, recently appointed state bank commissioner, and state and banking department, preparation several measures tended to relieve the financial cerns introduction in the state which reconvenes at napolis Monday night. The provisions the proposed legislation were not revealed by the state officials bankers they would designed to declare the assets of all banking institutions "frozen" basis that would classify them in the rate which withdrawals from each be permitted after the holiday's close. Harry Fahnestock, president the Baltimore stock exchange, nounced today the exchange would closed until further notice. Confer with Bankers. Washington, of the poration have been conferring Maryland bank officials the situation in that state the several and although corporation discuss the question was understood today that for the banks likely to arranged. Field workers for the corporation keeping in close touch with state officials well bank presidents and directors. Since the Michigan bank holiday two weeks ago, more than the usual been shown members of the corporation board anything connected with the banking situation. Executive meetings of the board have been held with all except the actually needed employes barred from the room.


Article from The Modesto Bee, February 25, 1933

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BANK HOLIDAY IS DECLARED IN MARYLAND Governor Ritchie Takes Action To Prevent Withdrawals Of Money $13,000,000 IS TAKEN FROM ONE INSTITUTION Legislation For Protection Of Depositors Be Presented Feb. Governor Albert C. Ritchie late to-night declared to-morrow legal holiday for all banking and nancial of Maryland also made Monday and Tueslegal holidays an effort for day banks take against heavy withdrawals this week. Howard Bruce chairman Baltimore Company, talling $6,000,000 made his institution to-day and Governor Ritchie formal statement: believe there justification which place, savings Ritchio city and state these large withshould stop. concensus that bank holiday should be declared to-morrow, Monday and Tuesday, during certain legislathe protection the and security the banks could be presented to the legislabank holiday will cease soon legislation has been passed.


Article from Ames Tribune, February 25, 1933

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IN MARYLAND Deposits Are Impounded BALTIMORE, Md. All banks in Maryland were closed Sat. urday under three-day banking holiday proclaimed by Gov. Albert Ritchie stop heavy withdrawwhich threatened the stability of the state's financial institutions The holiday. impounding depos its more than in banks and trust companies. will continue least thru Tuesday. Governor Ritchie formal statement announcing the holiday expressed confidence the banks would able to reopen on Wed nesday after passage of emergency legislation enabling them strict demand given percentage of funds. The governor expected to work out details of the legislation Satur day with Atty. Gen. William Pres. Lane. The proposal will be presented the state legislature when reconvenes at Annapolis Monday night. Immediate passage under suspension rules will be sought. Governor Ritchie announced the holiday last midnight after conference with leading timore bankers the federal branch bank. To assure legality of the action. he also issued proclamation claring Saturday to be legal iday for all financial Institutions similar (Continued on Page


Article from The Philadelphia Inquirer, February 26, 1933

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Maryland Emergency Bank Law Drafted Continued From Page 13 were hampered somewhat in transaction of business. Bank Statement Erroneous BALTIMORE, Feb. 25 (A P.).In the announcement of the Maryland bank holiday last night, statement was made that withdrawals from the Baltimore Trust Company yesterday were $6,000,000. incorrect, and was incorrectly attributed Howard Bruce, the board. Mr Bruce did not make statement. The was announced by the Bank who said it was from all Baltimore banks. The Associated Press is glad to this correction.


Article from The Journal, March 1, 1933

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MARYLANDERS LABOR BANK LEGISLATION Gov. Ritchie Expected to Offer Emergency Program Today Annapolis, Md. March Albert C. Ritchie announced early today the draft of the emerglegislative measure for governing the 200-odd banks of Maryland business and financial leaders remained in in Baltimore throughout the night. Members the Maryland General Assembly waited patiently here for the presentation the and an address by the governor provisions The speech set for last, night before joint both houses, was postponed until The three-day banking holiday which last Saturday tended by Ritchle to include today in the the legislation would enacted by the GenAssembly and the banks would be able to reopen The tentative measure would place wide powers in the hands of the bank to control all state banks and to regulate of deposits.


Article from Evening Star, March 15, 1933

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BANKS IN NEARBY COUNTIES REOPEN Most Neighboring Virginia and Maryland Institutions on Normal Basis. With a majority of the banks functioning on a normal basis, "business as usual" was the slogan in the Maryland and Virginia counties around Washington today. Shortly after their doors opened, bankers of the various counties reported deposits were "heavier than usual. while withdrawals were described as "normal," indicating the experience which Washington's banks had yesterday was being repeated on a smaller scale today in Maryland and Virginia. As President Roosevelt's progressive program for reopening the Nation's financial institutions reached its third stage, the restored confidence which has been so evident in the financial centers and big towns of the country during the past two days, reached the rural areas and small towns this morning. Others to Open Later. Marylanders were particularly happy to have their banks functioning again, as they have been closed by gubernatorial holiday proclamations since February 25. Virginia banks had only suspended operations during the national holiday, which began March 6. State Bank Commissioner John J. Ghingher of Maryland emphasized, in announcing the list of banks licensed to reopen, that those not included were not necessarily unsound and probably would be permitted to resume functioning in the near future. The commissioner issued licenses for 96 State banks and expects to have more time to examine the unlicensed ones with a view to reopening them in the next few days. Ten of the 11 banks in Montgomery County whose doors have been closed during the holiday reopened for business this morning, with the other institution awaiting action by the Federal Reserve Bank in Richmond on its application to resume normal operation. With the exception of the Farmers' Banking & Trust Co. of Rockville and the Bank of Damascus the 10 institutions open for business were operating with no restrictions on withdrawals. A 2 per cent limit has been placed on withdrawals from the Farmers' Banking & Trust Co. and the Bank of Damascus. Eight on Normal Basis. The eight banks that resumed business on a normal basis are the First National Bank of Gaithersburg, Citizens' Bank of Takoma Park, Takoma Park Bank. Germantown Bank, Bank of Bethesda. First National Bank of Sandy Spring, Sandy Spring Savings Institution and the Silver Spring National Bank. Officials of the First National Bank of Gaithersburg said this morning that they have not yet received their license from the Federal Reserve Bank of Richmond, but opened for business when given the assurance that the license would be granted today. The Montgomery County National Bank of Rockville was not open this morning, but the cashier of the institution declared that application had been made with the Federal Reserve Bank for a license to operate on a normal basis with no restrictions on withdrawals. Ira C. Whitacre, cashier, Silver Spring National Bank said, "We opened this morning on a 100 per cent basis and (Continued on Page 5, Column 3.)


Article from The Republican, December 13, 1934

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Grantsville Bank Pays Second Dividend to Depositors A second dividend of 12ยฝ per cent will be paid to deposits of the First National Bank of Grantsville, according to an announcement of R. E. Sliger, receiver. All depositors must prove their claims. The checks are now at the bank and ready for delivery. Depositors must present their receiver's certificate to have the amount credited before receiving the checks, and depositors are asked to call in person for their checks, if possible, SC that a receipt may be given. The first dividend declared was 37ยฝ percent, and with the additional grant now available, depositors will have received 50 percent of their funds.


Article from The Republican, December 19, 1935

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First National of Grantsville Paying Third Dividend R. E. Sliger, receiver for the First National Bank of Grantsville, also announced that checks for a third dividend of five percent were ready for mailing to those depositors who had proved their claims. The amount of the dividend is approximately $18,000, and the third dividend makes a total of 55 percent that has been paid to depositors.


Article from The Republican, January 14, 1937

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GRANTSVILLE Community Club Meets Mrs. Roy C. Patton was hostess to the Women's Community Club members last Wednesday afternoon. Miss Mildred Barton, Home Demonstration Agent, lectured on "arrangement of dining unit in kitchen and units in living room." Roll call was "Family needs not satisfied by my home furnishings." The recently elected officers were in charge with the exception of the president, Mrs. Fred. Livengood, whose absence was unavoidable. Mrs. W. Harold Miller, vice-president, presided. Others attending were Mrs. H. P. Miller and a friend from Salisbury, Pa.; Mrs. Jonas Beachy, Mrs. L. B. Schaefer, Mrs. Lee Beachy, Mrs. Richard Younkin, Mrs. J. U. Stanton, Mrs. W. C. Loechel, Mrs. Albert Swauger, Mrs. Frank P. Smith, Miss Ethel Broadwater, Miss Cora Hockman, Miss Jennie Stanton. The February meeting will be held at the home of Mrs. W. C. Loechel. Church Activities The Women's Missionary Society of St. John's Reformed church, which was scheduled to meet at the home of Mrs. Hobart Speicher Wednesday evening, was postponed until next Wednesday night. The meeting of the women of the Episcopal Guild at the Holmes-Wallace studios, which was scheduled for Tuesday evening, has been postponed until some time in February. At the annual congregational meeting of the Lutheran church, W. Harold Miller was re-elected elder and Edgar Michael was chosen as a deacon. At a recently held consistory meeting of the Reformed church, Rev. C. L. Bash, pastor, Fred. Livengood was elected vice-president and treasurer; Paul Kinsinger, secretary, and Harry Murray, financial secretary. The Reformed Sunday school has chosen the following as officers for the coming year: C. O. Bender, superintendent; Mrs. Hobart Speicher, assistant superintendent; John Beachy, secretary; Harold Setzer, assistant secretary; Fred. Livengood, treasurer. Union prayer services are being held this week in Grantsville. On Wednesday night in the Lutheran church, Rev. C. L. Bash, pastor of the Reformed church, brought the first message. In the Reformed church Thursday night, Rev. C. L. Allender, Methodist pastor, was the speaker. Rev. S. D. Sigler, pastor of the Lutheran church, will preach at the final service on Friday evening in the Methodist church. Services in the local churches for Sunday, January 17, will be as follows: Catholic, 10 a. m.; Lutheran, Sunday school, 9:45 a. m., worship service, 11:00 a. m.; Methodist, church school, 10:00 a.m.; Reformed, Sunday school, 1:30 p. m., worship service, 2:30 p. m.; C. E., at 7:00 p. m., in the Methodist church. Miss Grace Swauger was leader at the Christian Endeavor meeting Sunday night in the Methodist church. The topic was "Joseph." There was a Scripture reading; a duet, "Living for Jesus," by Mae Winter and Claudia Paul; stories and tellers as follows: "The Rich Man's Son Sold As a Slave," Sonny Patton; "From the Prison to the Palace," Mary Jane Beachy, and "How Joseph's Dream Came True"; quesdiscussion. and and answers tions Burns Truck Sugar-Ladened and the from nated the four half was with succeeded nesday transporting fire National of practically The Thomas the Receivership third company and of from miles seven Baltimore. just local fire the evening call Road was back B. Brownsville, west tons in is ruined. sugar, fire went the last Finan, unknown, saving burning. where of department of of of about sugar week to the but Grantsville sugar Bank The Negro receiver cab. a approximately when the to Pa., eight The but truck direct Changes had The Pittsburgh truck Mountain answered the and on it firemen for caught o'clock on loaded driver origi- cause Wed- First was was the the Bank National Citizens and of Bank National Froostburg, of Bank National First Midland, the has been appointed receiver for the First National Bank of Grantsville, succeeding R. E. Sliger, who has been in charge here for the past three years. All business will be transacted at Mr. Finan's headquarters in the First National Bank building at Frostburg. Mr. and Mrs. Sliger will probably reside at Frostburg with the possibility of Mr. Sliger's associating himself with Mr. Finan at that place. Social Events Mr. and Mrs. Joseph, Steinburg entertained at a spaghetti dinner Dr. and Mrs. T. O. Broadwater, Mr. and Mrs. Hayward F. Broadwater, and Mr. and Mrs. John Baumgartner.


Article from The Republican, June 24, 1937

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Miss Christina Winterberg, Mrs. T. 0. Broadwater, and William Winterberg motored to Knoxville, Tenn., where they were guests of the latter's son and daughter-in-law, Dr. and Mrs. Samuel H. Winterberg, last week. Mr. and Mrs. Earl D. Connor and son, Byesville, Ohio, were at the Winterberg home during their absence. Mr. and Mrs. Pierre Kleff have gone to Baltimore where Mr. Kleff will be employed. While here, Mr. Kleff was connected with the Salisbury, Pa., CCC camp. Mrs. G. Kanner, Washington, D. C., visited Mr. and Mrs. J. U. Stanton last week. Miss Mary Ward, who was employed by the Resettlement Administration here, has resigned to take up employment in Cumberland. Mrs. Rexford Bittinger and children have returned from Meyersdale where they visited her parents, Mr. and Mrs. Edward Miller, for two weeks. Elwood Lee Bevans is visiting his grandparents at Akron, O. Mrs. Hunter Gooding, Wilmington, Del.; Mrs. Cornelius Bagenat, Mrs. B. B. Young, and Mrs. Jooseph Franklin, Cunmberland were Sunday guests of Misses Ethel and Viola Broadwater. Mr. and Mrs. Frank J. Getty visited his brother and sister-in-law, Mr. and Mrs. William D. Getty, Washington, D. C. Mrs. Stanton Funk and daughter, Johnstown, Pa., visited her parents, Mr. and Mrs. W. E. Stanton Sunday. Mrs. Mary Fahey, Cumberland, visited her son and daughter-in-law, Mr. and Mrs. Joseph F. Fahey. Mrs. Jennie Maxwell, Vernon, N. Y.; Mrs. Charles Emhoff, Deerfield, N. Y., and Miss Margaret Emhoff, Utica, N. Y., visited Mr. and Mrs. D. W. Hershberger. Mrs. Hershberger and children planned to return with her mother, Mrs. Maxwell, to Vernon, on Wednesday. Mr. and Mrs. Lawrence Jackson and children, of Baltimore, were guests of Mr. and Mrs. B. F. Epstein, Sunday. Mr. and Mrs. W. Day Mullinix, of Silver Spring, Md., visited friends here last week. Mr. Mullinix is a former principal of Grantsville high school and Mrs. Mullinix taugh home economics here at the same time. Mrs. Ray Goetz and sons returned to their home at Cumberland after visiting Mrs. Goetz's mother, Mrs. Etta V. Engle, who is ill at her home, Englewood. Mr. and Mrs. John Engle and son Ralph, of Fairmont, were here also over the week-end. Mrs. A. C. Stanton has accepted a position as private secretary to T. B. Finan at Frostburg. Mr. Finan is receiver of four banks, one of which is the First National of Grantsville. Mr. and Mrs. J. S. Messersmith, Colver, Pa., and Mrs. Hamilton and her daughter, Miss Eva Hamilton, of Philadelphia, were Sunday guests of Mrs. Lucretia Messersmith and Mrs. Joseph Livengood. Miss Ruth C. Keller has accepted employment by the Garrett County Welfare Board at Oakland. Miss Keller left on Tuesday to assume her duties. Mr. and Mrs. Harold Miller and Mrs. Albert Swauger visited Mr. and Mrs. Leroy Williams at St. Leonards, Md., last week. Mrs. Bernice Reffner, of Baltimore, is visiting at the home of her daughter, Mrs. Wendell Lohr. Mr. and Mrs. P. A. Connelly, Youngwood, Pa., visited Miss Gertrude Hone over the week-end.


Article from The Republican, September 23, 1937

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Bank At Grantsville To Pay Fourth Dividend A dividend of eight per cent will be paid to all depositors of the First National Bank of Grantsville, who have filed claims, it was announced by the receiver, Thomas B. Finan. Payment is to be made at the First National Bank building in Frostburg. This is the fourth dividend, making a total of 63 per cent.


Article from The Republican, March 10, 1938

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Grantsville Bank To Pay Final Dividend Thomas B. Finan, receiver for the closed First National Bank of Grantsville, announced Monday that checks are ready for the fifth and final dividend of 5.35 per cent. This will be paid to all depositors presenting a receiver's certificate at the office of the First National Bank at Frostburg before March 25, the deadline for receipt of the dividend. All checks unclaimed after March 25 will be returned to Washington.


Article from The Republican, January 26, 1939

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RICHARD E. SLIGER, FORMER RESIDENT, DIED YESTERDAY Had Been An Invalid For a Number of Years at Grantsville Richard E. Sliger, a former cashier of the First National Bank in Oakland, and also engaged as an insurance broker, died at his home in Grantsville early Wednesday morning, January 25, following an illness of several years. About five years ago he suffered a stroke of paralysis, and while he recovered from this sufficiently to be able to be up and about, he never regained his health. Two weeks ago another stroke occurred and penumonia developed, causing his death. His remains will be brought to Oakland today and will be at the Bolden Funeral Home where services will be conducted on Friday afternoon at 3:00 o'clock with interment in the Episcopal churchyard. Rev. D. C. Trimble will officiate. Surviving are his widow, Mrs. Elizabeth Metheny Sliger, of Grantsville, and a son Robert Sliger, of Wheeling, West Va.; also by one sister, Mrs. John Lee, of California, and two brothers, George Sliger, of Westernport, and Harry Sliger, of Keyser. Mr. Sliger was a member of Oakland Lodge of Masons and a past master of the fraternity. The Masons will be in charge of the final rites at the interment. Mr. Sliger was born at Westernport, March/9, 1874, a son of Thorton J. and Mary E. (Murphy) Sliger. He attended public school at Westernport and spent four years at a military college, holding a commission his fourth year. He received his B.S. degree at the Maryland Agricultural College in 1895. June 13, 1899, he was married to Miss Elizabeth Matheny at Lonaconing. One son was born to them, Robert Sliger, of Wheeling, West Va. Mr. Sliger was well known throughout this section. He was a bookkeeper at the Davis National Bank, Piedmont, and at the Lonaconing Savings Bank, Lonaconing. In 1901 he came to the First National Bank of Oakland as cashier, which position he held for twenty years. He was also a representative of the Sun Life Assurance Co., of Canada, and in 1901, won first prize for representatives in the United States. He resigned his position at Oakland to become State Manager for this insurance company at Wheeling, W. Va. He resided at Cumberland for a short time and went to Grantsville in 1933 as receiever for the First National Bank there. He was forced to give up this position three years later because of ill health. Mr. Sliger also served as President of the Board of Education of Garrett county for six years. He was Chairman of the Garrett county First and Second Liberty Loans and Chairman of the same county the last two years of the war for the War Savings Movenment. He was a member of the Episcopal church at Oakland.