Multiple contemporary papers report the Ithaca National Bank was closed and under a federal receiver (Peter A. Holman). Farmers seized the receiver at a foreclosure auction (Feb. 8, 1933), forced him to sign a mortgage release and forced a bank clerk to open the vault. Articles describe the bank as closed and a receiver in possession, indicating a suspension by government action; no article reports a reopening. Therefore classified as suspension leading to closure/receivership.
Events (5)
1.November 10, 1902Chartered
Source
historical_nic
2.December 7, 1931Receivership
Source
historical_nic
3.February 8, 1933Other
Newspaper Excerpt
A group of about 1,000 farmers seized the receiver, forced the mortgage release, obtained the mortgage note from the vault and returned the goods to Marzolf after the auction; animals and equipment sold for cents and returned to owner. (multiple reports).
Source
newspapers
4.February 8, 1933Receivership
Newspaper Excerpt
seized Peter Holman, receiver for the Ithaca National bank, rolled him in a snowdrift and forced him to accept the proceeds of the sale and sign release for the mortgage (AP/Washington Times, Feb. 9, 1933).
Source
newspapers
5.February 8, 1933Suspension
Cause
Government Action
Cause Details
Bank was closed and placed under a federal receiver (Peter A. Holman); receiver was in possession at time of forced mortgage sale and vault opening.
Newspaper Excerpt
the closed Ithaca National Bank and forced the cashier, A. A. Borsum, to open the vault
Source
newspapers
Newspaper Articles (10)
1.February 9, 1933The Washington TimesWashington, DC
Click image to open full size in new tab
Article Text
FARMERS' RAGE STIRS ALARM ITHACA, Mich., Feb. 9 (I.N.S.). Alarm over the temper of Gratiot county farmers was felt today after 1,000 of them mobbed a United States Treasury official, took command of a foreclosure sale, and purchased the livestock and farm equipment of Ray Marzolf for $3.80. The farmers then invaded the closed Ithaca National Bank and forced the cashier, A. A. Borsum, to open the vault and destroy the $1,000 mortgage held against Marzolf's farm. The farmers appeared as Peter A. Holman, United States Treasury official and receiver of the closed bank, attempted to sell the bankrupt farmer's property at auction. Seizing the official, the farmers rolled him in a snowdrift and stood guard over him. A grain binder brought 10 cents, nine head of registered cows, 25 cents each, an automobile 20 cents, and a wagon 10 cents.
2.February 9, 1933Lansing State JournalLansing, MI
Click image to open full size in new tab
Article Text
FARMERS ROUGH
Bid $3.75 for Property at Farm near Ithaca: Force Mortgage Discharge
FARMER IS GIVEN GOODS
State Journal: ITHACA, Feb. Developments being awaited Thursday arising the imprisonment of federal bank official and forced discharge of $870 mortgage for bid at farm northeast of here Wednesday afternoon. Possibility of some federal action seen in view of the connection of the bank was maltreated imprisoned by nearly 000 farmers. Peter victim the crowd's he sought defer satisfy mortgage the Roy home, said Thursday his position receiver of Ithaca National bank representative of the United States department. full report the Marzolf would be given Washingofficials, he and future would their hands. He would take other action. Mortgage Given Farmer The mortgage Marzolf's personal effects to him Wednesafternoon in exchange the the sale and Holman's freedom kept the Marzolf home while prisoner in progress. Holman tumbled in the snow his cut inflicted glasses his cheek when asked the after Sheriff ponement Helman Gratiot county, acting received cents for binder, the first item grain the auction taken room in the then Marzolf home and guard. He persuaded by his cappermit resume Helman had adjourned the days.
Sell Car for 20 Cents The sale was and 1928 automobile for cents, hay bailer brought cents, and sold quarter. for exceeded cents. The buyers presented their purchases lived on the farm for several He wife and three chilthe conclusion of the sale, when Holman refused accept the money which had been turned in by the tioneer, he informed prisoner he Holman had panied him to the sale from the bank (Continued column
3.February 9, 1933The Miami NewsMiami, FL
Click image to open full size in new tab
Article Text
FARM SALE
National Bank Receiver Is Rolled in Snowdrift
Feb. The auction yesterday the farm equipment and livestock of Roy Marzoif, Gratiot farmer, brought $3.70 satisfy probably will before the federal for review, cause the mortgage was held by national bank. group farmers said by county officers number about 1,000 had gathered farm yesterday afternoon seized Peter Holman, ceiver for the Ithaca National bank. rolled him in snowdrift and him accept the proceeds and sign release for the mortAfter Holman had signed the mortrelease group farmers forced Borsum, clerk the bank, obtain the mortgage from the bank vaults and turn Marzolf. Holman later explained that inasmuch sale effect settlement with bank would submit port of the affair the the currency and that court proval also would After the the farmers turned the goods back Marzolf.
4.February 9, 1933Lincoln Journal StarLincoln, NE
Click image to open full size in new tab
Article Text
GOVERNMENT TO PROBE A FORCED FARM SALE
May Take Federal Action Against Group That Bullied Bank's Receiver.
Mich. I/P). The auction sale Wednesday of the farm squipment and livestock Roy Marzolf, Gratiot county farmer which brought $3.70 to satisfy an $870 mortgage probably come before federal government for review. because the mortgag was held by National group of farmers said by to number about 1,000 who had gathered at the farm ceiver for the Ithaca National bank. rolled him and him accept the proceeds of the sale and sign refor the After Holman had signed the mortgage release the group of farmers Borrum, clerk of the bank. obtain the mortgage note from the bank vaults and turn it over to explained that inasmuch as the sale in effect vas compromise settlement with National bank he would have to submit report of the affair to the comptroller of the currency and that court approval also would be necessary Bank officials indicated also that action might be taken against the group that forced Borsum upen the vault. The sheriff sought to postpone the for 10 days. but the crowd seized Holman. the bank receiver after he had signed. the release the sale proceeded. the sale the ers turned the goods back to Marzolf.
5.February 9, 1933The Muscatine JournalMuscatine, IA
Click image to open full size in new tab
Article Text
Bank Receiver Rolled in Snow
Michigan Farmers Take Control of Mortgage Sale and Bid Low Prices.
Ithaca, (AP) The auction sale Wednesday of the farm equipment and livestock of Roy Marzelf, Gratiot county farmer, which brought $3.70 to satisfy an $870 mortgage probably will come before the federal government for review, because the mortgage was held by a national bank A. group of farmers said by county officers to number about 1,000 who had gathered at the farm Wednesday afternoon seized Peter Holman, receiver for the Ithaca National bank, rolled him in snow drift and forced him to accept the proceeds of the sale and sign release for the mortgage. May Cause Federal Action. After Holman had signed the mortgage release the group of farmers forced Borsum, clerk of the bank, to obtain the mortgage note from the bank vaults and turn it over to Marzolf. Holman later explained that inasmuch as the sale in effect was settlement with tional bank he would have submit report of the affair to the comptroller of the currency and that court approval also would necessary. Bank officials indicated also that action might be taken against the group that forced Brosum to open the vault. A procession of automobiles bearing farmers acompanled Borsum to the bank. Refuse Sale Postponement. Sheriff Jacob Helman sought to postpone the sale for 10 days, but the crowd seized Holman, the bank receiver, and after he had signed the mortgage release the sale proceeded. Cows brought 25 cents, an automobile was bid in at 20 cents and a binder at 15 cents. A wagon went for a dime. After the sale the farmers turned the goods back to Marzolf.
Subscribe for the Journal.
6.February 9, 1933Sun HeraldBiloxi, MS
Click image to open full size in new tab
Article Text
MAY REVIEW AUCTION SALE
Federal Court Expected to Consider Mortgage Sale Where Bank Receiver Was Rolled In Snow.
Mich., Feb. auction yesterday of the farm equipment and livestock of Roy Mar zolf, Gratiot county farmer, which brought $3.70 satisfy an $870 mortgage probably will before the federal government for review. cause mortgage was held by national bank group farmers said by county officers to 1,000 the yesterday afternoon Holman, ceiver the Ithaca National Bank. rolled in snow and forced him to accept the proceeds of the sale the After gage forced the bank, the the bank and turn to Marzolf. Holman later explained that with bank would submit port the affair the comptroller currency that court proval would necessary Bank officials action might taken against the group that forced Borsum to open the automobiles bearing farmers accompanied Borsum to the Sheriff Jacob Helman sought the 10 days, the Holman, bank and after had signed the mortgage the proceeded. Cows cents, an automobile was bid in cents binder 15 cents. wagon went for After the sale the farmers turned the goods back to Marzolf.
7.February 9, 1933Bartlesville Examiner-EnterpriseBartlesville, OK
Click image to open full size in new tab
Article Text
FARMERS ROUGH
Bank Receiver Rolled in a Snow Drift and Forced to Sign Mortgage Release
Associated Press) ITHACA. Mich. Feb. tion sale yesterday of the farm equipment and livestock of Roy Marzlof, Gratiot county farmer, which brought $3.70 to satisfy an $870 mortgage, probably will come before the federal government review, because the mortgage held by national bank. group of farmers county officers to number about 1,000 who had gathered the farm yesterday afternoon seized Peter Holman, receiver for the Ithaca National bank. rolled him drift and forced to the proceeds of the and sign lease for the mortgage. After Holman signed mortgage release the group farmers forced of the bank obtain the note from the bank vaults and over to Marzolf Holman later explained asmuch the effect compromise tional bank would report the affair comptroller that court approval necessary. Bank officials also that action might taken against the forced open the sale farmers to
8.February 9, 1933The Daily ArdmoreiteArdmore, OK
Click image to open full size in new tab
Article Text
FORCE USED TO GET RELEASE
Farmers Roll Bank Receiver in Snow and Force Him to Accept Proceeds.
ITHACA Mich. Feb auction sale yesterday of the farm and livestock of Roy MarGratiot county farmer which brought $3.70 to satisfy an $870 mortgage probably will come the fedgovernment for because the mortgage was held by bank group of said by county about 1000 had gathered at the yesterday afternoon seized Peter for the Ithaca National bank rolled him in drif and forced him to cept the proceeds the sale and sign release the mortgage After Holman had signed the mortgage the of farmers forced tain the mortgage note from the bank vaults and turn over to Marzolf Holman later explained that inasas sale in was com with bank be would have submit a report of the affair the comptroller of the curand approval also would be Bank officials indicated also that action might be taken against the group that forced Borsum open the vault After the sale the farmers turned the goods back to Marzolf
9.February 10, 1933Lansing State JournalLansing, MI
Click image to open full size in new tab
Article Text
Case of Debtor Creditor chap who is expected to squeeze blood out of turnip sometimes finds himself the and the deep blue sea. To damned if one does and damned one doesn't no About the only recourse for the upon whom burden of an impossibility placed awhile. wait Perhaps have waited awhile should been the course Holman the closed Ithaca National bank. At least, seems have gained nothing precipitating the forced sale in Gratiot Wednesday. It often said that necessity knows no law. Perhaps two necessities upon Receiver Holman. There surely evidence the necessity those rolled him the snow. The necessity getting bank settlement for some poor was not quite plain. but that necessity have may exits obscurity. pressure upon bank ceiver those depositors are just just just much under pressure of hard circumstances the debtor against whom the poor depositor forces receiver, through the of public feeling. extreme measures. One difficulty nearly thinking about debts that once jump to the conclusion that the debtor poor and the in the Ithaca instance equally unfortunate point of financial had confronted whose property under process of foreclosure. the urgently minded bystanders would have known what think. When debtor equally victims circumstance. meet, the wisdom of Perhaps there nothnothing that said. the debtor cannot pay. then. no how terrible the lot it for him force the situation. But as said foregoing line, "Necessity knows In all this welter of news about forced sales in this and in other states there appears be no formula words that can help. Patience are the only words that come to mind applying such situaThe wisest course appears that some of the nation's great insurance which are large lenders. They represent those whose as great the debtors whom deal, under the they are pressing fully just claims, in the present.
10.February 10, 1933Detroit Free PressDetroit, MI
Click image to open full size in new tab
Article Text
Sheriff at Ithaca Praised for Tact in Handling Mob
May Investigate Attack on Bank Receiver
ITHACA. Jacob County and farm auctioneer, given the credit Thursday for his skill in handling unruly crowd of 1,000 farmers Wednesday roughly the Ithaca tional Bank, sale. Helman has of farm affair toughest he crowd of the largest, the proceeds he received. He obtained $3.80 from the angry which sought block bidding Calmed by His Speech The Sheriff realized that trouble when saw several the ropes. He sought them don purpose block the his made for him calm the with an His efforts credited Ithacans having probably prevented violence at the
He was not successful. however, putting on bona auction, and sold of Sheriff the of the crowd, and they respected him enough order they did not propose do as No complaint has been made against Holbreak glasses, the forced vautt and over the Marafter the U. Action Foreseen That be made anticipated submits his report to United States Controller Washaction may come under Federal statutes, cause the under National first elected Sheriff Alma years. was elected 1924 and again in 1928, 1930 Formerly he was township clerk New three deputy City and 1930 was the member his party County ticket, winning majority,
