Business: Sacramento Wave

The waves of bank failures that have periodically swept wide areas of the land since the Depression have washed harmlessly around northern California. In contrast with Illinois' 207 bank closings last year, Iowa's 150, Michigan's 86, California boasted a lean 32. Last week a wave skittered down California's sun-drenched Sacramento Valley, toppled over Woodland's Bank of Yolo with $2.500,000 in resources, washed away Esparto's Bank of Esparto, struck down the two biggest independent banks in the State Capital, the California National of Sacramento and the California Trust & Savings. Closing of the two...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!