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 Sacramento institutions tied up $34,000,000 in 9,000 commercial accounts, 36,000 savings accounts. Cause: silent runs. Airplanes and armored cars with $13,000,000 in cash roared out of San Francisco to forestall possible runs on other local banks & branches.

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