Posts Tagged ‘California National Bank’
Opening day, June 7, 1890.
One of the great needs of San Diego for some time past has been a system of cable street railroads. This improved method of covering long distances in cities has become very popular in all of the metropolises of the country, and it has been one great improvement in which San Diego was deficient.
–San Diego Union, June 9, 1889
The story of San Diego’s Cable Cars.
As crowds gathered at the offices of one of Southern California’s leading financial institutions, the bank president, J. W. Collins emerged to reassure nervous depositors, explaining: “Owing to continued shrinkage in deposits and our inability to promptly realize on our notes and account, the bank is temporarily closed.” Merely a precaution, Collins soothed, “it is beyond question that depositors will be paid in full.”
Continue reading about the notorious 1891 San Diego Banking Scandal.
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