20900. City Savings Bank (Nashville, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
March 28, 1893
Location
Nashville, Tennessee (36.166, -86.784)

Metadata

Model
gpt-5-mini
Short Digest
47370427

Response Measures

None

Description

The City Savings Bank decided to suspend payment for sixty days on Aug 9, 1893 amid the Nashville banking troubles; it then resumed Aug 22, 1893 with a plan to pay 25% cash, 25% in interest-bearing certificates and the balance in 60–90 days. There was an earlier panic (Mar 28, 1893) in which a run on banks in Nashville was imminent after the failure of Commercial National, but the City Savings Bank did not permanently close and the decisive action in the episode is a suspension followed by reopening.

Events (3)

1. March 28, 1893 Run
Cause
Local Banks
Cause Details
Panic triggered by the failure of the Commercial National Bank led depositors to threaten raids/withdrawals from multiple Nashville banks.
Measures
Directors resolved to take advantage of the state banking law (60-day notice) to limit withdrawals.
Newspaper Excerpt
The failure of the Commercial National bank ... it was known to half the town that a raid would be made on the money piles of the various institutions ... and the City Savings bank ... opened up their doors. The officers soon saw that a run which they could not stand was imminent.
Source
newspapers
2. August 9, 1893 Suspension
Cause
Macro News
Cause Details
Suspension declared because of the general stringency of the money market and broader bank failures in Nashville (First National's closing) rather than specific insolvency at City Savings.
Newspaper Excerpt
The directors of the City Savings Bank had a meeting to-night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent.
Source
newspapers
3. August 22, 1893 Reopening
Newspaper Excerpt
The City Savings bank, which suspended two weeks ago, will resume tomorrow upon a basis of 25 per cent of the deposits in certificates bearing interest, 25 per cent in cash and the balance in sixty or ninety days.
Source
newspapers

Newspaper Articles (19)

Article from Connecticut Western News, March 30, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob the Bank. NASHVILLE, March 28.-The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics Savings Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from itors before they can withdraw their deposits.


Article from Freeland Tribune, March 30, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob the Bank. NASHVILLE, March 28.-The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics 'Savings Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from depositors before they can withdraw their dc. posits.


Article from The Monmouth Inquirer, April 6, 1893

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NASHVILLE'S PANIC. Thousands of Excited Citizens Almost Mob *the Bank. NASHVILLE, March 28. - -The streets in the vicinity of the banking houses of this city echoed all day the vociferations of a panic stricken throng. Never before were such scenes witnessed here. The failure of the Commercial National bank on Saturday afternoon did not become generally known until after dusk. Nothing else was talked about, and it was known to half the town that a raid would be made on the money piles of the various institutions that would make some of them tremble if not topple over into financial ruin. The First, Fourth, American National, Merchants, Mechanics Savings "Bank and Trust company and the Union Bank and Trust company, all of College City. and the City Savings bank, the Capital City bank and the Nashville Safe Deposit Trust and Banking company, just around the corner of Cherry, on Union street, opened up their doors. It was rumored later that the Mechanic's had been caught in the commercial collapse. The officers soon saw that a run which they could not stand was imminent. The directors resolved to take advantage of the state banking law, which gives banks organized under it the privilege to demand a 60-day notice from depositors before they can withdraw their de posits.


Article from The Morning News, August 10, 1893

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A NASHVILLE BANK CLOSES. Its Assets Three Times as Large as Its Deposits. Nashville, Tenn., Aug. 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given cut. After the suspension of the First National this afternoon, the directors of the Fourth National had a meeting. Those present represented several millions of property, and signed a guarantee pledging themselves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. The directors of the City Savings Bank had a meeting to-night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent and will pay depositors and stockholders in full. Its deposits aggregate $40,707.90. Its assets are $151,499,92, 90 per cent. of which is good. The directors of the bank have personnally pledged themselves and their estates to the payment of all deposits in full. Edgar Jones, president of the Union Bank and Trust Company, says in an interview with a reporter that his bank will open as usual to-morrow. John M. Speery, president of the Merchants' National, in an interview, says his bank will also open to-morrow, as usual. THE OLDEST IN THE SOUTH. The First National was the oldest banking institution south of the -Ohio, having been established in 1863. It had a capital of $1,000,000 and a surplus fund and undivided profits of $100,000. The suspension is in no sense due to losses made by the bank It is solvent and will not only pay its creditors doMar for dollar, but its stockholders much more than par. Up to the failure of the Commercial National of Nashville, the First National had larger deposits than any bank in Nashville. Its deposits aggregated $2,000,000. At the close of business this afternoon its total deposits had fallen below $1,000,000. The bank examiner, Mr. Plumlee, who happened to be in the city, took immediate charge. If allowed, it is thought the bank will resume business in sixty days. The last statement, made July 15, 1893, gave the deposits, géneral and special, at the For $1,534,941.11. past few months there has been a steady draw from the bank by depositors, and to-day, being unable to realize on their securities in New York, the bank closed. The capital stock is $1,000,000 and the assets shown by the last statement $8,047,983.31. The news of the failure of the First National, coming as it did after banking hours, did not spread generally over the city until late this afternoon, and to-night it has been the general talk e in the clubs, hotels and on the streets. The officers and stockholders are among the leading men of the city-business world. It is conceded that the failure is a square one. Herman Juslin is president and John P. Williams, vice president, and W. H. Grantlad, cashier. While an uneasy feeling prevails, it is not believed that there will be much of a run on the other banks to-morrow.


Article from The Daily Morning Astorian, August 10, 1893

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BANKS GOING IN TENNESSEE. Nashville ,Tenn., Aug. 9.-The First National Bank of this city, the oldest national institution south of the Ohio river, closed its doors this afternoon. The capital is $1,000,000, and the surplus fund of undivided profits, $100,000. The directors of the Fourth National Bank and other capitalists representing several millions of property have signed a guarantee pledging themselves and their individual estates to the payment of all deposits. The directors of the City Savings Bank held a meeting tonight and decided to suspend payment. for sixty days. The bank is considered solvent. An uneasy feeling prevails.


Article from Capital Journal, August 10, 1893

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Nashville, Tenn., Aug. 9.-The First National bank of this city, the oldest national institution south of the Ohio river, closed its doors this afternoon. The capital was $1,000,000; deposits $1,000,000; surplus fund and undivided profits $100,000. Directors of the Fourth National bank and other capitalists representing several million dollars worth of property have signed a guarantee pledging themselves and individual estates to the payment of all deposits. The directors of the City Savings bank held a meeting tonight and decided to suspend payment for sixty days. The bank is considered solvent. An uneasy feeling prevails.


Article from The Times, August 10, 1893

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nim Summit TO selling the ore and makes monthly settlements with the holders of the stock. There are many furnaces which use this ore, and these are also divided among the heirs, Robert H. Coleman has the three Colebrook furnaces. two anthracite furnaces and the Coleman furnaces. Robert H. Coleman is also a joint owner of the North Lebanon furnaces and an important member of the firm of Coleman & Brock, manufacturers of pig iron. Other Business Troubles. MINNEAPOLIS, MINN.. August 9.The Commercial Bank of this city closed its doors this morning. NASHVILLE, TENN., August 9.-The First National Bank of this city suspended after banking hours this afternoon. A statement has not yet been given out. After the suspension of the First National Bank this afternoon the directors of the Fourth National had a meeting, those present représenting several millions of property, and signed a guaranty pledging themselves and their individual estates to the payment of all deposits. They further state that the bank is able to meet all of its obligations. The directors of the City Savings Bank held a meeting to night and unanimously decided to suspend payment for sixty days. The suspension is caused by the stringency of the money market. The bank is considered solvent. and will pay depositors and stockholders in full. Deposits, $40,707.90; assets, $151,499.92; ninety per cent. of which is good. The directors of the bank have personally pledged themselves and their estates to the payment of all deposits in full. Edgar Jones, president of the Union Bank and Trust Company, says in an interview with a reporter that his bank will open as usual to-morrow. John M. Sperry, president of the Merchants' National. in an interview says his bank will also open to-morrow as usual. PITTSBURG. PA., August 9.-The Linden Steel Company. one of the largest manufacturing concerns in Pittsburg has suspended operations on account of the stringency of the times and the difficulty in procpring discounts and inability to make collections. All employees, about eighty, have been discharged. ROCHESTER, MINN., August 9.-The Union National Bank closed temporarily this morning. There is no statement. The bank is solvent, and will resume without the appointment of a receiver. The other banks are all considered solid COLFAX. WASH., August 9.-The Bank of Colfax has closed. Capital $100,000; assets exceed liabilities two to one. MINNEAPOLIS, MINN., August 9.The Commercial Bank closed its doors this morning. The bank is a small local institution, doing business in this city. Capital, $200,000: deposits, $400,000. and its time deposits $222,000. The loans and discounts at the last statement amounted to $642,000. It is stated by the officers that depositors will be paid in full. NEW YORK, August 9.-Fuller Brothers, commission merchants at 139 Greenwich street, assigned to-day. They are said to be the largest wholesale dealers in nalls in this city, and the oldest concern in that line here. They have always been regarded as conservative and reliable. Members of the firm said that the assignment was the result of the terribly hard times. As commission merchants they had dealings with many nail mills, had made advances to them, and now were unable to collect from them. The firm had been absolutely unable to raise money to meet their obligations coming 01 su ou DATE pinoo show "anp their condition, but the totals will be large. A Run Avoided. NEW YORK, August 9.-A crowd of small depositors gathered before the doors of the closed Madison Squars Bank this morning and anxiously inquired as to the safety of their money. Large depositors, It was stated, had full confidence in the bank and were not on hand. About 11 o'clock Harry Goldstein, a son of Isaac Goldstein, a millionaire dealer of Sixty-second and Hudson streets, stated to depositors that his father had authorized him to say he would bond himself in $300,000 to pay all depositors. He did this because he was a friend of President Blant and was confident the affairs of the bank were all right. Ten minutes later the janitor appeared and stated that one of the directors was on hand with $40,000, prepared to settle with the depositors on the spot at ninety cents on the dollar. If they were willing however. to wait, every cent would be paid. No one took up the offer and the crowd dwindled away. Depositors Become Quiet. NEW ORLEANS, LA., August 9.-A run was started yesterday on the Germania Savings Bank, and all who came were promptly paid. When the doors of the Germania were opened this morning there was a motly group of people waiting on the outside with their deposit books grasped tightly in their hands. They had not heard of the new order of things. Last night the Savings Bank managers decided to enforce the sixty-day clause. This action has apparently had the effect of allaying the fears of depositors and the run has ceased.


Article from Deseret Evening News, August 10, 1893

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A LIST OF MAILURES. An Old Bank Institution Closes Its Doors. Nashville, Tenn., Aug. 8.-The First National Bank of this city, the oldest national Institution south of the Ohio river, closed its doors this afternoon. The capital is $1,000,000; deposits $1,000,000; surplus fund and undivided profits, $1,000,000. The directors of the City Savings bank held a meeting tonight and decided to suspend payment for sixty days. The bank is considered solvent.


Article from The Indianapolis Journal, August 11, 1893

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PANIC AT NASHVILLE. The American National and Two State Banks Temporarily Close Their Doors. NASHVILLE, Tenn., Aug. 10.-Yesterday at the close of banking hours there were six banks doing business in this city. Last night the City Savings Bank directors decided not to open this morning. having fol. lowed the suspension during the afternoon of the First National by this resolve. This morning at 7:30 the directors of the Safe Deposit Trust and Banking Company held a meeting and, being a State institution, decided to take advantage of the sixtydays' clause and posted a notice to that effect and temporarily suspended. No state. ment is ready for publication. but the secretary. W. H. Mitchell, says they hope to resume in a short time and have only suspended to prevent a sacrifice of the assets. This is essentially d trust concern. but also does a banking business. At 9 o'clook the American National Bank, one of the oldest and soundest banking institutions in the city, opened its doors in the presence of a large and expectant crowd. The room was soon filled and it was evident a run had begun. In threequarters of an hour large checks amounting to 895,000 had been presented and paid,


Article from The Helena Independent, August 11, 1893

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BUSINESS DIFFICULTIES. The Banks of Nashville Experience Hard Times. NASHVILLE, Tenn., Aug. 10. - -The First National bank of this city, the oldest national institution south of the Ohio river, closed its doors this afternoon. Capital $1,000,000, deposits $1,000,000, surplus fund and undivided profits $100,000. The directors of the Fourth National bank and other capitalists representing several millions of property have signed a guarantee pledging themselves and their individual estates to the payment of all deposits. Bank Examiner Plumle is in charge. It is believed the bank will resume in sixty days. The directors of the City Savings bank held a meeting to-night and decided to suspend payment for sixty days. The bank is considered solvent. Deposits $40,707, assets $151,499. An uneasy feeling povails. The American National, one of the strongest in the city, capital $1,000,000, surplus $116,000, suspended AS a result of a run caused by the suspension of the First National, in spite of a published card by the officers ea ing the bank was perfectly solvent, and pledging their personal estates to depositors. A run also set in on the Fourth National, but it is considered perfectly solvent. The Safe Deposit Trust and Banking company, posted a notice that depositors are safe for every dollar. EBENSBURG, Pa., Aug. 10. .-Johnston, Buck & Co., with banks here and at Carrollton and Hastings, suspended. They claim Assets in excess of liabilities. LAFAYETTE. Ind., Aug. 10.-The - O'Brien Wagon works failed; liabilities $100,000. LEROY, N. Y., Aug.-Lathrop's bank failed. It is claimed it will pay in full.


Article from Rock Island Daily Argus, August 11, 1893

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ABBREVIATED TELEGRAMS. Herman Brendel, son of a prominent Galena, III., merchant, has disappeared. It is feared that he was either drowned or murdered. The First National bank of Nashville, Tenn., has closed its doors. Its individual deposits amount to $1,005,507. The City Savings bank, of the same city, has decided to suspend payment for sixty days. The assets are $151,499 and deposits $40,707. Fire started by a cigarette at Sidell, Ill., destroyed the greater part of the business portion of the town, involving a loss of $100,000; insurance, $25,000. Obituary-At Lincoln, Neb., Bennett Goldsmith, member of the state legislature. At Highwood, Mont., Colonel M. J, Leaming, aged 67, who was private secretary to President Johnson and a member of a Chicago regiment during the war. At Washington, Rear Admiral Thornton A. Jenkins, aged 81. At Boston, William Bowers, a well-known newspaper man: William T. W. Ball. the dramatic critic. aged 63. George W. Porth, of Milwaukee, has been appointed reading clerk of the United States senate. Two persons have died of yellow fever at Pensacola, Fla., and everybody who can do so is leaving the city. The international Socialist congress at Zurich has approved the establishment of an eight-hour working day. John W. Mackay has been successfully operated upon at New York for the removal of the vermiform appendix. Ex-Attorney General Garland is paying his annual visit to his summer home at Hominy Hill, near Little Rock. General Fitz John Porter, has been appointed cashier of the general postoffice in New York. The salary attaching to the place is $2,600 a year. Eighteen banks of New Orleans are united in an agreement to suspend payments until further notice, because to force their collaterals upon the depressed market or to call in loans at this time would mean general disaster. Fire at Allegan, Mich., burned the mill of Stanley & Ambler, and other manufacturing property. Loss $30,000, partly insured. One hundred armed men will build a town in the Cherokee strip and make it a county seat in spite of government orders, perhaps. For years a county seat war has raged in Worth county, Ga., and now for a third time the court house has been fired and burned, and at last all the records of the county have been destroyed. Orders for new currency upon a deposit of bonds by national banks have already reached $16,901,250 since Aug. 1.


Article from The Star, August 16, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va, closed its doors. The assets are $300, 000, with liabilities said to be not over hal that amount. The First national bank of Nashville, Tenn., suspended. It claims assets 0 $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapolis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawals. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank, Web ster City, la., one of the oldest and best banks in Iowa closed its doors on account o: inability to realize on assets.


Article from The Middleburgh Post, August 17, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va., closed its doors. The assets are $300,000, with liabilities said to be not over hat that amount. The First national bank of Nashville, Tenn., suspended. It claims assets o $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapotis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawais. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank. Web ster City, Ia., one of the oldest and best banks in Iowa closed its doors on account 01 inability to realize on assets.


Article from Fort Worth Gazette, August 22, 1893

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WILL RESUME. I NASHVILLE, Tenn., Aug. 21.-The City Savings bank, which suspended two weeks ngo, will resume tomorrow upon a basis of 25 per cent of the deposits in certificates bearing interest, 25 per cent in cash and the balance in sixty or ninety days.


Article from St. Paul Daily Globe, August 22, 1893

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TELEGRAPHIC TICKS. Dr. George H. Walling died today in his seventy-fourth year of disease of the heart. at Louisville, Ky. Delegate Marcus A. Smith, of Arizona, is seriously ill at the Hotel Cochrane, in Washington, of typhoid fever. The City Savings Bank of Nashville, one of the banks of this city which suspended payment two weeks ago, will resume tomorrow. An Ohio & Mississippi passenger train, from St. Louis and Chicago, was wrecked by a defective switch at Thirty-first and Montgomery streets, Louisville, Ky. A day coach, a Pullman and a Wagner sleeper were thrown in the gutter. The first general conference of negro Democrats was held in Washington yesterday. The object of the conference was to take steps toward extending the Negro National Democratic National League by organizing state league subordinate to the central body. Maj. John C. Lulleman, prominent in business as a real estate dealer, director of the German-American Savings bank and member of the Mullanphy board, controlling a half-miltion dollars charity bequest, committed suicide in St. Louis by shooting himself through the head. At the reception of the cardinals yesterday the pope was in the best of spirits and had his former birthday congratulations from Cardinal Manning repeated from the phonograph. The pope afterwards spoke a prayer to San Joachim, his patron saint, into the phonograph. At Muddy Valley, III., a coal mining town fifteen miles northeast of Murpheysboro, Kid Howard, alias Obe Howord, killed Blatchel Bethare, colored. Howard, a young colored man, had been struck the night before and came back on Sunday threatening vengeance. He asked who had struck him. Some one pointed out Blatchel. and Howard fired several shots, killing Blatchel, and then escaped. and has not yet been caught. Blatchel was not the man he wanted to kill.


Article from The Providence News, August 23, 1893

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NASHVILLE, Aug. 23.-The City savings bank, which suspended two weeks ago, has resumed upon the basis of giving 25 per cent. of deposits in certificates bearing interest, 25 per cent. in cash, and the balance payable in sixty or ninety days.


Article from The Sun, August 23, 1893

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Bank Doors Reopening. SIOUX CITY, la., Aug. 22-State Bank Examiner Miller has reported the two suspended State banks at Lemars solvent. Demand certificates are being renewed on time certificates. and the banks will resume in a day or BC. ,The same course will be pursued by the two national banks. which are also solvent. AURORA. 111.. Aug. 22.-Henning's Bank at Plano. III., which suspended several weeks ago. resumed business yesterday. A relative of Mr Henning came forward and relieved the financial stringency. NASHVILLE, Aug. 22.-The City Savings Bank. which suspended two weeks ago, resumed today upon the basis of giving 25 per cent. of deposits in certificates bearing interest, 25 per cent. in cash, and the balance payable in sixty or ninety days.


Article from The Washburn Leader, September 2, 1893

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WILL REOPEN. Nashville, Tenn., Aug. 22.-The City Savings bank, one of the banks of this city which susperded two weeks ago, will resume to-morrow upon the basis of 25 per cent of deposit in certificates bearing interest, 25 per cent cash and the balance in sixty or ninety days. :


Article from The Washburn Leader, September 23, 1893

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WILL REOPEN. Nashville, Tenn., Aug. 22.-The City Savings bank, one of the banks of this city which susperded two weeks ago, will resume to-morrow upon the basis of 25 per cent of deposit in certificates bearing interest, 25 per cent cash and the balance in sixty or ninety days.