INVESTMENT  OF  FUNDS

111

required  to  submit  a  satisfactory  report  of  condition ­
  and  to  offer  proper  collateral  for  the  deposits—a ­
  subject  to  be  considered  later. 8  Funds
were  to  be  apportioned  among  the  qualified  banks
only  on  the  first  day  of  each  quarter.  A  later
regulation  provided  that  the  apportionment  of
deposits  to  newly  qualified  banks  would  only
“apply  to  funds  deposited  after  the  date  as  of
which  the  bank  qualified” 9 —a  regulation  that  was
necessary  to  avoid  the  confusion  which  would  result ­
  from  a  complete  reapportionment  of  deposits
each  time  a  new  bank  in  the  community  qualified
as  a  depository.
The  number  of  banks  of  each  class  which  were
qualified  as  depositories  for  postal  savings  funds
at  the  end  of  each  fiscal  year  since  1912  is  as
follows  : 10

Table  5
Number  of  Banks  Qualified  as  Depositories,  1913-1916,
by  Classes.

Year

1913
1914
1916
1916

National
banks

3,786
8.627
3.628
3,647

State
banks

2,406
2,099
1,499
1,267

Savings
banks

Trust
companies

877
347
291
262

Organized
private
banks

609
617
668
547

49
26
21
21

Total

7,226
6,716
6,007
6,634

8  Infra,  pp.  120-125.
9  Sec.  10  of  Regulations  of  1913.
10  Figures  have  been  compiled  from  the  annual  reports  of
the  Third  Assistant  Postmaster-General.