Postal savings

Bibliographic data

Monograph

Identifikator:: 869930397

URN:: urn:nbn:de:zbw-retromon-49420

Document type:: Monograph

Author:: Kemmerer, Edwin Walter http://d-nb.info/gnd/101827717

Title:: Postal savings

Place of publication:: London

Publisher:: Humphrey Milford

Year of publication:: 1917

Scope:: 1 Online-Ressource (VIII, 176 Seiten)

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V - Investment of postal savings funds

Collection:: Economics Books

127 INVESTMENT OF FUNDS of government security for the thrifty poor, and particularly for those whose deposits in the postal savings banks have reached the legal maximum. These bonds have been issued on the first day of each January and July since the postal savings system was put into operation, and the total is sue up to the close of the fiscal year 1917 was $10,000,000. Of this sum approximately 87 per cent was, on request, issued in the registered form, which indicates, in the judgment of the Third Assistant Postmaster-General, “that they were purchased for permanent investment.” 30 On November 8, 1911, it was reported in the newspapers that some of these bonds had been sold at 92J. The report, which was apparently false, 31 caused some anxiety, and the Board of Trustees, who were authorized by the Postal Savings act (section 10) to invest postal savings funds in these bonds, promptly passed a resolu tion to purchase them at par upon the application of any holder, and to make immediate payment therefor in cash. Up to February 1, 1917, the board had purchased $2,045,920 worth of these bonds. 80 Ann. Rep., 1916, p. 11. 31 The New York Times of November 18, 1911, quoted Postmaster-General Hitchcock as saying that “the only basis for the rumor of an actual sale at that price [92%] was an offer . . . by a New York broker to purchase $200 of the bonds below par, which was not accepted by the holder."

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