124 
POSTAL SAVINGS 
their market value (unless the market value is 
above par value). This last class consists of se 
curities meeting the conditions mentioned for 
class (c), except for the fact that they refer to 
places having a census population of not more 
than 30,000. 
Under date of March 30, 1917, the Board of 
Trustees added farm loan bonds authorized by 
act of Congress approved July 17, 1916, to the 
list of securities constituting group ( a) which are 
acceptable at their par value; and on April 24, 
the board added to the same list interest bearing 
certificates of indebtedness of the United States 
Government. 
As collateral for postal savings deposits, mu-, 
nicipal bonds have been by far the most popular 
type of security offered by banks; and the de 
mand for high grade municipal bonds for postal 
savings collateral has been a substantial influence 
in the market for a number of issues. It is an 
interesting fact that not a dollar has yet been lost 
by the postal savings system through inadequacy 
of security given by depository banks. 
Rate of Interest Paid by Depository Banks 
Section 9 of the organic Postal Savings act 
says that the rate of interest paid by depository 
banks shall he “not less than 2j per centum per