108 
POSTAL SAVINGS 
and from the beginning practically all of the 
funds were deposited in banks. 
The percentage of the total postal savings de 
posits which had been redeposited and was held 
in banks at the end of each half year period since 
the inauguration of the system is as follows: 5 
Date Per cent 
June 30, 1911 84.4 
Dec. 31, 1911 91.1 
June 30, 1912 91.8 
Dec. 31, 1912 93.9 
June 30, 1913 93.2 
Dec. 31, 1913 94.3 
June 30, 1914 94.2 
Dec. 31, 1914 94.5 
June 30, 1915 91.5 
Dec. 31, 1915 92.8 
June 30, 1916 93.8 
The postal savings amendment of May 18, 
1916, therefore, merely recognized the status quo 
when it repealed the provision of the act of 1910 
authorizing the investment of 30 per cent of the 
deposits in United States securities. 
It reenacted the provision authorizing the 
Board of Trustees to invest all or any part of the 
postal savings funds, except the 5 per cent re 
serve fund, in bonds or other securities of the 
United States, “when in the judgment of the 
President the general welfare and interests of the 
5 The balances on deposit in banks used in these computa 
tions are those shown by the banks’ books. At all times 
there is a small amount of postal savings funds in the hands 
of postmasters.