INVESTMENT OF FUNDS 
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ment of any part of either principal or interest 
of any funded debt authorized to be contracted 
by it, and whose net funded indebtedness does 
not exceed 10 per cent of the valuation of its tax 
able property, to be ascertained by the last pre 
ceding valuation for assessment of taxes, will be 
received at 75 per cent of their market value, 
such market value not to be considered as ex 
ceeding par. No deposit of bonds for less than 
one thousand dollars will be accepted, nor will 
fractions of a thousand be received.” 27 
In 1913 bonds in the group marked (b) were 
made acceptable up to their market value pro 
vided it was not above par value; and bonds in 
group (c), for cities having a census population 
of over 30,000, were made acceptable up to 90 
per cent of their market value instead of only to 
75 per cent as formerly. If the market value is 
above par they are acceptable only up to par. A 
fourth class of securities was designated at this 
time which are acceptable up to 75 per cent of 
27 This minimum of $1,000 worked a hardship on banks in 
small places having fourth class post offices; and for banks 
in such places the minimum was later reduced to $500. 
Since July 1, 1913, the minimum initial deposit of bonds 
required from banks has been $5,000 in a place with a first 
class post office, $1,000 in a place with a second or third 
class post office, and $500 in a place with a fourth class post 
office. Regulations for the Guidance of Qualified Banks and 
Others, Effective July 1, 1913, p. 4.