110 
POSTAL SAVINGS 
lations for the guidance of banks qualifying as 
depositories of postal savings funds.’’ The regu 
lations provided that “any solvent bank, whether 
organized under national or State laws, . . . 
subject to national or State supervision and ex 
amination” might lawfully qualify as a deposi 
tory. According to Director Weed, this authori 
zation was limited to incorporated banks or 
“banks that are clothed with the essential attri 
butes of corporations by virtue of legislative ac 
tion.” 6 Private banks were all excluded, except 
a certain class in Indiana which met the require 
ments as to “organization, supervision and ex 
amination.” Branch banks were excluded which 
did not have apportioned to them by the parent 
bank a specified amount of capital. In a number 
of states, state banks which could have qualified 
under Federal law were prevented from doing so 
by state law, but this was later remedied in most 
jurisdictions. 7 
In order to qualify as depositories banks were 
0 Com. & Fin. Chron., A. B. A. Conv. Suppl., 1912, p. 192. 
7 State banks were originally disqualified in Arkansas, 
California, Kentucky, Massachusetts, Michigan, Mississippi, 
South Dakota, Tennessee and Wisconsin. By 1916, how 
ever, state institutions in all of these states except Ar 
kansas and Mississippi had qualified as postal savings 
depositories. Cf. Theodore L. Weed, The Postal Sav 
ings Banks and the United States, in Com. & Fin. Chron., 
A.. B. A. Conv. Suppl., Sept. 21, 1912, p. 192; and Ann. 
Rep. 3 Assist. Postmast.-Gen., 1916, p. S3.