INVESTMENT OF FUNDS 
111 
required to submit a satisfactory report of con 
dition and to offer proper collateral for the de 
posits—a subject to be considered later. 8 Funds 
were to be apportioned among the qualified banks 
only on the first day of each quarter. A later 
regulation provided that the apportionment of 
deposits to newly qualified banks would only 
“apply to funds deposited after the date as of 
which the bank qualified” 9 —a regulation that was 
necessary to avoid the confusion which would re 
sult from a complete reapportionment of deposits 
each time a new bank in the community qualified 
as a depository. 
The number of banks of each class which were 
qualified as depositories for postal savings funds 
at the end of each fiscal year since 1912 is as 
follows : 10 
Table 5 
Number of Banks Qualified as Depositories, 1913-1916, 
by Classes. 
Year 
1913 
1914 
1916 
1916 
National 
banks 
3,786 
8.627 
3.628 
3,647 
State 
banks 
2,406 
2,099 
1,499 
1,267 
Savings 
banks 
Trust 
companies 
877 
347 
291 
262 
Organized 
private 
banks 
609 
617 
668 
547 
49 
26 
21 
21 
Total 
7,226 
6,716 
6,007 
6,634 
8 Infra, pp. 120-125. 
9 Sec. 10 of Regulations of 1913. 
10 Figures have been compiled from the annual reports of 
the Third Assistant Postmaster-General.