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  taxable ­
  property,  to  be  ascertained  by  the  last  preceding ­
  valuation  for  assessment  of  taxes,  will  be
received  at  75  per  cent  of  their  market  value,
such  market  value  not  to  be  considered  as  exceeding ­
  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  provided ­
  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.