# LCMS Convention Proceedings_St. Louis Missouri_1947_S584
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

584 . FINANCIAL MATTERS

office in 1937, these funds totaled $3,734,514.65, whereas on Jan-
uary 31, 1947, they amounted to $8,994,803.63. Thus the respon-
sibility of trust has considerably more than doubled in the interim.
The following table shows the extent of the increase:

April 22, 1937 January 31, 1947 Increase
Pension Fund _W..0 — $4,377,894.57 $4,377,894.57
L.L.L. Endowment Fund ...... $2,806,322.56 2,855,348.92 49,026.36
Sundry Trusts 2 - 928,192.09 1,761,560.14 833,368.05

$3,734,514.65 $8,994,803.63 $5,260,288.98

During the last several years there has been practically no
change in the investment field. Your Board has continued its policy
of “Safety First.” Although our rules permit of sufficient diversifi-
cation in making investments, we deemed it advisable to limit our
purchases to U.S. Government Bonds and a small quantity of -
Veterans’ Home Loans. In the aggregate our investments have a
market value in excess of cost or book value. We have a sufficient
number of short term securities so that we can take advantage of
a change in the investment market should one develop. Our present
investment earnings make it possible to credit 2% per cent on all
of our trust accounts, and we hope to continue that rate for the
present. Just as quickly as the rate can be increased, retaining the
same margin of safety, we will take advantage of the situation.

We consider the safeguards with which we have surrounded
Synod’s trust funds to be ample. The L. L. L. Endowment Fund is
still in the custody of the Continental Illinois National Bank and
Trust Company of Chicago. The Pension Fund and Sundry Trusts
are stored in safe deposit boxes of the Mercantile Commerce Bank
and Trust Company of St. Louis, to which access can only be had
by four men out of seven chosen for that purpose.

All the necessary accounting is done in Synod’s Fiscal Office,
and the funds are reflected in the Treasurer’s periodic reports.
We understand that Treasurer Schlueter’s report to the Centennial
Convention will do them full justice. You also have the assurance
of Synod’s Auditor that the securities have been checked regularly,
that he found them intact, and that the accounting has been exact
and adequate. Ricwarp H. Warrxs, Chairman

With the prayer that the Lord may keep us in His Word and
faith and continue to bless all endeavors and undertakings of our
beloved Synod to the honor of His holy name, this report is respect-
fully submitted for

THE Boarp or Directors
OF THE EvANGELIcAL LUTHERAN SyNop or MIssovurt,
OnIo, AND OTHER STATES

M. F. KRETZMANN, Secretary