# LCMS Convention Proceedings_St. Louis Missouri_1950_S1226 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) 736 FINANCIAL MATTERS 15. The problem of re; i i gulating the time of servi graduates (cf. Proceedings, 1947, page 257) had been ref . Board of Directors. Th “0 Board for Higher Educati i seen cation might be asked to South American Matters ; 16. Our South American - In connection with these to South America in 194g Mission Board, the Presi. a very helpful the visit of the Rev. H. A. Mayer early this year. as a8 also 17. Since we have am 1 ple room at the new semin i Ballester, a suburb of Buenos Aires, and the location is more dea able, and since the Argentine District favored the plan ratified by Synod. Report of Board of Trustees of Synod’s Trust Funds 18. “The approaching conventi on of Synod brings to mi the Board of Trustees of Synod’s Trust Funds wishes to make aut cial report of its activity during the last three ye infor. 19. “Three years ago your Board ago 3 was composed of Pres. J. Behnken, or one of his Vice-Presidents as an alternate Tre _ wr W. #H. Schlueter, and Messrs. C. H. mas J t Garbers, Emil H, J. Luedke, Theo. Schroeder, and Richard H. Waltke. Monee, “John and Mr. Emil Harms, both of wh served faithfully, diligently, and intelligently from the time of t their appointment until the end. We mourn their 20. “Your Board has met re i ; gularly four tim executive committee has looked after matters between onan f teacher : . . ted to 4S question still seems to be unsolved, 7 FINANCIAL MATTERS 137 the Board. As the members of the executive committee are ents of St. Louis, they could meet frequently and on short e and thus could watch developments and dispose of matters = ey arose. . 91. “Since the creation of your Board thirteen years ago the responsibility of trust has increased tremendously, as the follow- ° ing tabulation shows: April 22, 1937 January 31,1947 January 31, 1950 © Pension Fund $ —— $4,377,894.57 — $ 7,620,130.01 L. L. L. Endowment Fund _ —2,806,322.56 -2,855,348.92 2,824,960.25 ee truss - 928,192.02 —-1,761,560.14 ~~ 2,204,128.14 13 $3,734,514.65 $8,994,803.63 $12,649,218.40 _ . 22. “During the period of our trusteeship the L. L. L. Endow- ment Fund has been practically static, Sundry Trusts have shown marked progress, and the Pension Plan is now growing at the rate of more than one million dollars a year. 23. “The L. L. L. Endowment Fund has remained in the custody of the Continental Illinois National Bank and Trust Co. of Chicago. For the present a major portion of the Pension Fund is also de- posited there. The balance of the Pension Fund and practically all of the Sundry Trust Funds are stored in the Safe Deposit Depart- ment of the Mercantile-Commerce Bank and Trust Co. of St. Louis. Access to the securities in Chicago can be had only through trusted bank employees. In St. Louis access is possible only by two of the following three, namely, the Treasurer, the Assistant Treasurer, and the Auditor of Synod, when accompanied by two of a four- member Fiduciary Committee appointed by the Board of Directors. 24. “Investing Synod’s Trust Funds has become a problem. All investments must conform to definite rules which have been drafted by this Board and approved by the Board of Directors. The Board - of Trustees is determined to remain ultraconservative. At the same time it would like to retain its over-all earning level of 24% per cent. These two objectives have become increasingly difficult to obtain. Thus far we have succeeded. But the supply of securities that fits into the pattern is becoming constantly less, and the demand for them by other fiduciaries seems to be continually increasing. We shall meet the situation as it develops, but will not sacrifice safety for the sake of earnings. ; 25. “A number of times your Board has been importuned to set aside a substantial part of the Pension Fund for Church Extension purposes. This matter was referred to Synod’s counsel. It was his studied opinion, based upon the law and many court decisions, that it would be illegal for Synod to lend any part of the Pension Fund to either Districts or congregations. Your Board agrees with Synod’s counsel and intends to be governed by his opinion.