# LCMS Convention Proceedings_St. Louis Missouri_1887_S72
# AI translation — CHI Digital Archive (demonstration)

72 Proceedings of the 20th General or

could. The only exception is the acquisition of United States Bonds
in the amount of $3000, which however represented a significant
market value [printed "Meſowerth"]. It has reaped what it sowed. When the
Committee, as it is now composed, made an effort to get to the bottom
of things, it was confronted with the terrible certainty that the
entire funds, amounting to $14,091.75, had simply vanished. The
United States Bonds too had been sold off, and in their place were
found almost worthless railroad shares. The fruit of our missionary's
hard labor had been consumed without any benefit to the Synod.

"6. We may not conceal that such a result could only be the
consequence of a culpable, over-trusting administration. After the
sad state of affairs had become apparent, the former treasurer was
persuaded to do the following, in order to compensate the Synod for
the great loss. He handed over: 1. railroad shares which had a
nominal value of $7500 but brought only $1678.13 when sold; 2. he
handed over to the Committee a plot of land of almost 22 acres
located near New York with a dwelling house standing on it, whose
purchase price and the sums later put into it considerably exceed his
debt to the Emigrant Mission; 3. he transferred to the Commission a
parcel of land, comprising 4 lots, on which stands a large dwelling
house — his own longtime home — located in Brooklyn, N.Y. This last
property brings us an income of $600 a year, from which, to be sure,
the annual taxes and administrative fees must be deducted. The Synod
has now applied these two properties toward covering the former
treasurer's debt in the amount of $14,091.75; deducting from that the
proceeds of the sold shares, $1678.13, the net debt is $12,413.52; to
which is added a bookkeeping error of $251 and unpaid interest of
$300; together $12,964.52.

"7. The 22 acres of land in Westchester County, which the former
treasurer bought in the interest of the Eastern District of our
Synod and at the prompting of synodical proceedings, but without
authorization — into which most likely also flowed the greater part
of the existing deficit — currently represents an indeterminable
value. Its discernible financial status is as follows: assumed
mortgage $2000; expenses from the forced sale that became necessary
$1544.43, taxes for the year 1886 $101.32; other expenses $2.16;
total $3647.91 in debts. Income: donated interest $137; rent $25;
total $162. This leaves debts of $3485.91 on 21.87 acres of land. —
Through the efforts of individual Committee members it has been
possible to manage this property so that the taxes and interest are
covered by its income. The Committee therefore has no income from
this property as yet. As to the question why the Committee has not
sold these properties in order to reduce the debt on the "Pilgrim
House," an answer can only

[SCAN: faint word-fragments show through on the right margin from the facing page (p-079); not transcribed.]

[PRINTED-ERROR: $14,091.75 less $1678.13 is $12,413.62, not the printed "net debt
$12,413.52." The figure is left exactly as printed; the printing carries it forward
($12,413.52 + $251 + $300 = $12,964.52) and repeats it on printed page 75. Every other sum
on this page adds up exactly.]