# LCMS Convention Proceedings_St. Louis Missouri_1935_S293
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

Ev. Luth. Synod of Missouri, Ohio, and Other States. 1935. 981

The smaller amount in 1934—5 was mainly due to the fact that
some of our investments which had previously paid us from 4 to
5 per cent. interest came due and were reinvested in Government
bonds which pay only 234 to 3 per cent.

4. While there was an inevitable shrinkage in the market value
of some of our securities, as is the case with all such investments, our
shrinkage was relatively small, and a number of experts who examined
our investments have agreed that the Fund is in good condition. We
hope that the shrinkage is only temporary and that, as conditions
improve, this shrinkage will be wiped out. The total face value of
the investments as of January 31, 1935, amounts to $2,618,905, and in
addition we have cash on hand for investment amounting to $52,371.80,
making a total of $2,671,276.30.

We also have in our Adjustment Account a face value of
$100,812.50, and cash on hand for investment amounting to $7,867.11,
making a total of $108,679.61.

5. As reported to the last convention, the Board entered into
a custodian-account arrangement with the Continental Illinois Na-
tional Bank and Trust Company of Chicago. This contract was
renewed and is in force at the present time, gubject to the action of
Synod or the new Special Board. We found such a contract neces-
sary and beneficial. As our holdings in Government bonds have a
tendency to decrease, it becomes jncreasingly difficult to find sound
investments that yield a safe and satisfactory income. The advice of
the officials of the Trust Company is very helpful, while the invest-
ments are made only upon unanimous approval of the Investment
Committee.

6. The books of our treasurer have been regularly audited by the
synodical auditor. Our securities in the bank vaults have been
checked over repeatedly and as recently as March 29, 1935.

Respectfully submitted by

Tur SpectaL Board or THE LUTHERAN LayMEn’s
League EnpowMent Funp.
_M.F. Krerzmann, Secretary.

Report of Committee 19:—

We recommend that Synod adopt the report of the Special Board
of the Lutheran Laymen’s League Endowment Fund and that, con-
sidering the present investment conditions, it compliment the mem-
bers of this Board on the excellent condition of the fund.

Action of Synod.
This report was adopted.