LCMS Convention Proceedings St. Louis, Missouri — 1923, Page 75

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Ey. Luth. Synod of Missouri, Ohio, and Other States, 1923. 75.

charged to the book account.. It has been rented and is now pro-
acing a reasonable revenue. —

During the last three years $4,365.73 was disbursed from the
“General Legacies account to the Synodical Treasury. This reduced
ts book value to approximately its original value of $21,000.
Regarding the Raithel farms, there exists a probability of Synod’s
losing @ substantial amount, though we are hopeful of. sparing Synod.
this loss. It is not wise here and now to discuss the details of this
probable loss, but your Legacy Officer feels that he cannot omit ref-
erence to this fact in his report.

Many years ago a practise was inaugurated to invest in bulk all
moneys coming to the Synod in the shape of legacies. In the opinion
of your Legacy Officer, supported by former boards and your Board
of Directors, this has proved not only practical, but also more pro-
ductive in the aggregate. Under this arrangement all legacies, ex-
' gepting those consisting of real estate, are now uniformly credited
with a revenue of five per cent. per annum. Investments are made by
your Legacy Officer under the control of a special investment com-
mittee appointed by your Board of Directors. Thanks are due Messrs.
A.G. Brauer and Robert H. Leonhardt for faithful and circumspect
services in this connection. Mr. John W. Boehne and other members
of the Board of Directors have also occasionally been drawn into con-
sultation. Synod’s Board of Auditors is periodically satisfying itself
’ that your Legacy Officer always keeps an ample sum productively
invested to cover all legacies under his care.

Supplementary Report.

The following Districts report that they hold or control no lega-
cies (or endowments), Church Extension Funds omitted: Atlantic,
Canada, Central Illinois, Kansas, Michigan, Minnesota, North
Dakota and Montana, North Wisconsin, Oregon and Washington,
Southern, Southern Illinois, Texas, Western, Colorado, Alberta and _
British Columbia, Manitoba and Saskatchewan, Northern Nebraska.

The following Districts did not report: English and South
Wisconsin. ‘
Legacies (or endowments) are held or controlled by the remain-
ing Districts as follows: —

Value. : Purpose of Proceeds.
California and Nevada District: .
_ Rev. and Mrs. W. Grunow ... $ 5804.25 Indigent students.
Central District: G. Scheiderer.. 1000.00 Indigent students.
Mrs. Zimmermann ........ fees 2000.00 Missions.

Eastern District: Simon Becker... 30000.00 Indigent students. “
John Ehrlinger ............. ; 500.08 Indigent students. :