LCMS Convention Proceedings St. Louis, Missouri — 1929, Page 178

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same plan.)

This action also dis
. posed of M i
dations regarding the budget. emorial

Regarding Memorial
605: “O .
Church Extension Board,” Comm} verture for the

604 Containing recomm
en.

for such funds asi
be set aside in the
for the Supported Districts,

\strict itself Provide

oard. President F
, > aste
Laymen’s League was appointed chairm

secretary; Mr. Pay] Schulze, treasurer

r of the Lutheran
an; Pastor M. F. Kretzmann,
- President Pfotenhauer and

duced income.

first recommendation attached to this re
Another problem

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7. Luth. Synod of Missouri, Ohio, and Other States. 1929. 183

connected with the reinvestment of bonds. This does not only
, an intimate acquaintance with the ever-changing conditions
money market, but also much attention to details, such as no
ber of the Board can give without making great personal and
: while seeing that the fund is safely and profitably

chants’ Trust Company of Chicago was carefully studied, which
offers its services in connection with the custody of the fund at a rea-
sonable rate. This led to the second recommendation.

B. The Recommendations.
Recommendation No.1. Concerning a Change of the Rules
Governing the Investment of the Endowment Fund.

The following resolution was unanimously adopted in a meeting
of the Special Board, November 22, 1928, and is hereby submitted to
the Ven. Synod with the recommendation that the old rulings be
changed or modified accordingly : —

“Wuereas, The bond market has materially changed in several
respects since 1920; and

“Wuereas, Section 2e (1924 edition of Synodical Handbook,
p. 87) for the regulation of the administration of the L. L. L. Endow-
ment Fund no longer reflects a wise financial policy, as its operation
unduly reduces the income from reinvestments of our capital without
‘materially adding to the requisite safety of our Fund; and

“Whereas, The tax-exemption feature of certain bonds is of no
benefit to us, since we are exempt from taxation; therefore be it

“Resolved, That we ask Synod to repeal the second part of Sec. 2e
(p. 87 of the Synodical Handbook of 1924) and that for it be substi-
tuted the following : —

“‘The Fund shall be invested in Government or high-class State
and municipal bonds, in real estate bonds, in first mortgages on real
estate, and in other high-grade revenue-producing loans, offering in all
cases a maximum of security and a reasonable return on the invest-
ment.’ ”

Recommendation No.2. Concerning a Custodian-Account Agree-
ment with the Illinois Merchants’ Trust Company or Some Other
Company of the Same Standing and Reputation.

At the seventh meeting of the Special Board it was resolved to
recommend to Synod that our Board be authorized to make custodian-
account arrangements with the Illinois Merchants’ Trust Company of
Chicago, IIl., for the Lutheran Laymen’s League Endowment Fund.
Later on it was agreed by correspondence that it would be wiser for
Synod not to bind itself to such arrangement with any certain com-