What Churches Should Buy

The reverend administrators of 19 Protestant ministerial pension funds conferred at Atlantic City last week. They were humbly aware that it is God "that giveth thee power to get wealth," in their cases $154,258,455 collected from 22,609,989 church members to care for 110,000 ministers. Yet they wanted manly wisdom on the investment of that wealth. Dispenser of the wisdom was Rev. William Thomas Boult, 43, who worked two years for Scranton, Pa. investment bankers before becoming treasurer of several national Congregational organizations.

Diversify your church wealth thus, advised Mr. Boult:

Government bonds 10%.

Railroad bonds 25%.

Public utility bonds 25%.

Guaranteed mortgages on improved real estate 30%.

Preferred stocks 10%.

Alter the percentages slightly as economic conditions and the general investment market changes. No pension or other denominational board which Mr. Boult could discover owns common stocks. He approved that situation, because common stocks have a speculative aspect and churches must be certain of their investment income. Also many churchgoers deem all speculation unholy gambling; and "organizations becoming partners through stockholding in an industry expose themselves to the charge of prejudice in favor of the industry."

The 19 pension boards disbursed $9,469,533 last year. Their new interdenominational president is Dr. Henry Hayes Sweets, 58, of Louisville, Ky., secretary the past 26 years of the Southern Presbyterians' Board of Education & Ministerial Relief.

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