nineteen hundred and forty-six - Amazon Web Services

456 SOUTHERN BAPTIST CONVENTION
INVESTMENT EARNINGS BY YEARS
1919 $ 2,685.00
1920 5,097.59
1921 24,186.89
1922 60,170.82
1923 73,240.23
1924 85,159.36
1925 117,046.92
1926 127,377.11
1927 150,982.66
1928 162,731.37
1929 175,956.72
1930 (April 30) 193,792.40
1930 (December 31) 125,858.74
1931 204,874.15
1932 210,980.76
1933 212,773.12
1934 224,161.30
1935 233,533.22
1936 234,646.05
1937 230,970.71
1938 220,453.76
1939 209,593.73
1940 215,916.73
1941 238,809.01
1942 269,588.34
1943
1944
Total
278,671.60
$4,894,746.33
289,541.18
1945 315,926.86
THE BOARD'S INVESTMENT EXPERIENCE
By ORVILLE GRONER. Treasurer
During the year 1945 American business and industry were suddenly confronted
with the necessity of changing from a war economy to a peace time
economy. The problems were further accentuated by a plague of strikes the
latter part of the year, but in spite of all this the industrial production for the
year, as reflected by the Federal Reserve Board Index, was only about 14%
under the 1944 figure. However, the national income exceeded the tremendous
figure for 1944 by approximately 2%%.
The investor was confronted throughout the year with the continued refun
ing of existing issues of bonds at progressively lower rates, also the refunding
of a number of preferred stocks at extremely low rates. New construction in
the real estate field increased some during the latter part of the year, but was
only a fraction of the pre-war normal, and the selling price of existing real
estate, particularly residences, at terrifically inflated values made the lot of
the investor a hard one indeed.
The average rate of return on the mean of the Board's investments was
3.69%, compared with 3.91% for 1944. This reduction was primarily the result
of high yielding corporate bonds being called, and the liquidation of mortgage
loans, together with the purchasing of additional Government Bonds and lower
yielding corporate bonds.
The rate of return on various classes of investments for 1945, compared
with 1944, was as follows:
1945 1944
Bonds 2.72% 3.41%
Mortgage loans 5.09 4.82
Preferred Stocks 5.09 5.26
Industrial common stocks 4.97 4.98
Insurance stocks 4.35 4.35
Baptist Building (after depreciation) 3.05 3.11