nineteen hundred and forty-six - Amazon Web Services

RELIEF AND ANNUITY BOARD 457
DISTRIBUTION OF ASSETS
The distribution of the Board's assets on a percentage basis as of December
31, 1945, compared with December 31, 1944, was as follows:
„ „ 1945 1944
Bonds
Utilities 20.32% 14.57%
Railroads 2.29 4.01
Industrials 6.99 5.43
U. S. Government 23.28 20.24
Total Bonds 52.88% 44.25%
First Mortgage loans—direct 15.66 22.47
First Mortgage loans—F.H.A. 2.88 3.51
Preferred Stocks 7.94 8.59
Industrial Common Stocks 4.58 4.39
Insurance Common Stocks 3.45 4.12
Utility Common Stocks 2.94 1.33
Bank Stocks 1.08 .71
Real Estate 16 .19
Notes and accounts receivable . 01 .01
Baptist Building 1.91 -2.33
Other Assets 22 .20
Prepaid Expense 03 .05
Cash 6.26 7.85
Total Assets 100.00% 100.00%
MORTGAGE LOANS
The investment in mortgage loans on the year end amounted to $1,479,849.02
in conventional loans and $271,251.97 in F.H.A. loans. On the year end there
was total principal of $314.97 that was either past due or extended, and there
was past due interest in the amount of $154.71. All of these items have long
since been collected. As indicated by this record, our loans are in excellent
condition and the margin of security behind them is very high due to the
inflated price of real estate.
We made 20 new mortgage loans during the year totaling $140,000.00. Real
estate construction has greatly increased since the first of the year and we have
been able tp make a number of new mortgage loans. In fact, since January 1st,
we have already committed on more than twice as many mortgage loans as we
made during the entire year of 1945. Construction of new homes will doubtless
be greatly increased during the year and we should be able to increase our
investments in mortgage loans. Building costs are extremely high and the
making of loans under such conditions will require extremely careful appraisals
and as rapid reductions as possible.
REAL ESTATE
The Board owns real estate in the amount of $15,261.47 in addition to the
Baptist Building. This real estate figure did not change during the year.
We are planning to add three additional floors to our Baptist Building. Practically
all of the Baptist Agencies are in need of additional space. Under the
present muddled housing situation, we do not know just when we can begin
construction, but the architect is completing the plans for the additional floors
and we shall "proceed just as rapidly as possible.
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BONDS
Bond prices are higher than ever before in history, and translated in the
terms of yield, provide the lowest yield on record. This low yield has even been
further accentuated since the first of this year.