nineteen hundred and forty-six - Amazon Web Services

458 SOUTHERN BAPTIST CONVENTION
The yield on the various classes of bonds compared with 1944 was as follows;
1945 1944
Public Utilities 3.24% 4.14%
Railroads 5.08 5.38
Industrials 3.05 .3.60
U. S. Government 1.82 2.04
Average Yield 2.72% 3.41%
A comparison of the book value and market value of our stocks and bonds
as of December 31, 1945, is as follows:
Excess of
Market Value Market Value
Book Value Dec. 31, 1945 Over Book Value
Bonds $4,996,848.05 $5,161,342.39 $ 164,494.34
Preferred Stocks 749,878.85 820,062.75 70,183.90
Industrial Common Stocks 433,016.20 602,000.63 168,984.43
Insurance Common Stocks 326,408.49 412,955.63 86,547.14
Utility Common Stocks 278,168.45 341,012.50 62,844.05
Bank Stocks 102,418.75 124,800.00 22,381.25
Total $6,886,738.79 $7,462,173.90 $ 575,435.11
The investment activities of the Board during the year were as fo
New Investments:
Bonds $3,161,509.00
Preferred stocks 173,266.47
Industrial Common Stocks 115,215.20
Insurance stocks 1,000.00
Utility common stocks 145,917.20
Bank stocks 46,518.75
New mortgage loans 140,000.00
Total new investments $3,783,426.62
Investments Liquidated:
Bonds sold $919,633.05
Bonds called for payment 681,287.39
Total bonds liquidated $1,600,920.44
Preferred stocks called for payment 99,525.00
Mortgage loans paid in full $216,159.51
Principal reductions on
mortgage loans 240,033.99
Total principal payments on mortgage loans $456,193.50
Total investments liquidated $2,156,638.94
Total investment transactions $5,940,065.56
Due to the continued pressure on interest rates, the return on the Board's
investments, as your Committee has anticipated for the past several years, is
suffering a steady reduction. The 1945 rate of return was 0.22% less than 1944.
Your Committee will continue its policy of keeping the Board's funds working
to produce as much as possible consistent with the safety of principal. However,
as far as can be seen at the present time, there is nothing in sight to cause any
material change in interest rates, and apparently the Board is confronted with a
number of years of low earnings on its investments.
Respectfully submitted,
PAUL DANNA, Chairman
BEN C. BALL
J. M. HlGGINBOTTOM, JR.
HARRY HARLAN
WALLACE BASSETT
THOMAS J. WATTS
ORVILLE GRONER
Finance Committee