When & When

The Episcopal Church Pension Fund, founded in 1917, has prospered well, increased its assets from $8,500,000 to $32,000,000, largely through good management and the fact that among its best friends has been J. P. Morgan. Last week the less-publicized Presbyterian Church Pension Board revealed that it, too, has friends in high places. Its secretary, Rev. Henry B. Master of Philadelphia, announced that the Board's assets have increased from $5,000,000 in 1910 to $35,000,000 today. On its rolls are 96% of all Presbyterian ministers and missionaries, its retired beneficiaries receiving $2,000,000 a year. Secretary Master explained why the Board "has not lost a dollar" since 1928:

"All our money is invested in stocks and bonds and mortgages and we know when to throw something overboard and when to buy something new. Some of the biggest men in the country are Presbyterians.* They let us know when things are shaky or when they are going to be good."

*Some "big" presbyterians: Steelmaster Eugene Gifford Grace; Statesman Henry Lewis Stimson: Senator James Couzens; Lumberman Frederick Edward Weyerhaeuser; Will H. Hays; Andrew William Mellon.

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