The Waterbury Democrat., 1940-12-21
Church Pension Fund
 President, 30, Resigns
Bishop Cameron J. Davis of Buffalo Succeeds William Fellows Morgan, ST.; Hartford Man Named Trustee

by about $1;5OO,0OO. He remarked upon the fact that the Fund has not only carried out every promise during the varying conditions of the last twenty-four years but is now paying pensions in a total amount 40 percent greater than called for in it's contracts. The present pension roll amounts to $l,370,0O0 a year covering about 25OO clergymen, vii dows and orphans who are now ben eficiaries of the Fund. Since incep. tion, the Fund has paid out over $19, 100000 in pension benefits.
 HThe main problem with which we are faced,v MT. Morgan said, 'is the problem of interest earnings. In 1889 the average earned on the Funds reserve liabilities was 3.08 per cent. The final result for 1940 is not yet known but is expected to be about the same. It is far better, however, to adhere to policy of investing for safety of principal than it would be to sacrifice quality in an attempt to secure an advan- taeg in interest income which might prove to be temporary" He express ed the hope that the Funds favor able investment position, with about 27 per cent invested in U. s. Treas ury obligations and substantial short-tern position, would react to the ultimate advantage of the Fund.
 Reporting on the Funds subsid- iaries, MT. Morgan stated that the Church Life Insurance Corporation, organized in 1922 to issue low cost life insurance and aunuitieS to Episcopal clergymen and active lay workers of the Church, continues to enjoy a ratio of assets to liabilities which is conSpicuouSly favorable among life insurance companies. It will report assets at the end of this year of over $6,00000 which is ap- proximately $1,000,00O in excess of its liabilities. The Corporation has $26 100000 of insurance in force and outstanding annuity contracts call- ing for the payment of $444,000 year.
 MT. Morgan also announced the recent acquisition by The Church Pension Fund of ownership and con- trol of The Church Properties Fire Insurance Corporation which in- sures only the property of the Epis- copal Church. He said the Funds investment in the fire company was about $370, 900 whereas the fire com pany itself has capital and sur plus of about $438,00O. It now has over $95 100000 of insurance in force and covers about 3250 Epis- copal Churches as well as certain other ecclesiastical institutions. The Management reports that in the last five years it has saved the Episco- pal Church about $l50,000 in the cost of carrying its insurance.
 Board of Trustees
 Stephen Baker, New York; The Rt Rev. Charles Clingman. D. D., Bishop of Kentucky, Louisville; The .Rt. Rev. Cameron J. DaSjs, D. D, Bishop of Western New York, Buff falo; Robert Hallowell Gardiner, Boston; Charles A. Goodwin, Hart ford: The Rev Oliver J. Hart, D. D, Boston; The Rt. Rev. William Law renee, D. D., Boston; Bradford B. Locke, Princeton, N. J.. Charles E. Mason, Boston; J. P. Morgan, New York; William Fellowes Morgan. New York; Frank L. Polk. New York: The Rev. John F. Scott, D. D.. Pasadena. California: The Rt. Rev. Ernest M. Stires, D. D., Bishop of Long Island, Garden City, L. l.; Samuel Thornre. New York; Allen Wardell, New York: The Rt. Rev. Benjamin M. Washburn. D. D., Bishop of Newark. Orange. N. J.; Charlton Yarnall. Philadelphia.