 | Board of Visitors minutes April 8, 1949 |  |
REPORT OF FINANCE COMMITTEE
Visitors: Messrs. L. B. Gunn and J. Harvie Wilkinson, Jr., of the State-Planters Bank and
Trust Company, Richmond.
Mr. Gunn pointed out that the over-all yield in the Consolidated Endowment Fund averaged
4.02% for the year ending January 25, 1949. He added that this was the first time since the present
trustees commenced management of the fund that the yield had exceeded 4%. During the past year the
general policy of the trustees has been to dispose of securities which had returned a high yield
during the war but which it was felt were not now attractive for permanent investment. The present
distribution of securities is shown below.
| Bonds - General | 23.3% | |
| U. S. Government | 25.2% | 48.5% |
| Preferred Stocks | 20.1 | |
| Common Stocks | 31.3 | |
| Principal Cash | .1 | |
| 100.0% | ||
| Utilities | $1,225,383.75 | 24.3% |
| Railroads | 401,121.25 | 8.0 |
| Chemical and Drug | 371,242.88 | 7.3 |
| Bank, Insurance & Finance | 320,043.50 | 6.3 |
| Tobacco | 296,192.75 | 5.9 |
| Stores | 140,300.00 | 2.8 |
| Oil | 139,032.50 | 2.8 |
| Electrical Equipment | 84,224.13 | 1.7 |
| Food & Food Products | 72,075.00 | 1.4 |
| Container | 71,837.50 | 1.4 |
| Metals & Mining (Non Ferrous) | 71,570.50 | 1.4 |
| Credit Reporting | 69,933.50 | 1.4 |
| Auto and Accessories | 68,536.88 | 1.4 |
| Steel | 60,913.13 | 1.2 |
| Machinery and Equipment | 38,585.50 | .8 |
| Motion Picture | 33,312.50 | .8 |
| Manufacturing (Abrasives, etc.) | 26,125.00 | .5 |
| Textiles (Rayon) | 25,562.50 | .5 |
| Fertilizer | 11,687.50 | .2 |
| Miscellaneous | 10,802.00 | .2 |
| Sugar | 6,787.50 | .1 |
| Soap | 6,262.50 | .1 |
| U. S. Savings "G" Bonds | 576,500.00 | 11.4 |
| U. S. Treasury Bonds | 696,461.22 | 13.8 |
| Municipal & Quasi-Govt. Bonds | 209,487.07 | 4.2 |
| Principal Cash | 6,353.73 | .1 |
| $5,040,434.29 | 100.0% |
The Board expressed approval of the manner in which the Finance Committee and the trustees
of the Consolidated Endowment Fund have managed the investment of this fund during the past year,
and tendered their thanks to Messrs. Gunn and Wilkinson for being present at this meeting.
| Board of Visitors minutes April 8, 1949 | |