Stock has earned PCUSA $500,000 since GA mandate
The Layman Online, November 19, 2004
Since the General Assembly voted overwhelmingly in July to divest of funds in multinational corporations that do business with Israel – with Caterpillar being a prime target – the value of stock in that company has been rising steadily.
At the close of the New York Stock Exchange Thursday, Caterpillar stock was trading at $91.44 a share. When the General Assembly voted for divestment, the stock traded at $77.98. In less than five months, the value of the Presbyterian Church (USA) shares has increased by $499,366, or 17.3 percent.
The Presbyterian Foundation, which underwrites the major portion of the denomination’s mission budget, owns 36,900 shares of Caterpillar stock. The Board of Pensions owns 200.