Targeted Caterpillar boosts PCUSA holdings by $737,548
The Layman Online, June 29, 2005
It’s just days shy of a year since the 2004 General Assembly of the Presbyterian Church (USA) approved a resolution to begin a “phased selective divestment” of denominational funds in corporations that do business with Israel.
The bull’s-eye on the divestment target was Caterpillar because its machinery has been used to clear a path for the separation barrier that protects Israelis from Palestinian suicide bombers.
Stated Clerk Clifton Kirkpatrick said recently that Caterpillar is still on the target list, although no final action on divestment has been taken.
But Caterpillar also produced a financial windfall for the PCUSA during the year. The per-share value of Caterpillar stock rose from $77.98 on July 2, 2004, the date of the divestment vote, to $97.86 at the close of the New York Stock Exchange June 28.
That means the PCUSA’s 37,100 shares have increased in value by $737,548 – from $2,893,058 to $3,630,606. The gain is 25.5 percent, five times the 5 percent gain of the Dow Jones Industrials.