The Benevolent Empire
THE CHURCH AND THE CORPORATE ESTABLISht4NT Major responsibility for the sustenance and growth of organized religion in America has long been and continues to be in the hands of wealthy business...
...204,074,516 LEGAL COUNSEL: Davis, Polk & Wardweill INVESTMENT COMMITTEE with primary affiliations: Ave Rockefeller, Jr., CHAIRMAN -- investment banker...
...author of various books on business...
...chmn...
...Manufacturers Hnover Trust (NY...
...The Lutheran Church in America does not appear very often, primarily because its portfolios are comprised mainly of bonds...
...Henry W. ickenhiser -- (White Plains, N.Y...
...PENSION BOARD PROFILES Denomination: AMERICAN BAPTIST CONVENTION Church Corporation: MINISTERS AND MISSIONARIES BENEFIT BOARD (NY) TOTAL ASSETS: INVESTMENT BANKER: Chase Manhattan (NY) 12/31/69 $153,685,310 LEGAL COUNSEL: Patterson Belknap Webb (NY) INVESTMENT COMMITTEE with primary affiliations: Baptist members-Alden C. Smith, CHAIRMAN -- partner (ret...
...numerous other directorships...
...Mercantile Safe Deposit and Trust o..iBalto), a bank with $250 million assets, where Milton S. Eisenhower is a fellow dir...
...Hollis B. Pease -- H.O.H Frelinghuysen, Inc...
...Some of the boards within the denominations themselves are also excluded...
...The pattern established here clearly serves the penetration of American companies to their own benefit...
...William L. MacLennan, for example, is a member of the investment committee of the United Presbyterian Church...
...fliKinid Niewman -- Exec...
...NOTE: the above are 13 of the 23 trustees...
...Church Corporation: BOARD OF PENSIONS (Philadelphia) TOTAL ASSETS: INVESTMENT COUNSEL 4 CUSTODIAN: Morgan Guarant 12/31/69 Trust Co $239,395,683 LEGAL COUNSEL: Rambo Mair (Philadelphia) INVESTMENT COMMITTEE ("FINANCE") with primary affiliations: Rile H Richars -- VP (finance), Equitable Life Insurance of Iowa (Des Moines...
...The ensuing complicity of America's religious institutions with the corporate establishment has thus made the church a spokesman for the interests of its rich benefactors, and for the values of the xisting social order...
...Catholic, $54,277,500,000, or 53.4...
...Sales, Inc...
...Venezuelan newspapers thus correctly accused Rockefeller of trying to control the rest of the economy, not satisfied with the oil he already controlled...
...4. See a discussion of CRESS and similar research groups in The University-Military-Police Complex, (published by NACLA, 1970...
...long prominent in International Nicke Co...
...Church Insurance Corp...
...William L. acLennan -- Partner, Brown Bros...
...dir..Compass Growth Fund...
...There are numerous other examples of interlocking between Union and the corporate establishment...
...He is also married to Grace Dodge Rea, of the Reas and Dodges of Phelps Dodge Company...
...A great portion of church wealth invested in government and corporate securities is lodged in the national pension boards of the denominations...
...The Church Research Project is further interested in compiling data on Catholic wealth, power and controls in America and throughout the Third World...
...NY), 1st Nat'l Bank (Bloomington, Ind...
...used to work for Bankers Trust Co...
...is president of the Wall Street investment firm ofDominick Dominick, whose board chairman is Bayard Dominick, director and investment committee member at Union...
...Omitted are several established protestant groups, such as the Southern Baptists, and numerically small but12 financially powerful bodies such as Christian Science and the Mormon Churches...
...Larry Blackmon -- Bd...
...In addition, these loan funds maintain ties with the corporate establishment...
...Henry P. Van Dusen, President of Union Theological Seminary from 1945-1963, served as trustee of the Rockefeller Foundation and the now dissolved Rockefeller General Education Board...
...90 pages...
...3 Another instance of corporate influence on church life is the case of Charles Parlin...
...Harrison Garrett, who comes from a prominent and powerful Baltimore family, brings his investment banking experience to the Episcopal pension fund...
...today has mining operations throughout the world and ranks 168th on Fortune's list of tne top 500 American corporations...
...Her S inmate -- Chmn...
...trustee, Knox College...
...Steel, Canadian Pacific Railway Co., Nuntington Purchase, Inc...
...The reason offered was that "This company is expected to show considerable sales and earnings gains in the 1970-72 period if the step up in strategic weapons funding, particularly the Nike-X anti-ballistic missile, materializes...
...He has served as trustee and chairman of the board of American University, founded in 1893 by the Methodists, and to this day directly tied to the United Methodist Church...
...OTHER TRUSTEES (selected): D. Nelson Adams -- Atty., Davis, Polk Wardwell (Wall St...
...Also active at the Seminary was John Foster Dulles, partner with the law firm11 Sullivan and Cromwell, which includes among its clients the Rockefellers' Standard Oil Company of New Jersey...
...NY...
...With the Catholic Church, for example, there are 414 women's orders and 125 orders for men...
...The Division also holds large sums in other defense contractors, such as General Electric, the second largest...
...Irwin is a member of Patterson, Belknap Webb, legal counsel for Rockefeller Standard Oil interests, as well as another church pension fund, the American Baptist Ministers and Missionaries Benefit Board...
...worked as consulting economist, U.S...
...Colonial Industries, Inc.(Greensboro, NC), a hemical firm...
...TERROR IN BRAZIL -- A Dossier: In February, 1970, a group of scholars, artists, writers, religious leaders and other friends of Brazil met in New York and founded the American Committee for Information on Brazil...
...Country, plus various posts in Christian Churches...
...nickel producer, largest U.S...
...10025 or NACLA-West, Box 226, Berkely...
...The holdings of each denomination are divided into twd columns, one for the pension funds ano one or other boards...
...The "Coin"' column refers to the type of counterinsurgency weapon produced (CBW = chemicalbiological weapons...
...and banker Benjamin B. Comegys and financier J. Cooke of the Sunday School Union...
...The figures refer, for the most part, to liquid assets, such as government and corporate securities, mortgages, investment real estate and cash...
...President of the board and chairman of the Executive Committee of the Corporation is Edmund Wagner, who recently retired as President and board chairman of a Rockefellerdominated bank--Seaman's Bank for Savings...
...research assoc, Investment Counael, Inc...
...bd., Bank of N.Y...
...Irwin recently acted as Nixon's special envoy to Peru in negotiations stemming from the nationalization of the Rockefellerowned International Petroleum Company...
...chmn., pres., dir., Puritan Life Ins...
...VP, treis., dir...
...O'Sullivan Rubber Corp.(Va), Western Refrigerating B Cld Storage...
...Based on its sense of "Christian obligation" to the developing countries, the UCBWM investment committee purchased 1000 shares of International Basic Economies Corporation(IBEC), a highly profitable Rockefeller owned company which has pretended over the last 23 years to advance the basic economies of Third World nations...
...NOTE: M M Board has 27 members - 14 laymen and 13 ministers...
...They are therefore firm supporters of the status quo...
...Harriman Co.," NACLA Newsletter, II, 8, December, 1968...
...James B Knowles -- Bd...
...Inconsistencies regarding the values of shares are due to fluctuations in market values and the necessity in some cases of using book value...
...bd., Robert, Garrett Sons, Inc...
...THE CHURCH AND THE CORPORATE ESTABLISht4NT Major responsibility for the sustenance and growth of organized religion in America has long been and continues to be in the hands of wealthy business and professional men...
...Hudson Ins...
...Though all of the boards invest in some of these corporations, the American Baptist pension board is most heavily invested in defense firms (including some corporations that depend almost entirely on weapons manufacturing...
...3. A complete analysis of Rockfeller controlled religious institutions is planned for a forthcoming NACLA Newsletter...
...The strategic importance of creating and controlling national agencies was recognized nearly 150 years ago by prominent members of the rapidly expanding business 'sector of the nation.1 Between 115 and 1826, five great national and interdenominational societies were formed in the East by Presbyterians, Congregationalists, Methodists, Baptists and Episcopalians...
...Corp.of which the former is a subsidiary...
...NY Stock Exchange...
...CHURCH COMPLICITY Church complicity with the corporate establishment is clearly discernible in the investments of the national boards...
...94701: single coDies: $S100 plus $0.25 postage, bulk (postage extra): 10-49 copies, $0.75 each, 50 or more copies, $0.60 each) lists several sources and provides a methodology for researching church operations...
...Or Douglas A Hayes -- Prof...
...Equity Insurance Co., E.I...
...5. Jerome Davis', "An Interlocking Control of Religion," Chapter X1X, Capitalism and its Culture, New York: Farrar and Reinhart, Inc., 1935, presents a similar thesis...
...At least five of the fifteen trustees of the Interchurch Corporation are associated with Rockefeller interests...
...av}ond A. Charles -- Sr...
...investment banker...
...exec...
...pres...
...2. See "The Rockefeller Empire: Latin America," NACLA Newsletter, III, 2 3, April/May and May/ June, 1969, for a full treatment of Rockefeller family affiliations and holdings...
...Trust Co.(NY), a Rockefeller-controlled bank...
...A vice president of General Electric also sits on the Division's investment committee...
...Cornell Sons, Inc...
...In addition, the supermarkets stocked products imported from a wholesale and retail food organization based in Houston, Texas...
...The largest benefactor of Union Theological Seminary was John D. Rockefeller, Jr., who also built and endowed the Riverside Church to the sum of $26,476,000...
...1,497,720 United Presbyterian Foundation 40,681,686 TOTAL $2,078,448,175 MANAGEMENT OF NATIONAL BOARD INVESTMENTS Management of investment interests of these national church boards are carried out by lay business and professional men who hold key positions in their respective fields...
...He was also legal counsel to one of the church's major :national agencies, the Board of Missions, which is responsible for national and overseas missionary activities...
...The role of American-based Jewish organizations in building Israel is similarly of interest, and other components of organized religion in America such as Billy Graham's crusades and sponsors and the Mormon church...
...ret...
...VP, Scovill Manufacturing Co...
...Nelson Adams, of the Morgan-associated law firm, Davis, Polk Wardwell (legal counsel for the Episcopal pension fund where Adams is also trustee) is a partner there with Frederick A. O. Schwartz, member of the Union Seminary board...
...7 of the other 10 are clergy...
...Council on Foreign Rlations...
...VP (bond dept...
...Denomination: CHRISTIAN CHURCHES (DISCIPLES OF CHRIST) Church Corporation: PENSION FUND OF CHRISTIAN CHURCHES (Indiana) TOTAL ASSETS: INVESTMENT COUNSEL: Lionel D. Edie Co., Inc...
...William F. Treiber -- 1st VP, Federal Reserve Bank of N.Y...
...Home Life Ins Co...
...Norfolk, Va...
...The "Rank" column refers to the ranking in the list of 100 top prime defense contractors for fiscal 1969 issued by the Department of Defense...
...DENOMINATION/DATE OF ASSETS AMERICAN BAPTIST CONVENTION 12/31/68 Home and Women's Mission Societies Foreign Mission and Women's Foreign Mission Societies Service Corporation Ministers and Missionaries Benefit DISCIPLES OF CHRIST 3/31/69 Board of Church Extension Christian Board of Publication National Benevolent Association Pension Fund United Christian Missionary Society LUTHERAN CHURCH IN AMERICA 12/31/67 Lutheran Church In America Foundation Common Investing Fund Board of Pensions U.S.A...
...Denomination: UNITED PRESBYTERIAN IN TE U.S.A...
...Rochester Savings Bank...
...Montpelier, Vt...
...Joseph R. Eggert, Jr., also on the Episcopal pension board, serves the treasurer of IBM as special assistant...
...50 or more copies, $0.60 each...
...Trust) and Robert Shriver, a vice president...
...Church Ins...
...were not included...
...CUBA -- 100 YEARS OF STRUGGLE: "Cubans were among the first persons in the world to understand U.S...
...Steel (as financial analyst...
...Exec...
...Conference of the World Council of Churches, National Council of Churches and the National Board of the YWCA...
...Teachers Insurance Annuity Assn...
...counsel for the Pension Fund, a Morgan-related firm where Adams gets together with fellow lawyer F.A.O...
...Robert Robinson, PRESIDENT -- Pres., Church Pension Fund...
...The American Education Society financed ministerial training in colleges and seminaries...
...Among the firm's other clients are Armstrong Cork, Cumins Engine, Ford Motnr Co., Gen...
...PRKITESTANT CHURCH CORPORATIONb: I'RUSfEES AND INVESTMENT MANAGERS OF'NATIONAL PENSION BOARDS A look at some of the lay business and professional members of several pension boards indicates powerful interlocks between religion and business...
...of Canada, Ltd., leading U.S...
...corporations...
...Renamed the Center for Research in Social Systems (CRESS), the organization continued its role in collecting, analyzing and disseminating social science data relevant to U.S...
...R ymind N Alor -- YP (finance), Rorer-Amchem, a holding co...
...The stock was not purchased, and over a year later a church official on the committee said the Division wanted no part in profitting from ABM development...
...Chemical Bank New York Trust Co...
...9. See the discussion on this bank in "Brown Bros...
...the American Tract Society published a wealth of religious material...
...e Church Life Ins...
...One of the larger women's order, Sisters of the Holy Cross, has assets totalling $110,892,759, while the Society of Jesus, the largest men's Catholic order, has assets estimated at $250,000,000...
...improbable...
...NY), stock brokers...
...4 Church Life Ins...
...VP (ret...
...VP, dir...
...National Life Ins Co...
...Farber, a German fire which made gases for extermination...
...Church pension funds serve, along with insurance and mutual funds, as the means by which corporate rulers expropriate capital from the average man and control and manipulate this capital to their own interests...
...The capital which these boards invest is held in the form of endowments (the income of which forms part of the operating budget), pension funds, and funds for church conltfuction...
...Seaborne J. Flournoy -- Investor...
...He also serves as president and director of U.S...
...In addition to housing, poultry, textiles, chemicals and mutual funds, IBEC has set up supermarket chains throughout Latin America...
...Contributions to defray the costs of printing and mailing are voluntary...
...This was a rather curious remark, however, since the Division maintained holdings-in-AT4T ($520,516 in bonds and $789,022 in stocks), which plays a key role in ABM development...
...In Venezuela, IBEC hedged out many small, indigenously owned producers with lower prices...
...dir...
...Church loan funds, however, are on a small order compared to their total assets and investments which serve their own institutional expansion...
...exec...
...corporations notorious for their exploitation of the underdeveloped world, and some of the largest investors in South Africa...
...Empire Savings Bank(NY...
...BruceFlournoy Motor Corp...
...He is a partner of Brown Brothers, Harriman Co., the most important U.S...
...A profile of investment committee members with their primary corporate affiliations is given for six pension boards in the following tables...
...Conn...
...From these strategic positions Parlin has influenced the United Methodist Church, serving since 1940 as a delegate to the church's national policy-making body, the General Conference...
...school of Banking...
...stock brokers dealers/ underwriters of securities...
...AP = anti-personnel weapons).10 And listed in the "Overseas" column are the underdeveloped countries (as well as Australia and South Africa) in which the corporations have production facilities...
...Alfred H Hmer -- Exec...
...8. See the discusssion on IBEC in "The Rockefeller Empire," op cit., p. 19-20...
...and the American Sunday School Union developed curriculum materials for sunday schools, where young children received a proper orientation to the American way of life...
...Trust Company, on whose board sit two other Union directors, John Irwin, II (former chairman of U.S...
...The data presented in this table, however, is indicative of the amount of wealth controlled by religious institutions at the national level...
...The meetings are conducted in regular, business-like fashion, chaired by a laymen, and sometimes held in the very offices of the bank which manages the accounts...
...Grolier, Inc.(NY), book publisher B retailer...
...Bankers Trust...
...special asst...
...Pusey is also president of Harvard University, whose board chairman is David Rockefeller...
...Investments in stocks, bonds and commercial real estate were estimated by the same study to be $13,000,000,000 for the Catholics, and $9,000,000,000 for the Protestants...
...The mind-set operative in the management of these funds is clearly revealed in the brokerage recommendations made by members of the committee, or its bank investment counsellor...
...A detailed analysis of these three institutions on Morningside Heights can not be undertaken here, though such an analysis would certainly be helpful to an understanding of corporate control of religion...
...George W. Newlin -- Pres., Irwin Management Co.(Columbus, Ind...
...trustee of Seaman's Bank for Savings, Carlton College...
...Co(NY...
...The function of religious bodies in promoting established political and economic interests contrasts sharply with the church's professed identity with Christ...
...Richard H. Dubie -- Treas., Pension Boards...
...NY), well-known cosmetics fim...
...Southeastern Public Service Co...
...They feel they are doing a service by donating their time and professional skills...
...A typical example of how IBEC accrued this wealth can be found in its Venezuelan supermarkets...
...VP (ret...
...Atty., Milbank, Tweed, Hadley McClo(NY, Iaw rim in the Rockefeller camp (contributed John J. McCloy, former chmn...
...The majority of officers on the boards of these societies were not clergymen but laymen...
...The bond listings are not complete, primarily because financial debentures (like Gerneral Motors Acceptance Corp...
...The United Church of Christ's Board for World Ministries(UCBWM) boasted in its 1968 Treasurer's Report of its'role in promoting economic development on the international level...
...exclusive Balto, NY, Princeton clubs...
...of Governors, N.Y...
...A recent study of church wealth in America 6 showed that in 1968 the value of property used by Catholics, Protestants and Jews for religious purposes amounted to $102,413,400,000, more than the combined assets of the five largest U.S...
...Church Ins...
...Daniel P. Davison -- VP, Morgan Guaranty Trust (NY), investment counselor bank custodian for Church Pension Fund...
...of IBM...
...The chart below presents data which indicates how the church participates in the maintenance of the war machine, the economic penetration of Third World countries, and racist oppression in South Africa...
...CRESS involvement in Vietnam has included the preparation of propaganda and psychological warfare materials for the successive rural pacification programs, as well as the evaluation of the civic action programs of the U.S...
...trustees, Beaver College (Pa...
...While CRESS is no longer directly sponsored by American University, several of its trustees, including Hurst Anderson and Kenneth Landon, Director of the University's Center for South and Southeast Asian Studies, represent the continuing relationship between American and CRESS...
...4 The control of religious institutions by the corporate elite gives weight to the thesis that religion is a function of the dominant values and interests of the society...
...Thomas M. Johnson -- Pres., Johnson, Lane, Space, Smith Co...
...Lamont (VP, Morgan Guaranty Trust Co...
...Their ability to satisfy the material needs of the church has enabled them to shape American religion and its institutions to their own advantage...
...12/31/68 Board of Christian Education 24,992,577 Board of National Missions 159,538,233 Board of Pensions 252,725,367 Commission on Ecumenical Mission and Relations 70,367,513 National Presbyterian Church, Inc...
...Leeds Nothrup Co...
...John T. Fey -- Pres...
...Herbert B. Anderson (Rev...
...Army...
...Token amounts of money are being deposited in black banks, for example, and loans are being granted to small business enterprises...
...And John Irwin, II, partner with the Rockefeller law firm Patterson, Belknap and Webb, is chairman of the boards of U.S...
...But it is consistent that the UCBWM should accomodate this elite family, since its own investment counsellor and custodian is the Rockefeller's Chase Manhattan Bank...
...Orders to: CIRA Project Coordination Committee/Room 10A, Church Center for the United Nations, 777 UN Plaza, New York, New York 10017...
...VP, U.S...
...Detroit...
...12/31/68 Morgan Guaranty Trust (all NY) $120,159,686 LEGAL COUNSEL: John Redmond, of Wood, Redmond , Tully (Wall St...
...Wash DC...
...Nickel before W II entered into a cartel with I.G...
...chmn...
...It is hoped that data on the church will provide a relevant basis for dealing with American corporate power...
...George i Youg -- Sr...
...ret...
...Avery Rockefeller, Jr...
...Denomination: PROTESTANT EPISCOPAL CHURCH Church Corporation: CHURCH PENSION FUND (NY) TOTAL ASSETS: INVESTMENT COUNSEL CUSTODIAN: Morgan Guaranty 6/30/69 Trust Co...
...Exec...
...Dominic& Domick, Inc(Wall St...
...The boards as a whole will not substantially challenge those who rule and profit from that system, such as the Rockefellers, for the same persons who dominate the American social order also manage and participate in church affairs...
...Accordingly, the Sunday School Union sought to justify the right of rich Christians to their wealth...
...worked for Savings Bank Trust Co.(NY), Securities Exchange Commission (Wash Phila), and U.S...
...As a result, investment committee members do not feel constrained by the religious context in which they are operating...
...pres...
...Fuller -- (Ret...
...VI 4 partner, J.S...
...Dept...
...12/31/69 $S4,211,449 LEGAL COUNSEL: Ice, Miller, Donadia Ran (Indianapolis...
...Denomination: UNITED CHURCH OF CHRIST Church Corporation: PENSION BOARDS (New York) TOTAL ASSETS: BANK CUSTODIANS: Bank of N.Y...
...Eastman Kodak (Rochester NY...
...Trust Company and Union Theological Seminary...
...Dun Bradstreet (NY...
...Not surprisingly, two of Morgan's vice presidents are pension fund trustees - - Daniel P. Davison for the Episcopal;ns and George W. Young for the United Church of Christ...
...also utilized-was The Manufacturers of AntiPersonnel Weapons,7Tn-Depth Study of the Council on Economic Priorities, 1970...
...Indianapolis) Neril A. Ma -- YP (Ret...
...and Church Life Ins...
...Public" members-J. Donald Fewster -- Treas...
...While acting as a member of this mission, especially following the Sharpeville massacre in 1961, Parlin evidently contributed to the decisions of Chase Manhattan and First National City to underwrite the faltering economy of the white regime...
...Is INVESlMENT COMMITITEE ("FINANCE") nd primay affiliations: Charles N. Bliss, CHAIRMAN -- Chmn...
...Connecticut General Life Insurance Co ir...
...The ties between these church boards and the corporate establishment is clearly revealed...
...They were among the first to be menaced by it, to suffer from it...
...8 The UCBWM also loaned $250,000 at prevailing commercial rates to IBEC for a three year period...
...and Hutzler (NY), investment bankers and commission stockbrokers...
...In another instance, Henry S. Wingate, board chairman of International Nickel, and Charles M. Bliss, chairman and president of Elizabeth Arden Sales, sit together as trustee and director respectively of a Rockefeller controlled concern, the Seamen's Bank for Savings (New York...
...Religious bodies remain accountable to the values of the ruling sector, and sustain the posture of the rich as benevolent stewards of the poor...
...The Seatlantic Fund also gave $1,642,000 between 1963 and 1969 to the Fund for Theological Education...
...Equitable Assurance Soc...
...investor in Guatemala ($180 million investment 80/20 with Hanna Mining), had large holdings in Cuba before the Revolution...
...of bd...
...The accountabilities of those bodies extend not to the poor and oppressed, but to the rich and powerful rulers of the social order...
...Church Ins...
...Church Ins...
...Computing income generated from these investments, the Catholics would produce about $12,785,000,000, Protestants $8,215,000,000, and Jews $1,000,000,000, a total or $22,000,000,000 annually...
...The initial capitalization of IBEC by Nelson Rockefeller in 1947 was $3,000,000...
...of Finance at Indiana U. School of Business...
...6. Martin A. Larson and C. Stanley Lowell, The Churches: Their Riches, Revenues, and Immuni-tifes: An Analysis of Tax-Exempt Property, Washington-New York: Robert B. Luce, Inc., 1969, Table Vlll, p. 279...
...12/31/68 Board of Annuities and Relief Board of Christian Education Board of National Ministries Board of World Missions UNITED CHURCH OF CHRIST 12/31/68 Board for Homeland Ministries Board for World Ministries Pension Boards (12/31/68) UNITED METHODIST CHURCH 5/31/67 (exclusive of Evangelical United Brethr, Board of Education Board of Evangelism Board of Missions National Division Women's Division World Division Board of Pensions Board of Publication (7/31/67) ASSETS $ 40,643,266 23,561,391 8,104,580 158,591,653 38,791,160 5,819,996 27,859,118 77,056,191 13,830,318 5,044,288 2,451,135 16,960,149 68,709,540 1,874,408 60,174,040 2,713,982 10,416,197 4,536,891 39,228,447 203,074,516 82,161,022 5,528,911 5,101,943, 9,907,734 69,391,158 26,429,093 125,354,039 en merger) 51,497,630 3,415,953 30,152,015 32,244,443 49,188,677 171,695,041 33,996,836 UNITARIAN-UNIVERSALIST 6/30/69 Unitarian Universalist Association 11,453,860 UNITED PRESBYTERIAN CHURCH IN THE U.S.A...
...Tandy Corp.(Ft Worth), retail merchandise electronics film...
...IBM is run by Tom and Dick Watson, whose sister, Jane, is the wife of John Irwin, II, chairman of the seminary's board of directors...
...Robert Haslett -- VP (investments), Penn Central Railroad(Phila...
...to treas...
...Investment policy of the UCBWM thus places them in direct agreement with the prevailing, profitoriented capitalist system...
...Church Life Insurance Co...
...Security Bank of Lincoln Park...
...J. F. Crowell -- Manager, Fidelity Investment Co...
...J. Sinclair Armstrong -- Exec...
...In their spare time, they defend the financial interests of United Church of Christ ministers as trustees of the United Church of Christ's Pension Boards...
...In addition, he has been a member and vice-president of the General Board of the National Council of Churches, and a member of In In Theogical Seminary Charles Parlin has labored in behalf of another institution important to the corporate establishment--the university...
...In this first pamphlet they provide the U.S...
...Custodian of nearly half a billion dollars in pension fund securities, Morgan Guaranty counsels the Episcopal and United Presbyterian pension boards on where to invest their resources...
...Adjusting assessments so as to reflect actual or replacement value of all tax-exempt religiously used property, the breakdown of this figure among the three faiths is as follows: Protestant, $40, 588,000,000, or 39.2...
...Indiana Bell Telephone Co...
...Combined with commercial business property and personal property, the total wealth of the three faiths amounted to $163,813,400,000...
...Electric, 14 the Indianapolis Times, RCA, Socony Mobil, Youngstown Sheet Tube, Aetna Casualty B Surety, as well as other insurance cos...
...Harriman (Chicago...
...These businessmen bring to investment affairs of the board the assumptions and interests which have earned them power, wealth and "prestige" in their occupations...
...Peter H. Vermilye -- Former VP, State Street Investment Corp...
...a Morgan concern) in NY London...
...United hurdchsponsored primarily black school...
...Church Life Ins...
...Various manifestations of the church in its own organization, mission programs and theologies, ultimately serve to justify the established lines of power and economic behavior of America's ruling elite...
...The finance and investment committee of these boards, which generally convene each month, examine the various accounts of the board, usually in relation to recommendations submitted by counsellor service at the bank which also acts as custodian...
...The table below is not comprehensive...
...Within the Protestant denominations, a significant portion of invested wealth is held by the national boards...
...Phila), manufacturer of eletric instruments and controls which has contracts with U.S...
...These lay members conceived their role as promoting a benevolent image and developing a basis for the control and direction of the political conduct and social values of the masses...
...The Fund personally involves eleven relatives of the family, including Nelson, governor of New York, and David, chairman of the board of Chase Manhattan Bank...
...Pastor, 1st Presbyterian Church (Lake Forest, 11...
...pres., College Retirement Equities Fund...
...now exec...
...bd., Federal Reserve Bank Oliver J. Troster -- Partner, Troster, Singer Co...
...Three religious institutions which have historical affiliations with the Rockefeller family and which through their board members continue to represent Rockefeller interests are the Interchurch Center, which houses many of the important national Protestant boards, Union Theological Seminary, and Riverside Church, all located on New York's Morningside Heights...
...Special Forces...
...and Jew, $7,547,800,000, or 7.4...
...Daniel H. Schultz -- Sr...
...A new chapter on the Police provides information on law enforcement degree programs and law enforcement research contracts...
...The exchange agent in this arrangement was the Rockefeller law firm Sullivan Cromwell, of which ingate had been an associate, 1929-35...
...Harrison Garrett, VICE CHMN...
...Prudential Insurance Co (Newark) has worked for Ford Motor Co...
...Equitable Life (NY...
...W iliem Martin Smith -- Exec...
...Phila), builders, active in firm since 1922...
...A thorough investigation of how church pension funds and church-related insurance companies (there are 15 such companies, the largest of which, Lutheran Brotherhood, has over $3 billion in life-insurance policies, ranking 71 of the nation's 715), and mutual funds promote ruling corporate interests is yet to be undertaken...
...Extensive investments in government and corporate securities, mortgages and real estate (over $1 billion in new church construction in 1968 alone) and institutional expansion, make these religious bodies solid participants in the economic order...
...The former president of the University, Hurst Anderson (now honorary chancellor), was appointed in 1952 for the express purpose of engaging Methodist financial support for the University...
...He has been a member of the Council's Executive Committee since 1948, and a president from 1961-1968...
...Finance, U. Michigan...
...Irvin Sheets -- Pres., Pension Fund of Christian Churches...
...7 This wealth, and its corresponding control, is distributed among the various smaller bodies and units of the three faiths, such as the local congregation, parish and synagogue, the synod, conference and diocese(regional groupings), as well as the national boards...
...Phelps and Dodge familieshave been important financial backers of Union, and Phelps-Dodge personnel have appeared frequently on the Union board of directors...
...OTHER TRUSTEES (selected) : J. Herbert Case -- Former chmn...
...Parlin played an important role in the reconstruction of West Germany, and was also a member of the World Council of Churches' Mission of Reconciliation of the Church of South Africa...
...VP, Morgan Guaranty Trust Co...
...The UCBWM expressed its overall investment procedure and policy in the same treasurer's report...
...the American home Missionary society supported pastors and organized new congregations...
...Church Life Ins...
...SE Propane Gas Co...
...chun., Blackmon Assoc., Inc...
...Morgan New York State Corp., Bank of Montreal, Morgan Guaranty Trust Co., Aerican Radiator Standard Sanitary Corp., U.S...
...VP of Pension Boards...
...Clifford G. Dennis, Jr...
...clubs, Union League(Y), Knollwood Country, Union(Cleveland), Shaker Hts...
...FOOTNOTES 1. A discussion of these societies and their influential lay members is in Clifford S. Griffin's, "Religious Benevolence as Social Control," Mississippi Valley Historical Review, XL1V, June 1957-March 1958, pp...
...Savannah, Ga), stockbrokers...
...IBEC's 1969 annual report showed $176,570,000 in total assets, with $256,393,000 in revenues...
...The policy statement first made reference to "major human concerns" in investments "as they relate to the economic system," but went on to establish that priorities are dictated by "provision of maximum return consistent with due prudence with reference to the safeguarding of principal...
...Phila...
...All documents are cross-indexed to expedite the correlation of data...
...Contract amounts (indicated by "$") are given in millions of dollars ("X"' indicates that the corporation holds defense contracts, but did not make the top 100...
...Recent recipients of grants in the field of religion include Riverside Church, built and endowed by John D. Rockefeller, Jr., Fund for Theological Education, Inc., U.S...
...Church Ins...
...Parlin's activity in church life extends to the international organization of Christian bodies, the World Council of Churches, founded shortly after World War II...
...Carroll L Wainwripht, Jr...
...Information on church holdings is generally incomplete because many boards do not disclose their portfolios...
...The willing compliance of church officials with prevailing economic practices is further indicated by their own initiatives in the area of minority economic development...
...Joseph R. Egger, Jrr, TREASURER -- sugar co...
...imperialism...
...It is interesting to note the grpt.number of interlocks between the Church Pension Pund (Episcopal) and the directors of New York's Union Theological Seminary...
...dir., Goss de Leeuw Machine Co...
...James J. O'Brien -- Partner, Salomon Bros...
...Explanation of the country abbreviations can be found at the bottom of the chart I ICONCLUSIONS: NACLA is presently engaged in an on-going Church Research Project...
...Scarsdale (NY) Nat'l Bank and Trust (assets, 75 million...
...Phelps Dodge Co...
...Church Ins...
...VP (ret...
...Richard B. Fishbe -- of Morgan, Stanley Co., NY investment brokers and bankers...
...John L.H...
...423-444...
...The NACLA Research Methodology Guide (order from NACLA, Box 57, Cathedral Station, New York, N.Y...
...Pres., Teachers Insurance Annuity Assn...
...J. Sinclair Armstrong is executive vice president of New York's U.S...
...Lunch, Links, Bond Clubs (NY), and Field e Round Hill Clubs (Greenwich, Conn...
...An illustration of this posture is the extent of Rockefeller family involvement in Protestant institutions...
...Information on counterinsurgency weapons was taken from Weapons for Counterinsurgency, (published by NARMIC, 1970, and available from NARMIC, 100 North 15th Street, Philadelphia, Pa...
...Pres...
...Council, Maryland Diocese...
...and Foreign Securities Corporation, director of Celanese Corporation, American Schlumberger, Ltd., and for twenty-one years, director of First National City Bank of New York...
...In 1956, the Special Operations Research Organization (SORO) was founded to carry out studies under Department of Defense contracts in the field of counterinsurgency and related areas of interest to the military...
...lives in New Canaan, Conn...
...Treas., Provident Mutual Life Ins...
...9 This bank is, in turn, investment counsel for the Board of Pensions of the Lutheran Church in America...
...Available from: The AMERICAN COMMITTEE FOR INFORMATION ON BRAZIL, P.O...
...Treas...
...Price: $2.00...
...counterinsurgency operations throughout the world...
...Through their participation in religious societies, these industrialists were able to foster the link between the Protestant Ethic and the spirit of capitalist enterprise...
...the American Bible Society distributed millions of copies of the Bible...
...Church Life Ins...
...John Foster served as a board member at Union (as did his brother Allen, former head of the CIA), and played a strategic role in shaping the foreign policy statements of the National Council of Churches...
...NOTE: the above are 12 of the 21 trustees...
...THE UN1VLRSITY-MILITARY-POLICE COMPLEX: This new and enlarged edition of NACLA's UniversityMilitary Complex contains descriptions of some 40 organizations dedicated to military research and inventories of campus-based research on chemical and biological warfare and foreign affairs...
...public with detailed information on the present political crisis in Brazil, with special attention to evidence of torture of political prisoners...
...Now a minor defense contractor, Int...
...4 dir., liabeth Arden Sales Corp...
...Clergy officials, who may sit on these committees, do not register ethical and theological insights with respect to corporate capitalism, profit-making, and the impact of capitalism on the human community...
...Wingate is also: dir...
...married Grace Dodge Rea, of Dodge and Rea families with large interests in Phelps Dodge Mining Co...
...Single copies: $1.00 plus $0.25 postage...
...Typical of these lay officers were the industrialists Anson G. Phelps and William E. Dodge, banker Samuel Ward, and lawyer Samuel A. Foot, all of the American Bible Society...
...The use of these societies for the advancement of the ruling propertied classes and maintenance of their political power has carried through to the present day...
...In order to develop the widest grasp of church activities, NACLA encourages its readers to forward what data they have or might assemble on religious bodies at home and abroad...
...bulk rates (postage extra): 10-49 copies, $0.75 each...
...of Price, Waterhouse & Co., a NY accounting firm...
...Church Insurance Corp...
...Morgan Guaranty Trust Company of New York, a venerable Wall Street institution, appears frequently among church pension boards, as well as other denominational agencies...
...Schwartz of Union Seminary's investment committee...
...In the chart, figures are given for each corporation as to the number of shares held, the value of those shares (in thousands of dollars), and the value of bonds held (also in thousands of dollars, and indicated by a "B...
...This resource packet on Cuba's struggle against U.S...
...4 of the remaining 7 are ministers...
...SORO was reorganized in 1966 after disclosures of its participation in Project Camelot, a Chilean-based operation which researched conditions contributing to the growth of insurgent movements...
...chin., Robert McMichael, Inc.(NY...
...Harr C. Sauvain -- Prof...
...The American Association of Theological Schools Fund, Inc.(AATSE), whose President is Niatan-Puey,-treceived $4,292,000 from the Seatlantic Fund between 1955 and 1969...
...The investment portfolios of these boards include many of the largest defense contractors...
...Henry Pitney Van Dusen, former president of Union Theological Seminary and long active in upper class intellectual circles (member of the Council on Foreign Relations), is chairman of the Fund's Executive Committee...
...Stock Exchange...
...in this capacity, Wingate and Bliss (who is chairman of the investment committee) help direct the movement of $88 million in stocks, bonds and other securities...
...co., Tlladega College (Al...
...J. Henry Smith, president of Equitable Life Assurance Society of New York, is also chairman of Mission Enterprise and Loan Corporation of the United Methodist Board of Missions...
...Sean's Bnk for Savings, a Rockefeller-controlled Sank where he joins other Rockefeller churchmen like John Irwin II...
...The attorney from this firm who engineered the deal was John Foster Dulles, pugnacious cold-war quarterback of the fifties who in 1939 declared a German or Japanese attack on the U.S...
...7. Ibid., p. 232-33...
...NEW LITERATURE AVAILABLE...
...of America(NY), with 2billion in assets...
...Chase Manhattan...
...with friends Irwin Dominick (of Dominick Dominick...
...Balto, mem...
...One such recomendation from Morgan Guaranty Trust Company suggested to its client, the Board of Missions' World Division of the United Methodist Church (responsible for overseas missions with an annual budget of $20,000,000 and investments estimated at $50,000,000), that it purchase stock in Raytheon Corporation...
...Dana S. Creel serves as the executive director and president of four Rockefeller philanthropies, including the Rockefeller Brothers' Fund...
...Inconsistencies in the totals are due to rounding of figures...
...its subsidiaries, SE Gas Co...
...The Phelps and Dodge families were also important benefactors of Union Theological Seminary in New York City...
...The policy is indicative of other protestant board policies, and suggests the commitment these boards have to preserving their own economic interests...
...The material covered in this initial study points to several important research areas, such as affiliations and influence of lay members on church life, church investment interests, church plants, camps and conference centers, property, church-related businesses...
...National Sugar Refining Co...
...VP Treas., Pension Fund...
...John N. Cornell, Jr -- Civil engineer...
...INVESTMENT' AND FINANCE COMMITTEES with primary affiliations: * Allan H. Narne, CHAIRMAN (both) -- VP Sec'y-Treas...
...OTHER TRUSTEES (selected): Thomas C. Edwards m Jr...
...Since 1945 Parlin has been a senior partner with the prestigious and conservative New York law firm, Shearman and Sterling, whose clients include First National City Bank and the Ford family...
...2 Through the Rockefeller Brothers' Fund, for example, the Rockefellers have granted about $90 million since 1940 to various areas, including religion...
...Worth), a constract construction firm...
...National Committee of the Lutheran World Federation Board of American Missions Board of World Missions Board of Publication PROTESTANT EPISCOPAL CHURCH 12/31/69 Episcopal Foundation Domestic and Foreign Missionary Society Pension Fund (6/30/69) PRESBYTERIAN CHURCH IN THE U.S...
...private bank...
...dir., Aetna Insurance Co...
...In 1966 Union received one million dollars, and an additional half million for capital needs...
...Boston), a prosperous diversified investment trust with prominent Boston Brahmin other upper class directors: ennett, Cabot, Canaday, Saltonstall, Lawrence, & E.M...
...Charles Bound, a vice president of Morgan Guaranty Trust Company, is also chairman of the Episcopal Ghetto Investment Fund of the Domestic and Foreign Missionary Society...
...Box 1091, New York, New York 10027...
...tustee chom...
...for $1.00...
...VP, Abbott Laboratories...
...Abell Co., publisher of Balto Sun TV broadcasting...
...11,685,458 Presbyterian Life, Inc...
...Present assets of Riverside Church exceed $190 million...
...and Church Life Ins...
...The wealth and power of these men dwarf the monies and commitment they have to "development," while propogating techniques13 and ideologies that created conditions of underdevelopment and the ghettos in the first place...
...5 Thus, dependency on and participation of elite members of the society dictate the overall political posture and response of religious institutions to such contemporary issues as racism, poverty, war and pollution...
...toung's fellow trustee on the United Church Pension Boards is Henry S. Wingate (mentioned above) is a director of Morgan, and Davison's Epicopalian colleague, Peter Vermilye, works for State Street Investment in Boston, a director of which, G. M. Lamont, is a Morgan vice president...
...Another Rockefeller fund, the Seatlantic Fund, is primarily devoted to theological education...
...RELIGIOUS WEALTH The historical alliance between the chur-h and rulers of the social order has enabled t' .m to acquire vast fixed and liquid assets...
...imperialism and its experience in the construction of a revolutionary society includes documentary as well as statistical information...
Vol. 4 • July 1970 • No. 4
