Session votes to steer funds to companies helping Israel The Layman Online Monday, November 29, 2004 The session of a Chicago Presbyterian congregation has voted to channel some of its investments to companies that help strengthen the infrastructure of Israel. The Jerusalem Center for Public Affairs reported that the governing body of Fourth Presbyterian Church in Chicago "unanimously agreed to adjust its financial portfolio following a national church decision to divest from Israeli companies." Fourth Presbyterian is a 5,300-member congregation that has been the seedbed of the Covenant Network of Presbyterians, an independent movement to repeal the Presbyterian Church (USA) prohibition against ordaining practicing homosexuals. But a growing number of both liberal and conservative congregations has expressed strong opposition to the 216th General Assembly's decision to call for divestment of funds from corporations doing business with Israel. One of the targets of the General Assembly resolution is Caterpillar, whose equipment is being used to clear the path for the wall that separates Israelis from Palestinians. Israel is constructing the wall in an attempt to prevent Palestinian suicide bombers from murdering Israelis in public gathering places. Since much of the wall has been completed, terrorist strikes have decreased dramatically. Since the General Assembly's decision in July, the value of Caterpillar stock has been rising sharply. At the opening of the New York Stock Exchange today, Caterpillar stock was trading at $92.80 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 $549,822, or 19 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. |
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