Religion: Beyond the Budget

The Protestant Episcopal Church served notice last week that it was no longer satisfied with what it could do on its regular budget—$5,634,617 a year for the next three years. To raise some big money, 20 top-drawer financiers and industrialists announced the formation of the Episcopal Church Foundation under the presidency of Wall Streeter (Harriman Ripley & Co.) Pierpont V. Davis. No mean job of fund-raising was cut out for them; Presiding Bishop Henry Knox Sherrill's "modest" estimate of the church's extrabudgetary needs for the next ten years: $18,500,000.

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