Religion: Conscience and the Portfolios

Should Christian investments have a Christian conscience? For years most churches have avoided obvious immoral profit from sources such as slums and brothels, but lately they have become involved in stickier moral issues. Last week Presiding Bishop John E. Hines announced that the Episcopal Church will demand at the next General Motors stockholders meeting that the company end its operations in South Africa.

The Episcopal Church owns 12,574 shares of GM stock, only a tiny fraction of the 285,500,000 shares outstanding. But the uphill fight is meant to be dramatic. It is one of...

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