Friday, Feb. 26, 1965
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Bankers' best guesses about theVatican's wealth put it at $10 billion to $15 billion. Of this wealth,Italian stockholdings alone run to $1.6 billion, 15% of the value oflisted shares on the Italian market. The Vatican has big investmentsin banking, insurance, chemicals, steel, construction, real estate.Dividends help pay for Vatican expenses and charities such as assisting1,500,000 children and providing some measure of food and clothing to7,000,000 needy Italians. Unlike ordinary stockholders, the Vaticanpays no taxes on this income, which led the leftist Rome weeklyL'Espresso last week to call it "the biggest...
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