Fraternity-Testvériség, 1965 (43. évfolyam, 1-12. szám)
1965-05-01 / 5. szám
FRATERNITY 7 of the Society National Bank of Cleveland, Ohio, with a total balance of $15,617.34 as of December 31, 1964. III. PETTY CASH This fund takes care of incidental expenses paid by cash in the Heme Office. IV. BONDS In the year 1964 I went to the bank 33 times with either the Secretary or the Controller to purchase or sell bonds and to cut coupons. The Federation owned the following bonds on December 31, 1964: Par Value Cost Bonds — December 31, 1963 ...........................$6,512,750.00 $6,422,700.12 Decrease in 1964 .................................................... 150,250.00 173,295.98 Bonds owned — December 31, 1964..................$6,362,500.00 $6,249,404.14 The net profit on the sale of bonds was $13,641.93. I had the pleasure of working with Max Blum and Jerry L. Wizon cf the Zeitlin, Blum & Company, who so ably followed in the footsteps of our late accountant and financial advisor, J. H. Zeitlin. Upon their recommendation, and with the approval of the Investment Committee, we have endeavored to sell unrated or low-yielding bonds and replace them with better rated and bigger-yielding ones, whenever it was possible to do so without a loss. To them I extend my thanks and appreciation for their services to our Federation. V. SHARES OF STOCK The Federation had 738 shares of Common Stock and 58y2 shares of Preferred Stock. The 58% shares of Preferred Stock of the New Brunswick Trust Company were retired by them in the amount of $702.00. This leaves a balance on December 31, 1964, of 738 shares of Common Stock in the amount of $11,578.24 in Book Value. In 1964 we received $1,545.80 in dividends. VI. LOANS Our Investment Committee held 51 meetings during the year of 1964, where all mortgage loan requests, the purchase and sale of securities, and other matters were presented and acted upon. As Secretary for the Committee, the minutes of these meetings are in my files. With the President’s authorization, during the year I inspected various prospective mortgage properties, on which I reported to the Investment Committee.
