Verhovayak Lapja, 1946 (29. évfolyam, 1-52. szám)

1946 / Verhovay Journal

Page 4

Verhovay Journal

June 12, 1946

Verhovay Journal

Journal of the Verhovay Fraternal Insurance Ass’n

OFFICE OF PUBLICATION

8502 West Jefferson Ave. Detroit 17, Mich.

PUBLISHED SEMI-MONTHLY BY THE

Verhovay Fraternal Insurance Association

Managing Editor: JOHN BENCZE Editor: COLOMAN REVESZ Editor’s Office:

436—442 FOURTH AVENUE PITTSBURGH 19, PA.

All articles and changes of address should be sent to the VERHOVAY FRATERNAL INSURANCE ASSOCIATION 436 —442 FOURTH AVENUE, PITTSBURGH 19, PA.

SUBSCRIPTION RATES:

United States and Canada ---------------------------$1.00 a year

Foreign Countries ________________________$1.50 a year

ADVERTISING DEPARTMENT: P. O. BOX 7, WOOLSEY STATION — LONG ISLAND CITY 5, N. Y.

Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 3, 1879.

The Supreme Treasurer’s Report to the Anniversary Assembly

The future financial progress of a business enterprise, especially one in the insurance field, and in this case, the Verhovay Fraternal Insurance Association, can best be judged by its past financial growth. This is especially true where the greater part of the assets of the institution are in investments—bonds. It is impossible to forecast what we shall accomplish during the next five years, but for comparitive purposes we present our record of growth during the past five years. At the close of 1940 our assets totaled

54.694.136.96 and on December 31, 1941 our total assets were $5,'112,673.29—an increase of $418,536.33. We finished 1942 with assets totaling $5,488,984.17—a net increase of $376,310.88 over the previous year and on December 31, 1943, our assets were $5,995,-559.96 or $506,575.79 more than we closed with in 1942. We rounded out 1944 with total assets of $6,632,032.41—an increase of $636,472.45 and on December 31, 1945 we showed total assets of $7,358,633.62— a gain of $726,601.21 over the previous year. At the close of business on April 30, 1946 we had total assets of $7,654,060.34 or an increase of $295,426.72 so far this year. Our net increase for the period from December 31, 1940 to April 30, 1946 amounted to $2,959,923.38 or* a gain equalling 63%. Of the total assets shown at the close of business on April 30, 1946, $475,799.56 belongs to the Junior Order whose total assets on December 31, 1940 were $163,143.90 for a net increase of $312,655.56.

The following is a distribution of our total assets as of April 30, 1946:

Bond Account _______

Check Account _______

Policy Loans _________

Savings Accounts -------Stocks ___.________

Participation Certificates

1st Mortgages ________

Home Office Building Real Estate ••••________

TOTAL ________________$7,654,060.34

Our Bond Account which totals $6,576,091.46 is comprised of the following classifications and amounts:

U. S. Treasury _______________________$2,000,000.00

Federal Land Bank _______.»..._________ 19,941.14

Municipals ________ 1,079,358.18

Rails _______ 679,189.56

Public Utilities _____________i________ 2,797,602.68

TOTAL ...._______________$6,576,091.46

The $2,000,000.00 we have in United States Treasury bonds consists of 16 different maturities, the first of which is 1953.

$1,079,358.18 in Municipal Bonds is invested in 104 different issues of state, county and city political subdivisions located in various parts of the United States.

The total of $679,189.56 in first mortgage Rail Bonds is invested in 32 railroad systems located in all parts of the country.

We have $2,797,602.68 invested in Public Utility first mortgage bonds in 110 different issues. The Gas, Telephone, Electric and Water Corporations and Systems whose bonds we hold, were so selected that we own bonds in Public Utilities located in all sections of the country. We have our holdings well distributed throughout the United States as a safety measure in the event that one section of the country should suffer great losses, due to disaster, calamities, economical or financial reverses. In fact, as mentioned above, we have tried to follow this policy in all of our bond purchases.

On completion of the examination held at the Home Office last Oct. 15, 1945 by the State Insurance Department, a most favorable report was submitted by the examiners in regards to their findings in connection with our bond investments. They reported a definite

$6,576,091.46

290,952.73

511,195.16

80,988.84

31,609.91

448.80

42,842.50

105,322.14

14,608.80

NEW MEMBERSHIP CONTEST LAUNCHED----- OFFICIAL ANNOUNCEMENT ----In compliance with the request submitted by the Winners of the Sixtieth Anniversary Contest at the Anniversary Banquet, held on June 1st, 1946, the Board of Directors of the Verhovay Fraternal Insurance Association has approved the launching of a second sixtieth anniversary contest.

Plans for this contest had been prepared by the District Managers’ Staff at their meetings held on June 2nd and 3rd, and submitted by mail to the members of the Board of Directors for approval. Conditions, prizes and other details of the new contest will be published immediately upon approval of the plans by the Board of Directors.

The Home Office, however, is authorized to make the following announcements at this time:

1. ) The Contest commenced June 1st, 1946 and shall end on December 31st, 1946, at midnight.

2. ) All membership certificates to be issued as of June, July, August, September, October, November and December, 1946, dating, are credited in the Contest, provided applications and medical certificates are mailed not later than midnight, December 31st, 1946, and not less than three (3) months’ dues are received by the Home Office at that time.

3. ) All members of the Verhovay F. I. Association are eligible to participate in the Contest, provided that they duly register as Contestants not later than August 31st, 1946. Registration must bé submitted in writing and addressed to the Home Office. The full name, address and branch-number of the contestant are to be included.

4. ) All applications written by contestants must be properly signed by the contestant. If' there are more than one signatures, it should be clearly indicated to whom the application is to be credited. Otherwise, credit will automatically revert to the branch-manager.

5. ) Conditions and prizes to be awarded are based on the same principle as were those of the Sixtieth Anniversary Contest. There will be a valuable prize FOR EVERY CONTESTANT who meets a very modest minimum requirement. A great number of additional awards shall be provided.

Fellow-Verhovayans! The second Anniversary Contest is on since June 1st, 1946! In view of the great number of valuable awards to be granted, we are counting on heavy participation. Register now! Let’s all work together for the great goal set by the winners of the First Anniversary Contest!

THE GREAT VERHOVAY APPEALS TO YOU TO MAKE THIS AN EVEN GREATER ASSOCIATION BY THE END OF THE YEAR OF THE SIXTIETH ANNIVERSARY!

MAGNIFICENT — SUPERB — UNFORGETTABLE!

(Continued from Page 3) hotel was sounded. Everyone felt at home and was reluctant to leave, but the program had to be adhered to and so, slowly, our dear friends, fellow-members and visitors departed.

THE FIRST EVENING

Dinner was served at Hotel Fort Pitt and then many of the guests retired to their rooms to get ready for the dance which was to be held in the English room at nine o’clock. A great number, however, stayed to attend the showing of a moving picture of pre-war Hungary. Bill Kohut, manager of Branch 430, Homestead, Pa., secured the picture for this occasion and, truly, it was a feast for the eyes of all who attended the showing, for it brought back poignant memories of happy days that may never return . . .

Later, Alexander Rudnyanszky, famous pianist from Chicago, en tertained the crowd with, songs and piano-soloes. A magnificent musician, who carries his warm heart on his deftly moving fingertips . . . His performance was a beautiful interlude that was deeply appreciated by all and

sundry . . .

Then the dance began and in the soft, bluish light of the

English-room scores of couples floated around to the tunes of

Guszti Horvath and his orchestra . . . Then old and new friends gathered around the tables encircling the dance-floor and had Guszti play their favorite songs . . . There was much singing, laughing and happy talking until the late hours . . . Suddenly it was closing hour and reluctantly the guests took their leave to return to their rooms... but looking forward happily to another day of Verhovay fraternalism.

SATURDAY, JUNE 1.

Though most of the guests appeared a bit later for breakfast than was expected, all .if them made it, nevertheless, and at ten o’clock everyone was ready. The question as to who would want to attend the bowling tournament and who the sight-seeing tour, was efficiently solved on the previous morning when each one was requested to make his choice. And so the groups were ready at the appointed hour.

SIGHT-SEEING

It is due to the excellent spirit prevailing throughout the celebrations that the sight-seers were not to be discouraged by the heavy rain, that started the night before and was not to end before the following Sunday and then only after causing heavy floods throughout the state of Pennsylvania.

Four chartered busses were boarded by the sight-seers who were first taken through the Liberty Tubes, the pride of Pittsburgh, the mile-long, airconditioned tunnel running through Mt. Washington. Those subject to slight attacks of Claustrophobia probably had a sensation of anxiety, but there were plenty of kindred souls at

hand to comfort them in the hour of need.

After crossing the tunnel, the busses ran up to Mt. Washington’s famous bird’s eye view . . . a long stretch along the hilltop, well provided with covered balconies from which a view of rarelly paralleled beauty is revealed to out-of-town people who know Pittsburgh only as the “Smoky City” but have little idea of the grandéur of this great community that stretches out in all directions as far as the eye can see. The smoking mills, the green hills, the silvery Monongahela, Allegheny and Ohio River, the Golden Triangle with its skyscrapers among which one can easily detect the Verhovay Building .. . a beautiful scenery that brought many an “ah” and “oh” to the lips of the surprised spectators.

Soon the busses were on their way again. Down the* steep slope of Mt. Washington, along the Boulevard of the Allies to Oakland, site of tlie famous Cathedral of Learning, the Heinz Chapel, Carnegie Library, the conservatory, Mellon Research Institute, Carnegie Music Hall, Forbes Field, all of them impressive sights that proved to the guests that all is not smoke in Pittsburgh. Even more was learned of the beauties of Pittsburgh on a trip to Squirrel Hill and Shady side Chatham Village along Beechwood Boulevard, some of the many really impressive residential sections of the City. Then back through Schenley Park to the ' hotel where luncheon was served. At one o’clock the trip was resumed.

CATHEDRAL OF LEARNING.

The sight-seers were taken back to the Cathedral of Learn(Continued on Page 5)

improvement in the quality of our bonds since the previous examination held four years prior to that time. To be specific, the quality of our investments had improved 47%. This, in conjunction with the fact that our overall assets increased $2,959,923.38 is significant. ,