Verhovayak Lapja, 1954 (37. évfolyam, 1-12. szám)
1954 / Verhovay Journal
PAGE 1 . Verhovay Journal October 20, 1954. Verhovay Journal Journal of the Verhovay Fraternal Insurance Ass’n. OFFICE OF PUBLICATION 7907 West Jefferson Ave. Detroit 17, Mich. PUBLISHED MONTHLY BY THE Verhovay Fraternal Insurance Association Managing Editor: JOHN BENCZE Editor: JOHN SABO Editor’« Office: 436—442 FOURTH AYENUE PITTSBURGH 19, PA. Telephone: COurt 1-8454 or 1-8455 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 ..................................— 81.00 a year Foreign Countries ..................................................... $1.50 a year Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 8, 1879. CERTIFICATE OF AUDIT The books and accounts of the Verhovay Fraternal Insurance Association were audited for the six months beginning January 1, 1954 to a fid including June 30, 1954, and certification is made to the correctness of the financial schedules for the above-mentioned period as stated in the published records of the Verhovay Fraternal Insurance Association. All of the income accounts were first examined and verified, i.e., individual branch treasury slips showing the total branch remittance were checked against those amounts officially shown in the tabulated monthly dues ledger; interests received were traced to the bank deposit slips; the same can be said for the rentals obtained from the Home Office Building, and also the interests received from the various mortgage loans; a physical count and ■inspection verified stock dividends credited to our Association; profit on sold and called bonds also verified; each deposit checked against the bank statement issued by a responsible banking institution. The petty cash account in the Treasurer’s office was examined and found to be in balance; interest payments due from bonds were checked and traced, to the bank statements where they appeared as credits to our account. The securities of our Association were examined at the Mellon National Bank and Trust Company, and found to be as officially listed. The examination of these securities disclosed that as of June 30, 1954, the total book value of the bonds was $13,310,158.47 distributed as follows: U. S. Government $1,707,149.85 Industrial 702,642.67 , Municipal 3,348,819.85 Canadian Municipals 135,101.61 Railroad 889,203.37 Railroad — Equip. Tr. Cer. 183,088.73 Public Utilities 6,344,152.39 Our assets and their distribution as of June 30, 1954 are as follows: Bonds $ 13,310,1.58.47 Stocks 48,647.98 Savings Accounts — cash in banks 43,896.77 First Mortgage Loans 70,623.15 Accounts Receivable 1,250.00 ^ , F. H. A. Mortgages 558,934.30 Real Estate — Branches 42,690.68 Verhovay Home Office Bldg. 115,295.27 Commercial Checking Accounts 74,584.23 Certificate Loans and Liens 551,224.55 Total Assets $14,817,275.40 The members of the Auditing Committee were able to check first-hand the accuracy of the items listed above, and the Committee found the extensions and computations correct. All of the papers dealing with many of the items listed above were obtained together with ledgers and books of account and verification was obtained to our entire satisfaction. Considerable time was devoted to the examination of the disbursements made by our Association in the various departments, such as general, sick benefit, dividends, commissions and salaries, loans and trust fund. In the examination of these items, each individual check disbursed was accounted ior; furthermore, supporting papers and vouchers were carefully scrutinized for all items charged to the general expense fund. No discrepancy was found in the issuance of any check, and no violation of any of our by-laws was noted in the payment of any check. The total assets as of June 30, 1954, $14,817,275.40, and the total assets as of Dec. 31, 1953 were $14,275,197.23, thereby showing a net increase of $542,078.17. The total assets for the six months period under examination compared favorably with the like period in 1953, when the total increase was $500,891.84. The Auditing Committee viewed with considerable alarm the large numbers of lapses and cash surrenders experienced during the six months; period under examination. The Committee is cognizant of the need for a strong promotional activity but it also feels that the retention of previously written business is also of vital importance. A steady, uninterrupted growth trend is usually the sign of a healthy, progressive organization. We commenced our examination September 20, 1954, and completed it on September 30, 1954. AUDITING COMMITTEE GASPAR PAPP ANDREW BANDY WILLIAM C. KOHUT Greater Pittsburgh American Hungarian Federation Chapter Changes Site of Nov. 6 Evening, to Hazelwood Hungarian Home Chapter I of the Greater Pittsburgh Area, American Hungarian Federation, at a meeting held Wednesday evening, October 13, 1954, in the Home Office of the Verhovay Fraternal Insurance Association, transferred the location of its Saturday, November 6, 1954 educational and social evening, scheduled to begin at 8:00 o’clock, from the Stephen Foster Memorial Auditorium to the hall of the American Hungarian Social Association (Magyar Ház), 120 Flowers Avenue, Hazelwood district, Pittsburgh, Pa, The change was necessitated by unforeseeable circumstances. Chapter I is the first of what is hoped will be other groups within the American Hungarian Federation. The membership of this new branch embraces people united in the aim to strengthen the structure of the AHF by organization and promotion. Judging from information received orally and in writing, it is apparent the idea is catching on in other cities of sizable Hungarian populations. Verhovay groups especially are now deliberating seriously the formation of AHF chapters throughout these cities. Chapter I of the Greater Pittsburg Area is the special effort of National Auditor John Sabo, President of the recently formed Chapter I and National Treasurer of the American Hungarian Federation. Mr. Sabo in this endeavor is surrounded by a corps of able co-workers, namely, Stephen Nagy, vice president, Springdale, Pa.; Miss Margaret Keresi, secretary, McKeesport, Pa.; William C. Kohut, treasurer, a member of the Verhovay Auditing Committee, Munhall, Pa.; Miss Frances Furedy and Mrs. Eva Lehoczky, of Pittsburgh, Pa., Julius Lenart, of McKeesport, Pa., members of Chapter I’s auditing committee; Gay B. Banes, Verhovay General Counsel, McKeesport, Pa., who is the Chapter’s legal adviser; and the other members of Chapter I. The November 6 program will be both an intellectual and entertaining event attractive to all who attend. Featured speaker will be the Rev. Dr. Joseph Medgyes of New York, once chaplain of the Budapest University, who recently escaped from the former Andrássy ut 60 (now Stalin) prison in Budapest. Another important speaker will be Bela Bachkai, Secretary of the American Hungarian Federation, who will fully acquaint his listeners with the ideals and work of the American Hungarian Federation. In the lush entertainment to follow the speeches will be recording singing artist Margaret Bársony, pianist Ethel Halas, singer Helen Stipkovits, the Stephen Babnigg dancers (included in this group are two Home Office employees, Dorothy Nagy and Grace Drienka), a recitation by Mrs. Stephen Babnigg, Thegze-Gerber Miklós, famed Pittsburgh area Hungarian orchestra leader and musician, etc. Tickets to this fine affair are $1.00 per person donation and include refreshments to be served after the program. They may be purchased at the door, also from the following persons: National Auditori and AHF National Treasurer John Sabo, at the Verhovay Home Office; Mr. and Mrs. Stephen Nagy, Springdale, Pa.; Miss Margaret Keresi, Miss Ethel Halas, Miss Helen Stip- Ikovits, Attorney Gay B. Banes and Julius Lenart, in McKeesport, Pa.; William C. Kohut, Munhall and Homestead, Pa.; Miss Frances Furedy, and Mrs. Eva Lehoczky, Pittsburgh, Pa.; Field Assistant to the National President Elmer Charles, in Pittsburgh and Springdale; Traveling District Manager John Fulop, Sr, in the Northside and Hazelwood sections of Pittsburgh; and District Manager Ernest Fazekas, in McKeesport and Duquesne, Pa. An invitation is extended to Pittsburgh and area Hungarian Americans to join the Greater Pittsburgh Area of the American Hungarian Federation. The dues are $2.00 yearly. All checks and money orders (should be made payable to: American Hungarian Federation, Chapter I, and addressed to: William C. Kohut, Verhovay Building, 436 Fourth Avenue .Pittsburgh 19, Pa. Please join by remitting your contribution today and reserve November 6 for your attendance at the first affair of the Greater Pittsburgh Area.----------sag ---------Joseph Bubenko Fund Donations for the months of August and September for Joseph Bubenko of Branch 348, Mona, West Virginia are as follows: Branch15 ...................... $27.00 19132 ......................25.00 1185 .....................10.00 11248 ......................8.00 19180 ......................5.00 11129 ......................5.00 11130 ......................5.00 11430 ......................5.00 1176 ......................5.00 1132 ......................5.00 11511 ......................4.00 1143 .....................2.00 Trenton,, N. J. Field Office 2.00 Branch348 expresses its thanks theseresponding to the call to aid a worthy cause. Fraternally, GABRIEL SZARKA, President, JOHN MIRANOV, Mgr. NOTICE TO PHOTOGRAPH SENDERS The practice of returning photographs which were published in the Verhovay Journal is no longer in force. All photographs submitted for reproduction in the Verhovay Journal become its property and can not be returned. This eliminates disappointment to the senders because of damage or loss.
