Verhovayak Lapja, 1955 (38. évfolyam, 1-12. szám)
1955 / Verhovay Journal
PAGE 4 . Verhovay Journal October 19, 1955 Verhovay Journal of the Verhovay Fraternal Insurance Ass’n. OFFICIS 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: 4*6—442 FOURTH AVENUE PITTSBURGH 19, PA. Telephone: COnrt 1-S4S4 er 1-S455 All article« and change« of address should be sent to the VERHOVAY FRATERNAL INSURANCE ASSOCIATION 486—442 FOURTH AVENUE PITTSBURGH 19, PA. SUBSCRIPTION RATES: United States and Canada __________fl.00 a year Foreign Countries ........___________________ $1.60 a year Entered as Second Class Matter at the Post Office at Detroit, Michigan under the Act of March 8, 1879. Verhovay Fraternal Insurance Association \ CERTIFICATE OF AUDIT The books and accounts of the Verhovay Fraternal Insurance Association were audited for the six months beginning January 1, 1955 to and including June 30, 1955, 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 tfaced 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, 1955, the total book value of the bonds was $14,254,763.65 distributed as follows: , U. S. Government ..................................... $1,441,364.09 k Industrial ........................................................................... 1,108,280.96 Municipal ................................-........................................ 3j529.014.29 Canadian Municip.................................... 212,926.84 Railroad ...................................................................... 977,758.40 Railroad Eqp. Tr.......................................................... 183,296.40 Public Utilities ............................................................. 6,802,122.67 $14,254,763.65 Our assets and their distribution as pf June 30, 1955 are as follows* \ Bonds ...........................,....................................i.................................................$14,198.213 <1 } Stocks .................................................................................................................... 50,485.73 j Savings Accts-cash in bank ................................................................... 44,524,49 First Mortgage Loans ............................................................................ 525,839.80 t Accounts Receivable ..................................................................................... 650.00 Real Estate — Branches ....................................................................... 40.340.22 Verhovay Home Office Bldg................................................................. 114,149.98 I Commercial Checking Accts................................................................... 101,061.32 Í Certificate Loans and Liens ................ 587,224.54 Pension Fund Bond Acct................................................................................ 56,550.24 j Pension Fund Checking Acct........................................................ 2,721.16 Total Assets ............. „..$15,721,760.89 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 disbursments 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 for: 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. Minutes of the Board of Directors Meeting* (Continued from page 1) tions have been put aside for the benefit of the Association. Finally, he utters his wish that the ensuing days of discussion be similarly handled, so that the needs and dictates of our Association be most gainfully served. 2. Chairman John Bencze reports to the Board the loss of one of our Illustrious members, Andrew Dobos, former Director, who passed away a few days ago. The Board remembers former Director Dobos as one who gave many years of service to our cause and served the advancement of this Association to the last days of his earthly life. The news of Tiis untimely passing is a distinct shock to all the Directors, and in his memory they stand in silent tribute for a few moments. The Board orders that an expression of its deep sympathy be dispatched to the family of the late Andrew Dobos. 3. It is called to the attention of the Board that Director Henry Gross recently celebrated his 50th golden wedding anniversary. The Board tenders him its heartfelt congratulations with the wish that Mr. and Mrs. Gross enjoy many years of happiness together. 4. Caspar Papp, Chairman of the Auditing Committee, greets the Board in behalf of his committee. He stresses the importance of this last meeting’ of the Board and the salient role it has played in the guidance of the Association, and he reflects upon the probability of some failing to return to office, should the Convention decree it so. Even so, the Directors should part in harmony, with no feeling of animosity toward anyone, knowing fully well that during their tenure of office they conscientiously did what was required of them. The Board appreciatively acknowledges this philosophical reflection. 5. The Board adopts the agenda of business as presented by the National Officers. 6. The Board orders that invitations be extended the members of the ‘Rákóczi Merger Negotiating Committee to the first day proceedings of our 23d National Convention, convening on September 12, 1955, at the William Penn Hotel, Pittsburgh, Pennsylvania. 7. Frank Cher, recently appointed Office Manager, appears before the Board. He expresses his appreciation to the Board of Directors for the position of trust and grave responsibility given him. He gives assurance that lie will fulfill the requirements of his office to the best of his ability and will work toward furthering the progress of our Association. The Board ackowledges this expression of appreciation from Mr. Cher. 8. National Secretary Coloman Revesz reports to the Board on the latest developments in the merger proceedings between the Rákóczi Aid Association and the Verhovay Fraternal Insurance Association. He reports specifically the results of a recent meeting held Friday, September 2, 1955 in Hartford, Connecticut with representatives of the State of Connecticut Insurance Department and representatives of Verhovay and Rákóczi. After a thorough discussion, the Board approves having another meeting with the actuary of the Connecticut Insurance Department and arranges for such a meeting for Thursday, September 8, 1955. 9. The Board concerns itself with the protest of Mrs. Mary Rob, member of Branch 429, Dearborn, Michigan, protesting the election of Miss Elvira László as a delegate to the 23d National Convention. The Board examines all correspondence pertinent to the case and, after hearing the reYnarks of the National President, as well as those of Director Alexander Gyulay, can find no basis of fact upon which to deny her the right of assuming the office oi delegate. 10. The Board regrets that it can not comply with the request of John P. Kelemen. 11. The meeting of the March, 1955 Board entrusted Director Falussy with the task of checking into the status of several law suits instituted by several bond holders in the matter of the Bellevue Bridge Revenue Bonds of which this Association has an amount of $50,000, and which are now in default. He reports that seven bond holders have commenced law suits against the underwriters — Shields & Co. — and that these law suits have been consolidated into one for further action. It is his opinion that we should institute legal proceedings against the underwriter, thus joining with the other bond holders to procure settlement. It is also his opinion that unless action is begun non-suing bond holders would very likely not participate in these settlements. The Board instructs the Finance Committee to study the matter and report back the findings to the session of the Board. 12. The Convention Report of the Board of Directors, as prepared by the National Officers, is adopted by the Board. 13. The Board gratefully acknowledges the greetings from former Director John Hornyak, as well as those from Joseph Miller, Jr., manager of Branch 59. 14. The Board dissolves into various standing committees for the customary examination of the Home Office. The committees are as follows: Finance and Investment Vice President Julius Macker, Directors Phillips, Lang and Cross. Appeals Directors Louis Vizi, John Vizzi, Kolczsvary and Falussy. Organization Vice president Dr. Andrew Kovács, Directors Ibos, Korosy, Gyulay and Vassy. 15. Pending the completion of the Home Office examinations, the meeting is adjourned. 16. Chairman John Bencze convenes the méeting at 9:15 A. M. Present are the same, also Director John Vizzi who arrived to share in the discussions. The total dssetá as of June 30, 1955 ........................................ $15,721.760.89 and the total assets as of December 31, 1954 ................... 15.228,616.93 thereby showing a net increase of ............................................. 493,143.96 We commenced our examination on August 29, 1955 and completed it on September 10, 1955. AUDITING COMMITTEE GASPAR PAPP ANDREW BANDY ■* WILLIAM C. KOHUT 17. Director Vizzi reports that his belated attendance at the Board meeting was occasioned by the fact that be attended the obsequies of our late esteemed fellow member and former Director, Andrew Dobos, in Columbus, Ohio. He further states that he delivered a funeral oration at the bier of the deceased and presented the condolences of the Board and the National Officers to the bereaved family. The Board deeply appreciates this gesture on the part of Director Vizzik fully realizing that it was quite proper and fitting for the Association to have representation at the services, particularly because of the role Andrew Dobos played in the development of our Association,
