Verhovayak Lapja, 1955 (38. évfolyam, 1-12. szám)

1955 / Verhovay Journal

«

October 19, 1955

1931

Bonds Purchased Stock Purchased Mortgages Purchased Totals

1952

Bonds Purchased Stock Purchased Mortgages Purchased Totals

1953

Verhovay Journal

BOND, STOCK & MORTGAGE TRANSACTIONS 1951 to 1954 inclusive

PAR VALUE

BOOK VALUE

PARVALUE

BOOK VALUE

PROFIT

LOSS

TURNOVER

$1.419,000.00$1,437,387.35 ,#Bonds Disposed of 745.25 Stock Exchanged 93,800.97 Mortgage Payments

$726.000.00

$ 726,682.84 464.00 28,188.61

$ 8,868.39$1,241.28

$1,419,000.00'$1,531,933.57

$726,000.00

$ 755,335.45

$ 8,868.39

$1,24L28

$2,294,896.13

'% 960,000.00$ 969,821.29 463.05 290,962.33

♦Bonds Disposed of Stock Disposed of Mortgage Payments

$ 347,000.00$ 349,634.95 31,748.57

$11,326.35$ 424.94

$ 960,000.00$1,261,246.67

$ 347,000.00$ 381,383.52

$11,326.35

$ 424.94

$1,653,531.60

Bonds Purchased Stock Purchased Mortgages Purchased Totals

1954

$1,151,000.00

310.00

$1,151,310.00

$1,154,099.67 #Bonds Disposed of 607.60 Stock Disposed of 119,962.82 Mortgage Payments $1,274,670.09

$ 246,000.00

$ 246,000.00

$ 244,527.69 $ 1,339.28 $ 704.43

501.09 ----------- -----------53,450.22 ----------- ----------$ 298,479.00 $ 1,339528 $ 704.43 $1,573,783.94

Bonds Purchased

$1,861,000.00$1,876,992.91

♦Bonds

Disposed of$ 797,000.00

$ 800,166.71

$10,182.85

$ 237.42

Stock Purchased

13,340.00

13,479.00

Stock

Disposed of

•

Mortgages Purchased

I -----------16,250.76

Mortgage Payments

114,644.02

Totals

$1.874,340.00$1,906,722.67

$ 797,000.00$ 914,810.73

$10,182.85

$ 237.42

Grand Total for 4 yrs.$5,404,650.00

$5,974,573.00

$2,116,000.00$2,350,008.70

$31,716.87

$2,608.07

1935 — 1/1 to 6/30

$2,831,478.83

$8,353,690.50

Bonds Purchased Stock Purchased Mortgage Increased

$ 775,000.00 1,040.00

$ 780,186.39 *Bonds Disposed of 1,867.75 Stock Disposed of 1,000.00 Mortgage Payments

$ 317,000.00$ 321,286.24 $ 4,635.86 $ 17.40

26,353.47

Totals — 6 Mo.

$ 776,040.00$ 783,054.14

$ 317,000.00$ 347,639.61

$ 4,635.86

$ 17.40

$1,135,312.31

Totals — 4 yrs.

5,404,650.00

5,974,573.00

2,116,000.09

2,350,008.70

31,716.87

2,608.07

8,353,690.50

Grand Total for 4) yrs.$6,180,690.00

$6,757.627.14

$2,433,000.00$2.697.648.41

$36,352.73

$2,625.17

$9,489,002.81

* Bonds Sold, Called or Matured

' Interest payments on our bonds are paid to date except for the following issued:

The $100,000 Burt County Bridge Commission, Nebraska, 3 I % Bridge Revenue bonds defaulted in interest payments as of February 1, 1953, due to the fact that the bridge had not been completed. The contractor was waiting for Congress to appropriate funds for the Government’s share of the cost of the bridge and for reverting the channel of the river back under the bridge. Congress did appropriate two million dollars and, according to the latest reports, the river has been rechannelled, the bridge has been completed, and now remains only the construction of the approach roads. Apparently after this has been completed the bridge will be on a paying basis, and this investment should work out satisfactorily.

The $50,000 Bellevue Bridge Commission, Nebraska, 3 3% Bridge Revenue bonds defaulted in interest payments as of February 1, 1953. The reason is that although the bridge was completed, the approach roads on the Nebraska and the Iowa side were not constructed. According to the latest reports from Moody’s, the approach road on the Nebraska side is now complete and the road on the Iowa side will probably be completed very shortly. We feel this investment will also straighten itself out.

We are pleased to report that the $20,000 Missouri Pacific Railroad Co. bonds which have been in default for years are now up to date with interest payments. The Company is still undergoing reorganization which is subject to final approval of the Securities Exchange Commission. Following are our Real Estate and First Mortgage Loans showing the original amounts of loans and the June 30, 1955 balances:

ORIGINAL BALANCE DUE MORTGAGE ON PRINCIPAL . 6/30/55

REAL ESTATE LOANS — BRANCHES INGATLAN KÖLCSÖNÖK — FIÓKOKNAK

Branch #88 — Yatesboro, Pa. Branch #129 — Columbus, Ohio Branch #296 — Springdale, Pa.

REAL ESTATE — INGATLAN

$ 7.024.14 7,000.00 40.000.00 $ 54,024.14

$ 1,843.42

38,496.80 $ 40,340.22

Verhovay Building Pittsburgh, Pennsylvania

MORTGAGE LOANS — BRANCHES JELZÁLOG KÖLCSÖNÖK — FIÓKOKNAK

$153,752.75$114,149.98*

Branch #2 — Kulpmont, Pa.

$ 17,079.20$ 11,394.25

Branch #14 — Cleveland, Ohio

50,603.30

23,573.35

Branch #288 & 432 — Crescent, Ohio

4,723.01

748.95

MORTGAGE LOANS — CONVENTIONAL JELZÁLOG KÖLCSÖNÖK — NEM

$ 72,405.51$ 35,716.55

FIOKOK RESZERE

$133,119.29$ 54,070.26

MORTGAGE LOANS — F.H.A.

$272,793.54$218,761.47

MORTGAGE LOANS — F.H.A. & G.I.

$ 44,369.08$ 30,584.65

MORTGAGE LOANS — G.I.

$225,894.25$186,706.87

Grand Total of Branch & Other Mortgages

$748,581.67$525,839.80

All mortgage payments are being received promptly and are <up to date. *$114,149.98 is the amount of the Home Office Building less reserve for depreciation.

MOODY’S RATING OF BOND PORTFOLIO SHOWN PERCENTAGE-WISE

Rating

1943.

1947.

1951.

1955.

Dec. 31

Jun. 30

Jun. 30

Jun. 30

%

%

%

%

Aaa

10.8

33.4

22.6

18.6

Aa

1.4

20.7

22.0

19.6

A

5.4

28.8

25.0

27.fr

Baa

20.0

8.7

12.3

15.0

Ba

13.4

4.1

3.1

2.1

B

13.4

1.5

0.1

0.4

Caa

Ca

Unrated

5.4

0.6

29.8

1.5

0.1

n

i i

1.3

14.7

16.4

Stock

0.1

0.3

100.0%

100.0%

100.0%

100.0%

MOODY’S INVESTORS SERVICE 99 Church Street New York 7, N. Y.

Dear Mr. Szalanczy:

I am enclosing herewith an original and three copies of a recapitulation of the securities in the Verhovay Fraternal Insurance Association allocated as to rating and industry on a book value basis. This chart reveals that approximately two-thirds of your entire portfolio is invested in the three highest rating classifications.

We have carefully examined each of the unrated issues and would advise that the majorities fall in the Baa and lower rating classifications. However, a nominal number of unrated issues would merit a higher rating due to the fact that (1) we do not rate certain types of bonds as a matter of policy,

i. e., General Motors Acceptance bonds; (2) because certain entities do not as yet have a record of actual operation, i. e., the New York State Thruway and Ohio Turnpike bond; (3) the small size of an issue, and/or (4) lack of pertinent data on certain issues.

In addition to the up to date recap of the portfolio, I am enclosing herewith also the August 7, 1951, chart which you left with me when yo*u were in the office several days ago.

With kindest personal regards, I am

Very truly yours, I MOODY’S INVESTORS SERVICE (signed)

, Ralph Russell

Personal Management Department

RR:LB

encs.

VERHOVAY BUILDING INCOME & DISBURSEMENTS 1951 to 1954 inclusive

Gross Income for 4 years ........................... $163.577.05

Disbursements for 4 years ........*................ 95,216.02 >

Net Income for 4 years ............................................................. $68,361.03

•- Less Depreciation for 4 years ................................................ 20,213.52

NET INCOME FOR 4 YEARS AFTER DEPRECIATION ................... $48.147.51

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