William Penn, 1956 (39. évfolyam, 1-12. szám)

1956-05-02 / 5. szám

Fol. XXXIX. Retired Officers Honored at BOARD OF DIRECTORS MEETS 16, 1956. at i NUMBER 5. Five officers, three from the Rákóczi and two from the Ver­­hovay, were given retirement honors at a banquet held Tuesday evening, April 10, 1956, in the William Penn Hotel, downtown Pittsburgh, Pa., the affair attended by the Board of Directors, the Officer Corp3 and the employees of the Home Office, the Auditing Committee, the Field Force, the spouses of the indi­viduals in the respective aforementioned groups, etc. The feted retired officers are John Bencze, Verhovay National President, Stephen Varga, Rákóczi Supreme President, Joseph Vasas, Rákóczi Supreme Secretary, John Szalanczy, Verhovay National Treasurer, and Stephen Kundrath, Rákóczi Supreme Treasurer. These veteran officers, who for many years loyally served their respective societies, were presented large and at­tractive black and white portraits of themselves. The portraits will be retained by the Home Office, where they will adorn the Board of Directors room to honor perpetually these distinguished Hungarian fratemalists. The program was opened with the singing of our National Anthem by Miss Helen Stipkovits accompanied by orchestra leader Nicholas Teghze-Gerber. Following the delicious dinner. National President Coloman Revesz rose to greet the gathering and to explain in straight lan­guage the significance of the occasion. Next, Vice President Julius Macker, speaking of the ac­complishments of John Bencze, unveiled the portrait of this long­time anti popular Verhovay officer. Then Director Louis Vizi moved forward to eulogize and unveil the picture of John Szalanczy, who since his retirement has moved back to Chicago.' In turn, the pictorial representations of Rákóczi officer Ste­phen Varga, Joseph Vasas and Stephen Kundrath, men who worked very hard and led well their organization through long years, were unveiled to add pleasure to their retirement. All five officers individually expressed their profound gra­titude for the honors not anticipated. Director Louis Varga, son of one of the honored, addressed words of praise to the five re­tired Rákóczi and Verhovay officers. Dr. Bela Mark, representing the Auditing Committee, bril­liantly covered the accomplishments of the years for both so­cieties and predicted an auspicious future for the new William Penn Fraternal Association. During the evening, two other awards were made: Louis F. Kostley, Cleveland District Manager, was presented by Field Man­ager Elmer Charles with a luxury wrist watch, the reward of the Association to him as best member-getter in the recent 70th Anniversary contest. A 15-year service award from the Associa­tion to Mrs. Nicholas Hleba was presented by National Auditor John Sabo. The entire program was interspersed with Hungarian selec­tions as sung by Miss Stipkovits whose artistry was well received, and the popular Teghze-Gerber orchestra skillfully accompanied her. The Hungarian National Anthem was the musical finale of the evening. The event was a memorable occasion the theme of which was to render honor to whom honor is due. BULLETIN The 13th Annual National William Penn Bowling Tourna­ment and National Fellowship Days, held May 11-12-13, 1956, in Buffalo, New York, was very much successful both in bowling and socially. The bowling scores, tournament story and pictures will be published in the June issues of the WILLIAM PENN. The Board of Directors of the William Penn Fraternal As­sociation held its first semiannual meeting for the year 1956 from Monday April 9 to Saturday April 14. Present at the meeting were National President Coloman Revesz, Vice Presidents Julius Macker and Louis Varga, Directors John P. Balia, Stephen Bencze, Gabriel Czernai, Michael Faczan, Aloysius C. Falussy, Andrew Fejes, László Fishbein, Alexander Gyulay, Albert Ibos, Joseph Kormondy, Michael Korosy, Dr. An­drew Kovács, Stephen Lang, Julius J. Lenart, Frank Magyary. Alexander Moldovany, Frank Radvany, Louis Vassy and Louis Vizi, National Secretary Albert J. Stelkovics, National Auditor John Sabo, National Treasurer Julius E. Somogyi, Investment Manager Richard J. Phillips, Field Manager Elmer Charles, Me­dical Adviser Dr. Samuel C. Gomory, and Legal Adviser Gay E. Banes. Present at the opening of the Board of Directors meeting was the Auditing Committee, arrived for its work, the members of which body are: Caspar Papp, Chairman, Andrew Bandy, Frank Földi, William C. Kohut and Dr. Bela Mark. The meeting was opened by National President Revesz who stressed the importance of the business on hand. Vice Presidents Macker and Varga were elected Chairman and Vice Chairman, respectively, and Director Lenart was chosen Recording Secretary. After the Agenda was accepted, the Board of Directors heard the Reports of the National Officers and perused the Annual Statements sent to the various states. The Board of Directors then divided itself into various com­mittees — FINANCE AND INVESTMENT: Directors Macker, Var­ga, Bencze, Fishbein, Lang, Magyary and Varga, with National Treasurer Somogyi and Investment Manager Phillips as advisers. — APPEALS: Directors Balia, Czernai, Fejes, Kormondy, Dr. Ko­vács, Lenart and Vizi, advisers being National Secretary Stelko­vics and National Auditor Sabo. — ORGANIZATION: Directors Faczan, Falussy, Gyulay, Ibos, Korosy, Moldovany and Vassy, which committee was advised by National President Revesz and Field Manager Charles. The three committees diligently studied their respective pro­blems, arrived at conclusions and decisions, and finally submitted their findings and solutions to the joint Board of Directors. The Board of Directors was happy to note the excellent pro­gress made by the William Penn Fraternal Association, which new organization is made up of the former Rákóczi and Verhovay societies, during the year 1955, and a partial report here follows: The combined Admitted Assets on January 1, 1955 amount­­d to $23,317,089.43, whereas at the end of the year the combined Admitted Assets amounted to $24,455,545.73, an increase of $1,- 138,456.30. Insurance in Force increased from $74,071,309.00 at the beginning of the year to $75,665,613.00 at the end of the year, an increase of $1,594,304.00. Membership Certificates total­ed 89,278 on January 1, 1955, whereas at the end of the year the tctal was 89,392, an increase of 113. New Membership Certificates issued during 1955 totaled 4,303, while the Amount of Insurance issued during the year totaled $5,163,100.00. The combined Net Investment Income was 2.95%. This is the net rate of interest earned on our invested assets, which is a good rate of return on a high quality investment portfolio. This return is a very factual one, inasmuch as our society figures this ratio on a very conservative basis, showing all expenses at­tributable to the handling of investments. Interest earned before expenses amounted to 3.31%. Sufficient interest was earned, amounting to $693,942.00, to meet all the interest bearing liabilities of the association, which sum amounted to $663,349.75. The Association’s mortality experience was exceptionally favorable, the ratio being 50.49%. The surplus of the new organization, at December 31, 1955, was $1,657,992.78. This surplus represents a solvency ratio of 107.27%. This means that after establishing all liabilities on the most conservative principals, our Association has $107.27 of assets behind every $100.00 of liability. This ratio was arrived at after (Continued on page 2)

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