William Penn, 1957 (40. évfolyam, 1-12. szám)

1957-12-04 / 12. szám

NUMBER 12 DECEMBER Ív x957 By the time this issue of the WILLIAM PENN reaches the majority of our membership, only a few days will remain before Christmas and a little more than a week before the New Year. Christmas, as observed both religiously and secularly, is universally recognized as the greatest holiday of the year. Church attendance, greetings and special gifts mark this wonderful holy day, when the hearts and souls of mem rise far above 'that which is mundane and the Peace of the Christ Child descends' upon spiritually starved mankind. How truly wonderful it would be if men would lock within their hearts the holy feeling of Christmas and never allow its sanctification to flee! No one in the entire history of mankind has influenced the lives of men so much as the God-Man Jlesus Christ, the King of kings. The Saviour’s birth in the stable at Bethlehem nearly 2000 years ago fulfilled the divine promise. Acceptance of this promise is all that the Messiah asks of us. * 5ji * As we enter the New Year the Spirit of Christmas is still permeating us. Our hopes are indeed high and our resolutions quite sincere as time shunts us from the departing year into the New Year. Only more time will tell whether or not these hopes and resolves will be realized. Whatever has happened in our past New Years to disappoint us should not discourage us when another New Year comes, so welcome this New Year with the same joy, the same optimism and the same determination that was yours in the past, and you will attain at least some of your hopes and keep some of your resolutions. * * * And now, Season’s Greetings to All Our Members, from: COLOMAN REVESZ, National President; ALBERT J. STELKO­­VICS, National Secretary; JULIUS E. SOMOGYI, National Trea­surer; JOHN SABO, National Auditor. RICHARD J. PHILLIPS, Investment Manager; ELMER CHARLES, Field Manager; JU­LIUS MACKER and LOUIS VARGA, Vice Presidents; JOHN P. BALLA, STEPHEN BENCZE, GABRIEL CZERNAI, MICHAEL J. FACZAN, ALOYSIUS C. FAI,USSY, ANDREW FEJES, LOUIS FISHBEIN. ALEXANDER GYULAY, ALBERT B. IBOS, JOSEPH KORMONDY, MICHAEL KOROSY, Dr. ANDREW KOVÁCS, STEPHEN LANG, Sr., JULIUS J. LENART, FRANK MAGYARY, ALEXANDER MOLDOVANY, FRANK RADVANY, LOUIS VASSY, LOUIS VIZI, Directors; GAY B. BANES, Legal Adviser; Dr. SA­MUEL C. GOMORY, Medical Adviser; GÁSPÁR PAPP, Chairman, WILLIAM C. KOHUT, Secretary, ANDREW BANDY, FRANK FÖLDI, Dr. ALBERT B. MARK, Auditing Committee; GUS G. NAGY, GABRIEL NAMETH, JOSEPH TOMA, FRANK J. WUKO­­VITS, Field Supervisors; JOHN LEE BALLA, ANDREW R. BA­LOGH. FRANK M. BALOGH, STEPHEN J. BARANY, STEPHEN J. BERES, Jr., COLOMAN R. BERTALAN, ANDREW M. BOCS­­KOROS, FRANK P. BRECH, JOSEPH E. CHIKOS, KALMAN J. ERDEKY, ERNEST F. FINTOR, JOHN FULOP, JOHN HEGEDŰS, JOSEPH HOLLO, STEPHEN J. IVANCSO, LOUIS J. JARDAN­­HAZY, MRS. ELIZABETH KERSTNER, JOE KINDA, STEPHEN LUKACS, JOHN MÁJUS, JULIUS MATE, JULIUS M. MIKULA. RICHARD B. MORRIS, PETER PETRUSKA, MICHAEL R. PIN­TER, LOUIS REVESZ, ADAM SIMON, Jr., GEORGE SOPRONYI, Jr., FRED J. STIPKOVITS, JOSEPH SZABÓ, JULIUS A. TARSI, ERNEST C. TAYLOR, LOUIS TOKÁR, LOUIS E. TOTH, STEVE ÚSZTOK, JOHN J. VASS, PETER A. WALKO, Jr., JOHN WIE­LAND, FRANK T. WILTROUT, District Managers; FRANK J. CHER, Assivstant National Secretary and Home Office Manager; FRANCES A. FUREDY. Assistant to the National Auditor; and the HOME OFFICE PERSONNEL. THE BUSINESS OUTLOOK FOR 1958 by Richard J. Phillips, Investment Manager William Penn Fraternal Association After an absence of many years, it is with a great deal of satisfaction that I once more contribute a few articles which might add to your enjoyment. It is hoped the subjects will be of interest to all, as I myself find them to be tremendously stimulat­ing and of deep significance in our modem time. Many of us do not seem to realize that we are living in a dynamic age — an age of fantastic growth and prosperity. Wd enjoy the fruits of scientific achievement in varied fields and year by year the standard of living is rising throughout the v/orld, brought about by World War II and the enormous impetus it gave scientific research and development. Man is constantly striving for improvement over the old way of dong things and seeks to crash through mechanical barriers standing in his way of accomplishment. We have witnessed man’s first faltering steps in an atomic age and now we find him seeking to penetrate outer space as well as trying to harness the rays of the sun. Above all, we are witnessing man’s determined effort to unlock, if he can, the ultimate secrets of the universe — such as the creation of matter out of energy. Boundless enthusiasm is shared by all in this 20th century of great expectation and the future is for those who dare. It is not for little men with little minds and it is not for those without vision. It is not for the timid but for those who have the courage, the persistence, and the wisdom to transform these expectations into realities. Yes, a new world is shaping up and we must be in league with it! What sort of a business environment may we expect in 1958? Will it be one of tension or one of boundless enthusiasm? Will it be one of pessimism or untold optimism — fear, panic, or what? I don’t have a crystal ball or possess clairvoyant powers to see into the future. However, the correct interpretation of past events can become a basic guide to predicting things of the future. We must consider developments of the past and correlate their meanings to the future. What is the outlook for business, for em­ployment, for each of us as individuals and consumers of the great many things prolifically generated py our vast productive en­terprises? When we attempt to evaluate business conditions at any one time or over any given period we must remember that there are three kinds of influences at work in our economy. There are always some good factors but there are always some adverse elements, and some are in the process' of changipg from bad to good, or the reverse. We can not afford to overrate favorable factors nor to underrate unfavorable ones. Our job is the recog­nition and evaluation of the longer-term implication of both. A rise in gross national production is generally believed to be the most accurate measurement of the development of our economy. This has risen for the past two years and the year 1957 will top the previous mark. However, in recent months business has been experiencing a slight setback and there are indications that this is a forerunner of a “slight downturn” — I repeat, a slight downturn — during the first half of 1958. This decline in business started between August and October, 1957, triggered by a major drop in the stock market in July and with the level of industrial production sliding off during the ensuing months, and still continuing its downward trend. Steel pro­duction is down to about 73% of capacity — a low point in more than three years — and it appears that there is not much improvement in sight unless there is a very dramatic increase in new auto production and sales during 1958. At the moment this does not appear probable. According to a recenlt survey, expenditures for new plants and equipment will be lower by 7% in 1958, which is the first decline since 1954. This is a big factor in predicting economic trends as capital expenditures so called for new plants and equipment constitute a major prop in the national business picture and are a very effective force. (Continued on page 2)

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