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

1955 / Verhovay Journal

PAGE 10

Verhovay Journal

October 19, 1955

the full-time field staff, to December 31, 1954 there were 43 insured member’s who purchased and kept their Hospitalization plan in force.

The Association requires the insured, under either the Family Hospitalization plan, or the Income Protector plan to carry at least $1,000. of life insurance in order to become, or to remain members of either of these two new benefits.

Eventually it will be the intention of the Association to discontinue the sale of the old-type Sick Benefit to new male members, offering instead any one of the 5 Income Protector plans.

The following commissions were incurred on new buisness during the

last four years

1951 — $ 58,353.97

1952 — 65,463.57

1953 — 86,139.52

1954 — 102,903.82

Total $312,860.88

The following number of new members were written in the last

four years;

1951— 2,859

1952— 2,927

1953— 2,809

*

1954— 3.413

Total 12.008

Weighing the factors. in the above two paragraphs, we note that commissions for four years totaled $312,860.88. whereas new members totaled 12,008. The average cost per new member, using these two figures, amounts to $26.05 per member.

Collection. Fees:

Collection, fees incurred as a result of earnings by our full-time and part-time branch managers in the four year period was as follows:

1951 — $ 88.628.67

1952 — 97,487.21

1953 — 107.960.28

1954 — 123,031.51

Total $417,107.67

Cost of Operations:

The cost of operating the Association over the last four years has been very favorable. Basing the cost of operations on premiums earned, the Association percentage-wise showed a cost of 25.43% in 1951, 24.67% in 1952, 26.36% in 1953 and 28.85% in 1954. The four-year average of the cost of operations is 26.38%.

POWER CITY NEWS

SPRINGDALE, pa. and vicinity

by

Edward A. Mattie

Branch 296

My vacation is over, so it’s back to work. Los Angeles is still a beautiful city in spite of the smog. It was nice to renew acquaintances with the Hegedűs és Gacsalyi families, who were former residents of Springdale.

On Wednesday evening, September 14, a dinner and dance, honoring the Verhovay Convention delegates, -was held at the Verhovay Home. Approximately 300 delegates and guests attended this gala affair. Music was furnished by the combined orchestra of Arthur Nagy and Joseph Baldwin. Branch 296 expresses its thanks and appreciation to all those who participated in making this the outstanding' social event of the Convention.

Branch 296 was further honored by the Convention which elected the Branch 296 president and delegate, John P. Balia, to the Board of Directors. Mr. Balia voices his appreciation by the following statement :

“I am very happy to take this opportunity to thank the Convention delegates of the Verhovay Fraternal Insurance Association in placing

ing him greater authority and scope. The retaining of Mr. Charles and the electing of Mr. Balia to their national positions will indeed be an advantage to the organization. CONGRATULATIONS TO BOTH, AND BRANCH 296 IS VERY PROUD OF THEM, MEMBERS OF THIS BRANCH.

The Verhovay’Branch 296 Mixed Ten Pin Bowling League is now in full swing. There are at least 50 men and women participating, with eight teams in the league.

Congratulations to Mr. and Mrs. Jimmy Maholie on the birth of a son ... to Mr. and Mrs. Anthony Maholie, a son also. .. and to Mr. and Mrs. Edward Hamorsky, a daughter.

* & *

Mr. Roman Nemich, who because of a leg injury was workfess since last February, has returned to work... Alex Kozma, who also had a leg injury in February, is still home and is getting along with a cane... Robert Ti-uby has returned to his employment after his recent illness. A very speedy recovery is wished to

The following is a four-year comparison —- 1951,1952,1953 and 1954 —

of our assets, as

well as liabilities, special reserves and unassigned funds (surplus):ASSETS

1951

1952

1953

1954

Bonds

$11,204,539.38$11,803,576.47

$12,671,613.35

$13,748,628.09

Stocks

41,298.78

50,979.37

54.156.00

69,148.00

Mortgage Loans on Real Estate

323,860.17

583,073.93

649,586.53

551,193.27

Branch Real. Estate

9,208.97

6,501,43

17,468.29

40,513.78

Home Office Building Real Estate

124,318.33

120,516.80

115,495.27

114,149.98

Certificate Loans and Liens

543,710.56

548,050.77

544,105.41

566,160.54

Cash on Checking Account

223,409.25

208,894.33

146,118.86

66,385.67

Bank Savings Deposits

39,402.05

39,218.44

40,319.88

44,209.36

Monthly Dues due but not yet remitted to

Home Office 32,540.55

44,221.45

41,069.37

38,297.40

Interest, Income Due and Accrued

102,933.01

110,366.65

121,869.50

130,170.05

Total Admitted Assets

$12,645,221.05$13,515,399.64-$14,401,802.46

$15,368,856.14

LIABILITIES, SPECIAL RESERVES ANDUN ASSIGNED FUNDS:

Life Certificate Reserves$11,079,863.00

$11,888,699.00

$12,546,427.00

$13,193,061.00

Accident and Health Certificate Reserves553,343.07

529,261.00

570,950.00

575,316.20

Life Certificate Claims

36,270.00

23,500.00

30.750.00

20,500.00

Accident and Health Certificate Claims

38,988.88

40,600.00

50,508.56

48,444.76

Monthly Dues Paid in Advance

' 97,537.51

101,451.65

106,031.45

118,987.23

Field Commissions Due or Accrued

11,428.28

9,690.85

10,863.21

10,846.98

General, Expenses Due or Accrued

6,363.36

3,270.34

5,027.92

3,718.01

Taxes, Licenses and Fees Due or Accrued

4,790.26

5,481.13

4,829.56

5,204.05

Trust Fund

97,921.03

108,435.17

101,890.54

106,999.03

Employees Pension Fund----.----15,607.07

31,979.67

50,484.65

Security Valuation Reserve

15,372.71

32,592.13

24,656.01

60,075.27

Total. Liabilities and Reserves

703,342.95

756,811.30

917,888.54

1,175,218.96

Unassigned Funds

$11,941,878.10$12,758,588.34

$13,483,913.92

$14,193,637.18

TOTAL

$12*.645.221.05$13,515,399.64

$14.401,802.46

$15,368,856.11

their confidence in me by having

Verhovay National Bowling Tournament •

The Association conducted National Bowling • Tournament and National Fellowship Days over the period from 1952 to 1955, as follows:

1952 — Columbus, Ohio

1953 — Toledo, Ohio

1954 — New York, N. Y.

1955 — Chicago, Illinois

elected me a member of the Board of Directors. The best interests of the membership and the progress of our great association will be the uppermost thought in my mind."

The Convention also elected Mr. Elmer Charles Field Manager, giv-Mrs. Esther Kish Szabó who became suddenly ill on October 2d. She is a patient,in Citizens General Hospital, New Kensington.

Julius Telegdy, Jr., is a student at Elmhurst College in Illinois. Junior is also a member of that school’s football team. During the first game of the season, he met with some bad luck when he fractured an arm.

Walter Wesoloski smashed his fingers while doing some carpenter work. His wife, Mary, has retired from her work at the Keystone Dairy.

Rumor has it that George Charles will hear wedding bells soon.

* * *

After being prolonged for such a long time, the actual changing of the organization’s name from Verhovay Fraternal Insurance Association to William Penn Fraternal Association seems to be an anti-climax.

* * *

Members are urged to support and vote for two members of this branch who are running for political offices in Westmoreland County. Mr. John W. Peck is a Democratic nominee for county treasurer, and Mr. Lenus H. Hileman is the Democratic niminee for city council in New Kensington.

Members who are in arrears with their premium dues are cautioned against the danger of becoming lapsed if payments are not made within the ninety day grace period. When in arrears, the premiums must be paid during the third month, and, if they are not paid, it calls for an automatic lapse. It is best that payments be made promptly when due.

Each event proved to be a very successful one, one which spurred Verhovay fraternal and sports activities to new heights.

The results obtained from these national events, propoganda-wise as well as membership-wise, certainly makes it necessary for us to continue these events. The Association contributed the following amounts toward all items that were disbursed:

1952 — $4,835.41

1953 — $4.955.11

1954 — $7,210.67

1955 — $8,436.51

TJe following page shows an exhibit of our bond, stock and mortgage transactions for> the years 1951-1954 inclusive.

(Continued on page 11)

NOTICE TO BRANCH 511 MEMBERS

i

Frank Kozan, former district manager and former manager of Branch 511, Detroit, Michigan, is no longer in the employ of the Verhovay Fraternal Insurance Association.

On September 1, 1955, District Manager Joseph Szabó was appointed temporary manager of Branch 511.

Dues may be paid at the branch meeting qn the THIRD SUNDAY of every month, at 8423 South Street, Detroit, or at the VERHOVAY DISTRICT OFFICE, 8005 W. Jefferson Avenue, Detroit.

All mail should be sent to: Mr. JOSEPH SZABÓ, 9089 Lyon Street, Detroit 17, Michigan.

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