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

1956-10-03 / 10. szám

PAGE 6

October 17, 1956

William Penn

Minutes of the Board of Directors Meeting

(Continued from page 5)

read, deliberated, amended, approved and accepted with thanks by the Board. This Report, as amended, becomes a permanent part of these Minutes.

MINUTES OF THE FINANCE COMMITTEE OF THE BOARD OF DIRECTORS OF THE WILLIAM PENN FRATERNAL ASSOCIATION HELD SEPTEMBER 11, 1956

The Meeting of the Finance Committee was opened at 9:00 A.M. Chairman Frank RADVANY presided; Louis VARGA was named Secretary. Those present were Mr. Frank MAGYARY, Mr. Stephen BENCZE, Mr. László F1SHBEIN, Mr. Julius MACKER, Mr. Stephen LANG, Mr. Julius E. SOMOGYI, and Mr. Richard J. PHILLIPS.

An Agenda was made and the subjects were taken up as follows:

The letter from MOODY’s Investors Service was discussed, wherein they requested an increase in their service charges. Mr. PHILLIPS was questioned as to whether he was satisfied now with the service. He indicated the service had greatly improved and was to his complete satisfaction. In light of the fact the service had been held for thirteen (13) years and during this pei'iod of time no increase was made, and also since acquisition of the Rákóczi Portfolio, the Committee recommends the increase be granted, and is approved by the Board.

The Committee next discussed the feasibility of purchasing Moody’s Manuals. Mr. PHILLIPS described the manual in detail, showing it contained many of the late information necessary in his work. It contained all changes, all calls, dividends and changes in dividends, as well as capitalization. It gave all the information on public utilities, industrials, municipals. Railroads, Governments, and Banks. The Committee recommends its purchase, and is approved by the Board.

The Committee next reviewed the report of the Building Manager of the Verhovay Building. With the exception of four radiators and the controls, the heating system has been completed. A review was made of the two downstairs offices, namely the Investment Manager’s office and the Field Manager’s office. The Committee agreed the projects were well worthwhile.

The next case that was presented was that of Branch 34-V of Pittsburgh.

Report of Heaths

The William Penn Fraternal Association announces

j with profound sorrow the death of the following memj bers;

FOR THE MONTH OF MAY 1956

1 Br.

Name

Br.

Name

Par. R,

Bandre George

54 R.

Litwin Mrs. George j

I Par. R.

Borona John

59 V.

Warshel Fred |

f Par. it.

Csuka Mrs. Stephen

61 R.

Gombi Mrs. Joseph 1

?. Par. R.

Kantor Mrs. Peter

63 R.

Kovács Frank, Sr. |

Par. V.

Segna Fourtunato

68 V.

Bandre György

1 R.

Mayer Ignacz L.

68 V.

Tenki Janosne

j 3 V.

Leskowitch Antal

76 R.

Schoedler Julius A.

5 R.

Parai Paul

82 R.

Yonish Mrs. Michael

6 it.

Petruska John

84 V.

Zigulich Mrs. Mary

' 13 V.

Katocs Sándor

87 V.

Feczer John

s 13 V.

Sándor Juliana

87 V.

Goyda Mrs. Ágoston 1

I 14 V.

Bodnar Sandornc

99 V.

Varga Ferencz 1

i 14-R.

Csenge Paul P.

91 V.

Godo Stephen

1 14 VHegedűs Joseph

104 R.

Gasner Mary J.

14 V.

Koczan John

106 V.

Lukacs Janos

1 14 V.

Sado Mrs. William

108 V.

Turanyik Jozsefne

1 14 V.

Sipos Joseph

Ill V.

Miller Mrs. Arthur

1 15 V*

Korom George

114 V.

Valent Mrs. Joseph

I 15 V.

Toth Joseph

129 V.

Berki Peter

5 16 R.

Deak Joseph

129 V.

Dowler Fred A.

J; 17 V.

Bogi István

129 V.

Gaffney Samuel F.

1 17 V.

Vaszily Stephen

132 V.

Molnár Antalne

I 17 V.

Vaszily Steven

132 V.

Starics Rozalia

| 19 R.

Nagy Mrs. Joseph

132 V.

Staszewski John

3 19 R.

Torma John

138 R.

Pallagi Joseph

J 20 R.

Bertothy Louis

138 V.

Schaffer Joseph

s 20 R.

Varga Stephen

141 V.

Mandel István

<] 21 R.

Chomiak George

153 R.

Enyengi Bela

\ 23 R.

Ivancsics Joseph

168 V.

Meries Pal

1 23 R.

Sajgó Thomas

186 V.

Szabó Mihály B.

: 26 R.

Bellay Michael

187 V.

Mészáros Istvanne

tj 29 R

Nyeste Irma

189 V.

Fulop Mrs. Michael

I 31 V‘

Molnár Mihály

201 V,

Kralik Mrs. Dora

1 34 V.

Barath John S.

201 V.

Toth Janos

1 36 V.

Arvay Istvanne

214 V.

Pásztor Istvanne

| 36 V.

Hollos Boldizsár

216 V.

Milisits Gregory

I 36 v-Kish István, III.

525 V.

Szabó Mrs. Alex:

36 V.

Nagy Imre

226 V.

Dobos George

\ 40 V.

Birher Joseph

230 V.

"Kanizser Ferenczne

1 44 R

Szabó Michael

239 V.

Paraj Paul

i 45 V.

Szekeres Gyorgyne

248 V.

Orsó László

| 47 R.

Deemer Seiner W.

249 V.

Papp András

ii 48 V.

Greczy Mrs. Chas.

272 V.

Sewack Mrs. Miehael

| 48 V.

Papp George

275 V.

Gerhardt Antal

49 r;

Papp George

275 V.

Nagy B. Lajos;

I 50 V.

Balazs István

276 V.

Torok Pal

Í 50 V.

Hulvey Mrs. Joseph

564 V.

Suták Helen Eliz.

I 50 V.

Szucs Kalmanne

566 V.

Barillo Janos

MAY THEY REST IN

PEACE |

George MÉSZÁROS, President, appeared before the Board at 11:00 A.M. He requested the sum which they have with us in escrow, be returned to them so that they could invest the money in a savings and loan bank and use the dividend for fraternal and promotional work in the branch. The Board ap proves that Mr. PHILLIPS, Investn.ent Manager invests this amount for the Branch.

The Committee next examined the bond portfolio purchased since April, including the prospectuses. An examination was made of the MOODY ratings of the issuing companies, of the yields, and their maturities. Discussions were held on types of bonds and stocks and of profits and losses in sales of the various transactions during this period. Mr. PHILLIPS pointed out that a 2.95% yield was in effect until December 31, 1955. The securities purchased during the period from April to August show a yield of 4.14%. He pointed out that, of course, it is underterminable as to what the final yield will be because of the instability of interest rates. He also pointed out that £616,000.00 of unrated bonds were moved out of the portfolio and were exchanged for new rated bonds.

The case of Branch 336-V of Harrisburg, Pa. was considered. Six months ago the Committee requested plans and specifications on the work they wanted to do oh their Home. Since the request is a large one and the location and facilities are of a doubtful nature, it was decided by the Board to send Mr., PHILLIPS and Mr. SOMOGYI to make an “on-the-spot” investigation and report their findings to the Committee.

The case of Branch 88-V of Yatesboro was discussed. Their letter was read wherein they request an increase on their mortgage loan. The Board approves granting the increase requested.

The case of Branch 8-V, Johnstown, Pa. was discussed requesting first mortgage loan on a Home which they hope to purchase in Johnstown. Director FACZAN was called in and spoke about the location and the entire request. He pointed out that there were about 1400 members in the area and the Branch is a very active one. It was decided that more information was necessary, particularly in regards to the possibility of obtaining a club liquor license and Mr. CHARLES' recommendations regarding his plans for a Branch Office for the location. The Board requests Mr. SOMOGYI and Mr. PHILLIPS to visit the area and more closely appraise the property and also the repairs which would be necessary to it. Also, they were to check the branch funds and the possibilities for them to acquire more money to put into the project. They are to report to the Committee when the information has been received.

The Question regarding the Old Age Home was next discussed. The letter of our Actuary, BRUCE, was read. It indicated that in most cases the experiences were unfavorable where these enterprises exist. The Committee listened to Mr. FÍSHBEIN’s suggestions regarding a self-supporting Home and is of the conclusion that it would merit further study.

The suggestions made by Mr. PHILLIPS in his Tenort ocnceming the advertising at Gateway Center was next discussed. He pointed out that approximately 17,000 people pass this window every day. This window for display purposes was offered without fee. The only thing we would have to do would be to get the window decorated and use whatever advertising in it we deem hecessary. The Committee recommends we get a professional window' decorator to dress the window', depicting our Fraternal Association in a most attractive way — the money to be allotted from the promotional and advertising budget.

The next item the Committee discussed was that of the National Auditor’s report. The Committee was pleased with details and statistics supplied by the National Auditor. The Committee feels that it is of great help in formulating the type of budget that they require. For the time being the Committee does not wish to add extra burdens to the Office Force but recommends that a budget be made on the General Insurance Expense in its relation to cash income. Also, it would like to have the comparisons of the Commissions paid to Cash Income. The Committee recognizes that it can not and does not want to tie the hands of the Officers so that they could not operate properly and it is not its desire to curtail its activities by allocating funds. However, it is interested in maintaining the ratio of general insurance expense to cash income, as well as commissions paid to cash income. After further discussion, the Committee recommends the adoption of the . Auditor’s report. It was also recommended that the Annual Statement should be prepared in a reduced size for the benefit of the members of the Board. The Committee commended the detail and fine work of Mr. SABO in the preparation of the budget plans.

Mr. VARGA reported on the Eastern Office. Lie stated that it was in good order and that the former Rákóczi Main Office has been rented to the Teamsters’ Union on a six year lease. Also, he wished to report that the fence that had been damaged during the snowstorm has been repaired free of cost.

John BENCZE, Honorary President of the Association appeared before the Board and expressed his gratitude and happiness over the manner in which the meeting was being conducted, and in the goodwill being displayed in the deliberations on the various questions before the Board.

The Report of the Requests, Complaints and Suggestions Committee w'as read by Committee Chairman, Dr. Andrew KOVÁCS and Committee Secretary Julius J. LEN ART.

After considerable deliberation, it was amended, approved and accepted, with thanks, by the Board. This Report, as amended becomes a part of the permanent Minutes.

MINUTES OF THE REQUESTS, COMPLAINTS AND SUGGESTIONS COMMITTEE OF THE BOARD OF DIRECTORS OF THE WILLIAM PENN FRATERNAL ASSOCIATION, HELD TUESDAY, SEPTEMBER 11, 1956

The Committee convenes at 9:00 A.M. in the Office of the National Secretary.

Present are the following: Dr. Andrew KOVÁCS, Chairman; Julius J. LEN ART, Recording Secretary; Joseph KORMONDY, Director; Gabriel CZERNAI, Director; John P. BALLA, Director; Louis VIZI, Director; Andrew FEJES, Director; John SABO, National Auditor, Albert J. STELKOVICS, National Secretary.

Chairman Dr. KOVÁCS greets the members of the Committee and requests the co-operation of all in bringing fair and honest decisions in all matters which are brought before them. With this, he officially opens the meeting.

On a motion properly made and seconded, the Board accepts the Report

(Continued on page 7)