art Slovanske Podpor
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Entered as second class mail matter, January 3rd, 1933 at West, Texas, under the Act of Congress of August, 24th, 1922
ROCNIK (VOL.) xxii.
WEST, TEXAS, y e stiedu, (Wednesday)) 16. kvetna (May) 1934.
OSLO 27.
VSEM tLENOM K UVA.2E.Ni! Bretti a sestry! 2IVOTE spolkovem, mile:Ste ale v frvani a einnosti tak velike organisace V jako jest nag e Slovanska Podporujici Jednota Statu Texas ,obeas se vyskytnou pomery, ktere maji pro vSecko elenstvo dalekosahlY vYznam, — ktere ye svem vlivu na nase zalelitosti a veci, pro nes svrchovane diile2ite maji nezmerny fieinek — a ktere velmi east° velice 1:16inne a te2 i dfirazne zasahuji pithno a ureuji s- rozhodnosti siner natich spolkovYch snah a fispechfi aneb neUspechfi. Jednina takovym einitelem, kterY tomu, kdo chce videti, dava dobrY pojem o vnittnich zalelitostech na gi Jednoty, jest statni prohlidka finananich pomerii naSi Jednoty, nesouc ssebou rozhodnuti pro naSi Jednotu ' to nejdfilelitejSi, toti2 nestranne, nepoliticke a technicky odborne a teZ" neptedpodjate posouzeni centralni spravy naSich finanenich zalelitosti. Tato statni prohlidka jest provederia, dle poladavkii zakona statu Texas, nejmene .jednou za tit roky. Nate posledni prohlidka, ktere, tentokrate trvala asi deset tYdnil byla provedena v podzim minuleho roku. Koneene koncem minuleho mesice dostala se tato dlouho zditovand zprava podane„ statnim exeminatorem na svetlo Bai a s touto zpravou pfi gel fisudek pfedsedy statniho odboru komisafil pojiSteni a zarovefi komisare Zivotniho pojiSteni, pana R. L. Daniela, kterfeto Usudek osoby v postaveni tak dfilelitern a zodpovednem jest zajiste bernou mince ziatou a pro na ge elenstvo nejen ohromne dulelitY ale i znadne pouenY. Uve • ejniti doslovne obsahlou zpravu prohlidky nelze, protae by vypInila celY Vestnik a protole ye svYch vysoce technickYch vYrazech jest velice spletita. Proto pociavam doslovni zneni posudku teto prohlidky jak vysloveno panem R. L. Danielem v jazyku anglickem a pak volnY pi.eklad tohoto zneni v jazyku oeskern. Doslovni eesIcY pkeklad tohoto dopisu podati neize, nebot' by smysl jednotlivYch vet a jejich jadrne vYroky tim utrpely, podotykajo zaroveri, Ze z piekladu nevyzire, snaha ostrost' posudkil nejak zvet govat, protole to horSi jig bYti nemil2e a zmengovati to skuteene 2adnou pileinu nemam. — Bratri a sestry, pov gimnete sobe, laskave datum, lcdy tento dopis byl zaslan a uvedomte sobe, Ze byl zatajovan skorem etyi• mesice. Austin, Texas, January 8th. 1934. SLAVONIC BENEVOLENT ORDER of the State of Texas, Fayetteville, Texas. Gentlemen:— Gentlemen: We are handing you herewith copy of the report of our examiners, who recently exemined your company. This report reveals anything but a satisfactory condition existing in the affairs and management of your organization. We call your attention to the criticism in paragraph 2. Page 5. — We also invite your attention
to the item of book value of bonds over amortized or market value as shown on page 7. These items are extremely large and are very important. We call your attention to the criticism shown in the last paragraph on page 9 which shows that a large per cent of your mortgage loans are now past due. We call your attention to the criticism shown in the last paragraph on page 10 which is extended to page 11. We also call your attention to the criticism in the second paragraph on page 11. with reference to the deeds of trust being missing and abstracts missing from the files of the company. It is important that these files be kept and carefully preserved. We call your attention to the criticism shown in the last paragraph on page 17 with reference to your bond investments as well as other investments.
Schaze HI. eiadovny odbYvati se bude v sobotu, 19. kvetna v 9 hodin rano v sini mistniho fidu S. P. J. S. T. ye Fayetteville. Do teto schfize jsou vitani vgichni elenove, by se mohli osobne piesvedeiti o finanenim stavu nagi Jednoty a obdrieli dalgi vysvetleni na kritiku podanou statnim komisaitem R. L. Da,nielem (opis byl -nekYm rozeslan po adech). Nag aktuar slibil, ie do toho dne bude miti nag vYpoeet hotovy. S br. pozdravem, C. H. CHERNOSKY, piedseda HI. tiadovny. In addition to what it is said in the report, permit me to say that the investments and the handling of the finances of this organization are little less than criminal. They seem to have been made without any regard whatever to the fundamental principles of the insurance not to have to much exposure in any one locality or in any one kind of investment. Anyone who knows the first principles of insurance is familiar with this rule. Notwithstanding this, however, you seem to have almost exerted yourselves to buy bonds in one locality and without exercising any degree of judgement with reference tc the value or the safety of the investment. It will be some time probably, before you will discover how much loss the company has tc sustain by reason of this reckless illadvised method of investment. Permit me to suggest that you make at once a radical change in your investment policy. In view of what has been done in the past I do not think it would be amiss to suggest
that the investment of your funds be placed in 'differrent and more capable hands. It would be difficult to imagine how anybody could have made any less disirable investments, in so far as bonds are concerned, ii they had exerted themselves to that end. Judging from past due interest and past due pricipal on mortgage loans it would appear that these investments are not so very much better than the bond investments but rather in keeping therewith. This all reflects absolute incompetency and on utter disregard of the reasonable rules of safety in investment of the funds of the organization. We regret the necessity of having to cal: your attention to those matters in what may appear to you as a harsh way, but I want to assure you that it comes from a desire tc save the organization for the benefit of its members-rather than any inclination to please the personnel of the present management. We hope that you will not let any opportunity pass to remedy the deplorable condition that now exists in the financial condition of your organization. Yours very truly R. L. DANIEL Chairman, Board of Insurance Commissioners R. L. D. — A. G. Poznamka: "Book values of bonds means what our buyers paid for the bonds. "Market value" mean what they would bring if sold now. "Amortized value" is value of the bonds according to what amount of assumed interest they pay. For instance: A $1000.00 bond that promises 6% interest and pays promtly interest in full, $60.00 yearly has full one thonsand dollars value. (Sometimes even brings premium when sold.) A bond that only pays $40.00 yearly instead of the promised $60.00 is only worth $666.66of the $1000.00 that it did cost. A bond paying only $30.00 yearly instead of $60.00 is worth only half of the original amount paid for same and accordingly bonds that pay no interest (default) are accordily worth a nice big round Zero. Its easy to see that amortized (or interest) value regulates the market value. Austin, Tex., dne 8. ledna 1934. Slovanska Podporujici Jednota Statu Texas, Fayetteville, Texas. Panove:— Odevzdevem yam s timto opis zpravy nageho examinatora, kterY pied nedavnem vykonal prohlidku u yeti spoleenosti. Tato zprava odhaluje v gelicos jenom ne uspokojujici sta y v zaletitostech a kizeni ye& organizace. Volarne vaSi pozornost ku kritice v odstavci 2. stranka 5., — my tei: zveme vati pozornost ku poloke knihovnich hodnot bona' nad hodnotu firokovou aneb prodejni, jak zaneseno na str. 7. Rozdily v techto jsou vYstfedne vysoke a jsou velmi dfile2ite. Poukazujeme k Yak pozornosti kritiku, u(Pokraeovani na str. 13.)