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Report, December 31, 1923

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REPORT United States Radium Corporation December 31, 1923 OFFICERS W. REDMOND CROSS Chairman ARTHUR ROEDER President HAROLD B. VIEDT Vice-President THOMAS R. STRAHAN Secretary CLARENCE B. LEE Treasurer DIRECTORS JOSEPH W. BURDEN ALLEN W. EVARTS W. REDMOND CROSS ARTHUR ROEDER DEAN S. EDMONDS HERMANN C. SCHWAB UNITED STATES RADIUM CORPORATION BALANCE SHEET AS AT DECEMBER 31, 1923 ASSETS Cash in Bank and On Hand $45,104.13 Notes, Accounts and Other Receivables (Less Reserve) 89,175.93 Inventory 352,480.43 Total Current Assets 486,760.49 Deferred Charges 3,058.23 Land, Buildings, Mining Claims and Equipment 401,552.72 Less Reserve for Depreciation 209,981.17 191,571.55 Secret Process, Good Will, Patents, etc. 200,000.00 391,571.55 $881,390.27 LIABILITIES Notes Payable 100,000.00 Accounts Payable 6,758.56 Preferred Stock 400,000.00 Common Stock 355,718.77 755,718.77 Surplus 18,912.94 $881,390.27 TO THE STOCKHOLDERS OF UNITED STATES RADIUM CORPORATION:- During 1923 the demand for Radium for therapeutic purposes was weak. Deliveries to doctors and hospitals in the United States are estimated at less than fifty per cent of the average distribution of the preceding three or four years. The lack of active demand cannot be attributed to a narrowing of the field of usefulness, the failure of Radium as a curative agent, or to market saturation. Hospital building and equipping was active. General business con- ditions apparently did not unusually hinder those who would ordi- narily have invested in Radium. The technique of Radium, Radium emanation, X-ray, and other specialties was advanced. Late in 1922 it was announced that a large deposit of very rich Radium ore had been discovered in the Belgian Congo and that finished Radium from Belgium would be sold in the United States at low prices. Shortly afterwards Radium was offered at $70.00 per milligram whereas for a number of years previously the price had ranged from $100.00 to $120.00. Instead of the market being stimulated, a reaction took place. Our salesmen reported that prospective buyers were reserving action in the expectation of much lower quotations. The new Radium field received wide publicity which unfortunately implied that the cost of making Radium from this ore would shatter all earlier figures. Coincidently Radium plants closed in this country and we believe independent plants in other parts of the world. Then followed an announcement that one of the three large American producers had decided to liquidate. Thus the most important division of our business during 1923 labored under not only the lowest selling price of Radium since its discovery, but with a market violently disturbed by adverse rumors. The year's operations in Undark self-luminous material were quite satisfactory. All products of Radium suffered to a certain extent with the medical market. However, self-luminous material, for which there is an established public demand, was affected only by keener competition and price considerations. The quantities made and sold were normal. Vanadium, the commercial by-product from carnotite ore, sold freely at prices above those for 1922. The Corporation carried over no stock of finished material. The production in the United States has been curtailed by the suspension of operations in all other Radium plants so that a continuing active demand for our vanadium may be predicted. We have been informed that the Congo ores carry very little or no vanadium. The Company's plants were operated on a restricted basis to provide Radium only for our own requirements and to fill orders that could be taken without extraordinary selling expense. Ex- penses in all departments were reduced to a minimum consistent with lower volume and necessary activity. Non-productive over- head expenses were 27% less than for 1922. A small net profit resulted from the operations during 1923. Earnings were insufficient, however, for payments of dividends on the preferred shares. On the other hand, we were able to improve the financial position rather more than was anticipated at the first of the year. The Directors of your Corporation recognized the value of unusual conservatism in managing its affairs during the period of uncertainty brought about by new foreign competition. The prospect for 1924 cannot be foretold with any hope for accuracy. The Radium market is far from full recovery. Undark sales should improve and the possibility of other commercial uses of Radium are being investigated. Normal profits, however, depend in a great degree at present on a higher market price of Radium for medical purposes. The accounts of the Corporation have been audited by Messrs. Marwick, Mitchell & Co., New York. Yours truly, ARTHUR ROEDER, President.

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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1923\nOFFICERS\nW. REDMOND CROSS\nChairman\nARTHUR ROEDER\nPresident\nHAROLD B. VIEDT\nVice-President\nTHOMAS R. STRAHAN\nSecretary\nCLARENCE B. LEE\nTreasurer\nDIRECTORS\nJOSEPH W. BURDEN\nALLEN W. EVARTS\nW. REDMOND CROSS\nARTHUR ROEDER\nDEAN S. EDMONDS\nHERMANN C. SCHWAB\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1923\nASSETS\nCash in Bank and On Hand\n$45,104.13\nNotes, Accounts and Other Receivables (Less\nReserve)\n89,175.93\nInventory\n352,480.43\nTotal Current Assets\n486,760.49\nDeferred Charges\n3,058.23\nLand, Buildings, Mining Claims and\nEquipment\n401,552.72\nLess Reserve for\nDepreciation\n209,981.17\n191,571.55\nSecret Process, Good Will,\nPatents, etc.\n200,000.00\n391,571.55\n$881,390.27\nLIABILITIES\nNotes Payable\n100,000.00\nAccounts Payable\n6,758.56\nPreferred Stock\n400,000.00\nCommon Stock\n355,718.77\n755,718.77\nSurplus\n18,912.94\n$881,390.27\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nDuring 1923 the demand for Radium for therapeutic purposes\nwas weak. Deliveries to doctors and hospitals in the United States\nare estimated at less than fifty per cent of the average distribution\nof the preceding three or four years. The lack of active demand\ncannot be attributed to a narrowing of the field of usefulness, the\nfailure of Radium as a curative agent, or to market saturation.\nHospital building and equipping was active. General business con-\nditions apparently did not unusually hinder those who would ordi-\nnarily have invested in Radium. The technique of Radium, Radium\nemanation, X-ray, and other specialties was advanced.\nLate in 1922 it was announced that a large deposit of very rich\nRadium ore had been discovered in the Belgian Congo and that\nfinished Radium from Belgium would be sold in the United States\nat low prices. Shortly afterwards Radium was offered at $70.00\nper milligram whereas for a number of years previously the price\nhad ranged from $100.00 to $120.00. Instead of the market being\nstimulated, a reaction took place. Our salesmen reported that\nprospective buyers were reserving action in the expectation of much\nlower quotations. The new Radium field received wide publicity\nwhich unfortunately implied that the cost of making Radium from\nthis ore would shatter all earlier figures. Coincidently Radium\nplants closed in this country and we believe independent plants in\nother parts of the world. Then followed an announcement that one\nof the three large American producers had decided to liquidate.\nThus the most important division of our business during 1923\nlabored under not only the lowest selling price of Radium since its\ndiscovery, but with a market violently disturbed by adverse rumors.\nThe year's operations in Undark self-luminous material were\nquite satisfactory. All products of Radium suffered to a certain\nextent with the medical market. However, self-luminous material,\nfor which there is an established public demand, was affected only\nby keener competition and price considerations. The quantities\nmade and sold were normal.\nVanadium, the commercial by-product from carnotite ore, sold\nfreely at prices above those for 1922. The Corporation carried over\nno stock of finished material. The production in the United States\nhas been curtailed by the suspension of operations in all other\nRadium plants so that a continuing active demand for our vanadium\nmay be predicted. We have been informed that the Congo ores\ncarry very little or no vanadium.\nThe Company's plants were operated on a restricted basis to\nprovide Radium only for our own requirements and to fill orders\nthat could be taken without extraordinary selling expense. Ex-\npenses in all departments were reduced to a minimum consistent\nwith lower volume and necessary activity. Non-productive over-\nhead expenses were 27% less than for 1922.\nA small net profit resulted from the operations during 1923.\nEarnings were insufficient, however, for payments of dividends on\nthe preferred shares. On the other hand, we were able to improve\nthe financial position rather more than was anticipated at the first\nof the year. The Directors of your Corporation recognized the\nvalue of unusual conservatism in managing its affairs during the\nperiod of uncertainty brought about by new foreign competition.\nThe prospect for 1924 cannot be foretold with any hope for\naccuracy. The Radium market is far from full recovery. Undark\nsales should improve and the possibility of other commercial uses\nof Radium are being investigated. Normal profits, however, depend\nin a great degree at present on a higher market price of Radium\nfor medical purposes.\nThe accounts of the Corporation have been audited by Messrs.\nMarwick, Mitchell & Co., New York.\nYours truly,\nARTHUR ROEDER,\nPresident."
}