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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION:-
Negotiations with the Union Miniere du Haut Katanga-Radium Belge,
for our radium requirements, commenced in 1926, were completed during
1927 and covered by formal contract. While the former control of our raw
materials had obvious advantages, nevertheless we have every reason to be-
lieve that this agreement will prove in practice to be most satisfactory.
A vigorous effort for business expansion tempered by conservatism
was the guiding principle in the various operations of the Corporation, as
well as in its general policy. This policy resulted in the further reduction
of personnel, manufacturing costs and operating expenses. Certain indicated
adjustments in property holdings were made-especially on our extraction
plant property, which was carried on the books at a price largely in excess
of what we may reasonably expect to realize for it thru sale. An option of
sale was given on our mining properties and milling ore at a price in keeping
with the present book value of these items. In view of general business
conditions thruout the country our sales for the year were considered
satisfactory. Some lines showed an increase over the preceding year, while
others showed a decrease. The net gain for the year was $18,540.72.
No dividends were paid which makes an accumulation on the Preferred
Stock from the third quarter of 1922. While an accurate forecast for
1928 cannot be made, it is reasonable to assume that our volume for the
year will follow the general business trend.
During the year there were instituted against the Corporation in the
Supreme Court of New Jersey, five suits, still pending, for damages
totalling $1,850,000.00. These are by former employees who allege that
they were injured during the course of their employment. Some of the
complainants have not worked for us subsequent to 1919-and none of
them worked at a date later than the early part of 1922, There has been
a great amount of publicity given to these suits thru the press, and other-
wise, and much adverse comment has been put out. Based on all the facts,
many of which have not been made known, this criticism does not seem
to be justified, and it is hoped that when the press is better informed it
will take an attitude more favorable to the Corporation. On account of the
amount involved, and some important points of law at issue, it will probably
be a considerable period of time before any final determination of the cases
can be made.
Messrs. Peat, Marwick, Mitchell and Company, of New York City,
have audited the accounts of the Corporation.
Very truly yours,
CLARENCE B. LEE,
President.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nNegotiations with the Union Miniere du Haut Katanga-Radium Belge,\nfor our radium requirements, commenced in 1926, were completed during\n1927 and covered by formal contract. While the former control of our raw\nmaterials had obvious advantages, nevertheless we have every reason to be-\nlieve that this agreement will prove in practice to be most satisfactory.\nA vigorous effort for business expansion tempered by conservatism\nwas the guiding principle in the various operations of the Corporation, as\nwell as in its general policy. This policy resulted in the further reduction\nof personnel, manufacturing costs and operating expenses. Certain indicated\nadjustments in property holdings were made-especially on our extraction\nplant property, which was carried on the books at a price largely in excess\nof what we may reasonably expect to realize for it thru sale. An option of\nsale was given on our mining properties and milling ore at a price in keeping\nwith the present book value of these items. In view of general business\nconditions thruout the country our sales for the year were considered\nsatisfactory. Some lines showed an increase over the preceding year, while\nothers showed a decrease. The net gain for the year was $18,540.72.\nNo dividends were paid which makes an accumulation on the Preferred\nStock from the third quarter of 1922. While an accurate forecast for\n1928 cannot be made, it is reasonable to assume that our volume for the\nyear will follow the general business trend.\nDuring the year there were instituted against the Corporation in the\nSupreme Court of New Jersey, five suits, still pending, for damages\ntotalling $1,850,000.00. These are by former employees who allege that\nthey were injured during the course of their employment. Some of the\ncomplainants have not worked for us subsequent to 1919-and none of\nthem worked at a date later than the early part of 1922, There has been\na great amount of publicity given to these suits thru the press, and other-\nwise, and much adverse comment has been put out. Based on all the facts,\nmany of which have not been made known, this criticism does not seem\nto be justified, and it is hoped that when the press is better informed it\nwill take an attitude more favorable to the Corporation. On account of the\namount involved, and some important points of law at issue, it will probably\nbe a considerable period of time before any final determination of the cases\ncan be made.\nMessrs. Peat, Marwick, Mitchell and Company, of New York City,\nhave audited the accounts of the Corporation.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
}