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    "label": "Report, January 30, 1919",
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    "title": "Report, January 30, 1919",
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    "ocrText": "RLM\nRadium Luminous Material Corp.\nANNUAL REPORT\nDecember 31st 1918\n$\nOFFICERS\nPAUL M. WILLIS\nPresident\nW. REDMOND CROSS\nVice-President\nA. ROEDER\nTreasurer\nROY T. STRAHAN\nSecretary\na\nDIRECTORS\nALLAN W. EVARTS\nW. REDMOND CROSS\nSABIN A. SOCHOCKY\nA. ROEDER\nPAUL M. WILLIS\nTo the Stockholders of the Radium Luminous Material Corporation:\nIt has been decided for obvious reasons to change the fiscal year of your Company to coincide\nwith the calendar year. I am, therefore, reporting to you on the results of the operation of your\nCompany during the fifteen months' period ending December 31st, 1918.\nDisturbed general business conditions during the War period, operating conditions due to Gov-\nernment restrictions, cancellation of Government contracts, change from War business to Peace\nbusiness and other similar factors have opposed themselves to the progress of the Corporation.\nNevertheless, during the fifteen months of active business we have made substantial gains and we\nare rewarded by profits of something over One hundred thousand dollars ($100,000.00). Preferred\ndividends have been earned over three times and substantial additions have been made to our\nsurplus. The Directors, however, have thought it inadvisable to pay dividends on common stock.\nTogether with this report you will find a report by the Treasurer on financial operations.\nIn spite of adverse conditions we have put in work and measurably carried through the\nexpansion and re-organization program set up at the time of re-incorporation. At the beginning of\nthis period the greater part of the business of your Company consisted of illuminating watch and\nclock dials and the sale of luminous material to watch and clock manufacturers. Owing to the\ndrastic regulations of the War Industries Board production of luminous watches and clocks in this\nCountry was seriously curtailed, in fact in many cases clock manufacturers were refused permission\nto utilize the Corporation's product, as it was deemed necessary by the authorities to conserve the\nradium supply for War purposes. Your Company was enabled to provide the illumination for over\nFive hundred thousand (500,000) pieces for our Government, and the Stockholders may feel well\nsatisfied with their contribution to the National Defense. This business was done on a small margin of\nprofit and extensive experimental work was necessary in order to satisfactorily illuminate various ord-\nnance. The results of the period are not as large as we reasonably looked for at the time of the issu-\nance of the preferred stock. I feel, however, that you have every right to be satisfied with the results\nof this period, and we may look forward with confidence that the ensuing twelve months will show\nfigures materially better than those of the period just elapsed.\nOur mining operations have been more fruitful than we anticipated. The Corporation owns\nover sixty mining claims, some of which have proven to be of unusual and unexpected value. Our\nore supplies have been sufficient to maintain our Extraction Plant operations without interrup-\ntion, and in addition we have an accumulation of what we consider the greatest supply of Carnotite\nore, mined and sorted at one time, since the discovery of radium. This reserve which is held in\nthe form of low grade ore represents a very important asset of your Company. Late in 1917 we\ndiscovered unusually large deposits of ore in two of our workings. These new deposits have not as\nyet been thoroughly explored, but give hope of being the best yet found in the Carnotite field. Dur-\ning the past fifteen months we have substantially enlarged and modernized our mining operations. It\nmay be interesting for you to know that our Long Park Camp is now the largest town within a\nradius of twenty-two miles and supports its own County School.\nYour Extraction Plant has grown from practically an experimental stage with limited capacity,\nto one of the largest plants of its kind in existence. During the past fifteen months' period our\nExtraction Plant's capacity has been increased two hundred per cent (200%). This growth has\ninvolved construction work of some magnitude, and during the process of construction the Plant\nproduction was interrupted to a certain extent to which labor conditions, transportation embargoes,\netc., contributed. We were, however, able to fill all of our orders for luminous material and to\nclose the year with important stocks of radium on hand.\nOur Application Plant has been completed and is now a factory employing approximately\ntwo hundred people. In this Plant are illuminated all of the Ingersoll watches SO largely advertised\nthroughout the Country, also large quantities of clock dials for the more important companies, as\nwell as instruments of various types. Before the War closed our instrument business represented\na considerable proportion of the production of this Plant. Airplane instruments for the Army and\nNavy, ordnance and navigation appliances and trench devices were equipped with RLM in this\nPlant. This business has, of course, fallen off and is being replaced rapidly by clock work and\nwork on other Peace lines. It was found advisable to institute a research and scientific experi-\nmental department in this plant during the War which has resulted in improved application methods\nwhich will without doubt be of monetary value to your Company in the future.\nIn September the Mechanical Plant was opened in Orange, New Jersey. In this Plant are\nmanufactured luminous novelties-Ingersollite electric switch pendants and other devices of similar\ncharacter. Your Mechanical Plant manufactured luminous gun sights for the Army, Navy and Marine\nCorps, and very substantial quantities of other War material. So far the Mechanical Plant has pro-\nduced its full share of our profits account and the program of 1919 calls for important activities.\nYour Application and Mechanical Plants have turned out over Three million pieces (3,000,000),\nincluding War material, during the past fifteen months. Business in both Plants has grown pro-\ngressively. So far as we can judge at this time, Peace business will allow us to expand so that\nthey will run constantly at capacity. The Mechanical Plant has developed a number of new luminous\ndevices for which there is apparently an active market. The important watch and clock manufac-\nturers are planning to make illuminated watches and clocks on a very large scale. We expect to\nsecure a large portion of this business.\nIn general, prospects for 1919 are unusually bright. Our organization is strong. Peace\ndemands for luminous material so far have been all we anticipated. Our domestic sales campaign\nwill be thorough and divided in the necessary branches to cover the market in a complete manner.\nRespectfully submitted,\nPAUL M. WILLIS,\nPresident.\nJanuary 30, 1919.\nP. M. Willis, President,\nRadium Luminous Material Corporation.\nSir:\nI am handing you as part of this report, the balance sheet of the Corporation as of Decem-\nber 31, 1918.\nYour attention is called especially to comparison of current assets and current liabilities\nwhich are in a ratio of nearly six to one. This reflects the very sound financial position of the\nCorporation.\nAt the close of 1918, the liquid assets of the Corporation were in excess of the par value\nof the preferred stock outstanding. Since incorporation, dividends have been paid regularly on\nthe preferred stock and these dividends during fifteen months of operation have been earned more\nthan three times. The balance of the earnings, after payment of preferred dividends, has been\napplied to surplus. In the fifteen months of operation, the Corporation has set up a surplus of\n$72,670.76.\nThe books of the Corporation have been closed for the year 1918, and we have employed\nMarwick, Mitchell & Peat Co., accountants, to make a complete audit of transactions to December\n31, 1918.\nWe have not been able yet to set aside a specific amount for Federal income and excess-profits\ntaxes, but estimate under the present condition of the tax bill in Congress that our payments for\n1918 profits will amount to approximately $15,000.00.\nBALANCE SHEET\nRadium Luminous Material Corporation\nas of DECEMBER 31st 1918\nASSETS\nCurrent Assets\nCash in bank and on Hand\n-\n-\n$ 36,260.26\nAccounts Receivable\n99,748.31\nInventory of Ore, Radium Reserve\nand Supplies-\n-\n293,818.60\nTotal Current Assets\n429,827.17\nUnexpired Insurance\n3,722.17\nInvestment Securities - Liberty Bonds at Cost\n-\n10,000.00\nFixed Assets\nFactories\nLand, Buildings and Equipment\n267,594.43\nLess Reserve for Depreciation\n15,037.58\n252,556.85\nMining Properties and\nEquipment\n85,391.40\nLess Reserve for\nDepreciation\n3,244.29\n82,147.11\n334,703.96\nPatents\n-\n3,518.78\nSecret Process\n200,000.00\n538,222.74\nTotal Assets\n981,772.08\nLIABILITIES\nNotes Payable\n40,000.00\nAccounts Payable\n36,036.72\nReserve for Taxes\n750.00\nCapital Stock\n11,000 Shares Class \"A\" No par value 432,314.60\n4,000\n\"\nCumulative Preferred\n400,000.00\n832,314.60\nSurplus\nEarnings for 15 months\nended Dec. 31, 1918\n107,048.54\nLess Dividends paid on Preferred Stock 34,377.78\n72,670.76\n$981,772.08\nRespectfully submitted,\nA. ROEDER, Treasurer"
}