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SALES. The sale of Radium for therapeutic purposes during 1921 was a few thousand dollars short of sales for 1920, although during 1921 no very large single sale was made, while in 1920 an appreciable percentage of the total Radium sold was on one contract for Radium delivered to the State of New York. The sale of Undark Radium luminous material suffered during 1921 compared with the previous year, the falling off being due to the financial difficulties and consequent reduced consumption by one of our customers who previously had been the largest individual user of Undark in the world. Sound promotion work of the previous years and intensive sales effort during 1921 gave us numerous new customers for Undark and strength- ened our commanding position in this field. Vanadium, the principal by-product of Radium extraction, is used as an alloy for making special grades of steel. The market for this product changed from an exceedingly active one during 1919 and 1920 to substan- tially below normal in 1921. While the Corporation was able to sell its vanadium product in 1921, the income from this source was very much re- duced compared with the previous year. IN GENERAL. The position of your Corporation was improved during the last six months of the year. In that time operating economies in the purchase of supplies, wage adjustments, etc., made themselves felt. Overheads were materially reduced, placing the Corporation under present conditions on a profit making basis. THE OUTLOOK. Sales indicate that the market for Undark Radium luminous material is reviving in a most encouraging manner. With the improvement in the steel industry, we expect an improved demand for vanadium. The growth of the use of Radium therapeutically should gradually improve. Accord- ingly the management is planning for better business in 1922. The Balance Sheet submitted with this report shows the position of the Corporation as at December 31, 1921, audited by Messrs. Marwick, Mitchell & Co., New York. Yours truly, ARTHUR ROEDER, President. AR/HM

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    "ocrText": "SALES.\nThe sale of Radium for therapeutic purposes during 1921 was a few\nthousand dollars short of sales for 1920, although during 1921 no very\nlarge single sale was made, while in 1920 an appreciable percentage of the\ntotal Radium sold was on one contract for Radium delivered to the State\nof New York.\nThe sale of Undark Radium luminous material suffered during 1921\ncompared with the previous year, the falling off being due to the financial\ndifficulties and consequent reduced consumption by one of our customers\nwho previously had been the largest individual user of Undark in the world.\nSound promotion work of the previous years and intensive sales effort\nduring 1921 gave us numerous new customers for Undark and strength-\nened our commanding position in this field.\nVanadium, the principal by-product of Radium extraction, is used as\nan alloy for making special grades of steel. The market for this product\nchanged from an exceedingly active one during 1919 and 1920 to substan-\ntially below normal in 1921. While the Corporation was able to sell its\nvanadium product in 1921, the income from this source was very much re-\nduced compared with the previous year.\nIN GENERAL.\nThe position of your Corporation was improved during the last six\nmonths of the year. In that time operating economies in the purchase of\nsupplies, wage adjustments, etc., made themselves felt. Overheads were\nmaterially reduced, placing the Corporation under present conditions on\na\nprofit making basis.\nTHE OUTLOOK.\nSales indicate that the market for Undark Radium luminous material\nis reviving in a most encouraging manner. With the improvement in the\nsteel industry, we expect an improved demand for vanadium. The growth\nof the use of Radium therapeutically should gradually improve. Accord-\ningly the management is planning for better business in 1922.\nThe Balance Sheet submitted with this report shows the position of\nthe Corporation as at December 31, 1921, audited by Messrs. Marwick,\nMitchell & Co., New York.\nYours truly,\nARTHUR ROEDER,\nPresident.\nAR/HM"
}