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REPORT
United States Radium Corporation
ed
for
YEAR ENDED DECEMBER 31, 1921
UNITED STATES RADIUM CORPORATION
BALANCE SHEET AS AT DECEMBER 31, 1921
ASSETS
Cash in Bank and on Hand
56,899.75
Accounts Receivable
65,002.90
Inventory
516,446.80
Total Current Assets
638,349.45
Unexpired Insurance
1,133.01
Land, Buildings & Equipment-Orange 278,212.92
Mining Claims & Equipment
112,570.11
New York Office Equipment
7,621.53
398,404.57
Less Reserve for Depreciation
170,510.00
227,894.57
Secret Process
200,000.00
427,894.57
1,067,377.03
LIABILITIES
Notes Payable
175,000.00
Accounts Payable
8,679.22
Total Current Liabilities
183,679.22
Preferred Stock
400,000.00
Common Stock
355,718.77
755,718.77
Surplus December 31, 1920
177,518.58
Add Profit for Year 1921
46,661.81
224,180.39
Less
Dividends on Preferred
Stock
28.000.00
Inc. Tax on Previous Year 23,748.35
Investments Written Off
4,000.00
Other Deductions from Sur-
plus Chargeable to Pre-
vious Year
40,453.00
96,201.35
127,979.04
1,067,377.03
TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION:-
The depressed condition of business throughout the world naturally
affected the operations of your Corporation, and the net result for the year
was only $46,661.81. The steps taken by the management to adjust opera-
tions to conform with conditions during 1921 were as follows:-
CARNOTITE ORE MINING.
During the year our Mines in the Paradox Valley, Colorado, were oper-
ated to meet the total plant requirements less an accumulation of ore on
hand that it seemed advisable to minimize to avoid any loss on account of
decreasing value of carnotite ore. With this in mind, mines operations
were gradually reduced commencing in May and reaching a minimum in
October. At that time work was gradually resumed, reaching a production
of our current requirements in December. The result was a constant ore
supply without the dangers incident to a high cost accumulation in times
of receding markets.
The work of prospecting and locating ores was pushed aggressively
on several of the most important claims, leaving us at the end of the year
with a greater amount of ore in sight than at any previous time. Ore
bodies disclosed were in excess of our expectations. Preliminary work was
done to facilitate mining against the time when increased supplies will be
needed.
RADIUM EXTRACTION PLANT OPERATION.
The Orange, N. J. plant for the extraction of Radium was operated
continuously during 1921 on a basis which totalled fifteen per cent less ore
run than in 1920. The Radium tubed ready for delivery exceeded the
amount tubed in 1920 by about thirty per cent. The excess was the result
of working through to completion material that had previously accumu-
lated in process.
The laboratories for the manufacture of Undark Radium luminous
material, for chemical analysis, for physical analysis, for handling Radium
salts of high purity, and for research work, have all been improved, giving
substantial benefits in the way of economical production, minimizing losses,
improving quality, and in preparation for expansion. We were very for-
tunate in having join us Dr. Victor F. Hess, formerly of the Radium Insti-
tute in Vienna. He is a physicist well-known throughout the scientific
world. His work in organizing a system to control the Radium in all
stages of production has proven to be of first value.
MECHANICAL AND APPLICATION DEPARTMENTS.
These departments where Undark luminous material is applied to dials,
gauges, instruments, etc., and where numerous locating devices are manu-
factured, have been maintained on a scale sufficient to handle the work
received.
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": "REPORT\nUnited States Radium Corporation\ned\nfor\nYEAR ENDED DECEMBER 31, 1921\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1921\nASSETS\nCash in Bank and on Hand\n56,899.75\nAccounts Receivable\n65,002.90\nInventory\n516,446.80\nTotal Current Assets\n638,349.45\nUnexpired Insurance\n1,133.01\nLand, Buildings & Equipment-Orange 278,212.92\nMining Claims & Equipment\n112,570.11\nNew York Office Equipment\n7,621.53\n398,404.57\nLess Reserve for Depreciation\n170,510.00\n227,894.57\nSecret Process\n200,000.00\n427,894.57\n1,067,377.03\nLIABILITIES\nNotes Payable\n175,000.00\nAccounts Payable\n8,679.22\nTotal Current Liabilities\n183,679.22\nPreferred Stock\n400,000.00\nCommon Stock\n355,718.77\n755,718.77\nSurplus December 31, 1920\n177,518.58\nAdd Profit for Year 1921\n46,661.81\n224,180.39\nLess\nDividends on Preferred\nStock\n28.000.00\nInc. Tax on Previous Year 23,748.35\nInvestments Written Off\n4,000.00\nOther Deductions from Sur-\nplus Chargeable to Pre-\nvious Year\n40,453.00\n96,201.35\n127,979.04\n1,067,377.03\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nThe depressed condition of business throughout the world naturally\naffected the operations of your Corporation, and the net result for the year\nwas only $46,661.81. The steps taken by the management to adjust opera-\ntions to conform with conditions during 1921 were as follows:-\nCARNOTITE ORE MINING.\nDuring the year our Mines in the Paradox Valley, Colorado, were oper-\nated to meet the total plant requirements less an accumulation of ore on\nhand that it seemed advisable to minimize to avoid any loss on account of\ndecreasing value of carnotite ore. With this in mind, mines operations\nwere gradually reduced commencing in May and reaching a minimum in\nOctober. At that time work was gradually resumed, reaching a production\nof our current requirements in December. The result was a constant ore\nsupply without the dangers incident to a high cost accumulation in times\nof receding markets.\nThe work of prospecting and locating ores was pushed aggressively\non several of the most important claims, leaving us at the end of the year\nwith a greater amount of ore in sight than at any previous time. Ore\nbodies disclosed were in excess of our expectations. Preliminary work was\ndone to facilitate mining against the time when increased supplies will be\nneeded.\nRADIUM EXTRACTION PLANT OPERATION.\nThe Orange, N. J. plant for the extraction of Radium was operated\ncontinuously during 1921 on a basis which totalled fifteen per cent less ore\nrun than in 1920. The Radium tubed ready for delivery exceeded the\namount tubed in 1920 by about thirty per cent. The excess was the result\nof working through to completion material that had previously accumu-\nlated in process.\nThe laboratories for the manufacture of Undark Radium luminous\nmaterial, for chemical analysis, for physical analysis, for handling Radium\nsalts of high purity, and for research work, have all been improved, giving\nsubstantial benefits in the way of economical production, minimizing losses,\nimproving quality, and in preparation for expansion. We were very for-\ntunate in having join us Dr. Victor F. Hess, formerly of the Radium Insti-\ntute in Vienna. He is a physicist well-known throughout the scientific\nworld. His work in organizing a system to control the Radium in all\nstages of production has proven to be of first value.\nMECHANICAL AND APPLICATION DEPARTMENTS.\nThese departments where Undark luminous material is applied to dials,\ngauges, instruments, etc., and where numerous locating devices are manu-\nfactured, have been maintained on a scale sufficient to handle the work\nreceived.\nSALES.\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 a\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"
}