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    "localId": "75719131",
    "label": "Report, December 31, 1924",
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    "title": "Report, December 31, 1924",
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    "seq": 5,
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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1924\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, 1924\nASSETS\nCash in Bank and On Hand\n$48,585.21\nNotes, Accounts and Other Re-\nceivables\n81,719.83\nInventory\n286,646.20\n$416,951.24\nDeferred Charges\n3,074.75\nInvestment in Milling Ore Reserve\n126,830.00\nLand, Buildings, Mining Claims\nand Equipment\n$352,932.87\nLess Depreciation Reserve\n202,318.59\n150,614.28\nSecret Process, Good Will, Patents, Etc\n200,000.00\n$897,470.27\nLIABILITIES\nNotes Payable\n$100,000.00\nAccounts Payable\n3,671.46\nPreferred Stock\n$400,000.00\nCommon Stock\n355,718.77\n755,718.77\nSurplus\n38,080.04\n$897,470.27\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nAn analysis of the operations of the Radium Division of the\nCorporation's business for the year 1924 shows very little change\nfrom that of the preceding year. Radium produced from ores mined\nin the Belgian Congo was freely offered in competition at prices\napproximately the same as those established late in 1922 and con-\ntinued through 1923. These prices ranged from $70.00 to $75.00\nper milligram depending on the type of containers furnished, and\nare comparable with $100.00 to $120.00 per milligram, the normal\nprice range in prior years. The gross Radium business for 1924\nthroughout the country was less than anticipated. The weakness\nin demand was largely due to a new trend. Most sales were made\nin comparatively small lots and to a great extent confined to the\nsmaller cities and towns. This is quite in contrast to former years\nwhen sales were chiefly made in bulk in the larger centers. The\nnew tendency is considered promising as it indicates a spreading\ninterest on the part of the medical profession in the use of Radium\nas a therapeutic agent.\nOur Radium manufacturing operations were restricted to\nsynchronize with market conditions and to provide a constant ac-\ntivity in the ore reduction works SO that uneconomical fluctuations\nin the rate of production were avoided. As a consequence, the cost\nper milligram of Radium isolated in 1924 was slightly higher than\nwould have resulted from a processing of normal tonnage.\nThe volume of business in Undark Radium Luminous Material\nwas appreciably better than for the year 1923. In this department,\nimprovement very nearly parallels the increased activity in the\nwatch and clock industry although expansion in the use of Undark\nby other manufacturers contributed.\nAccompanying this report is a balance sheet which reflects the\ncondition of the business as at December 31, 1924. It contains two\nchanges demanded by conservative management. Mining prop-\nerties were written down to $1,300.00. This reduction also affected\nthe depreciation reserve account as the original costs of the mines\nand the reserves set up against them were entirely wiped out with\nthe exception of $1,300.00. Investment in milling ore reserve has\nbeen withdrawn from Inventory and set up as a separate account.\nAt present it is not carried as a direct current asset because present\nconditions in the Radium industry make the construction of a\nmilling unit inadvisable. For economical operation, a concentrating\nmill requires a tonnage production which will not be indicated until\nthe market for Radium expands and the selling prices are again\nadvanced.\nDuring the year all departments of the business were operated\non budgets and expenses were held within the limits set up. Opera-\ntions as a whole for the year 1924 resulted in some profit. No\ndividends were declared. Payments on the Preferred Stock cannot\nbe resumed until earnings show substantial improvement and condi-\ntions in the industry in general become more normal. In a relatively\nnew business which lacks precedents and has shown no continuous\ntrends that can be keyed, it is futile to attempt to forecast with\naccuracy. On the one hand, costs in our plant or competitors'\nplants may at any time be affected by a discovery of ore bodies of\nunusual richness or by improved processes. On the other hand,\nshould new uses be found for Radium, it is quite conceivable that\nthe present overstocked condition in the industry may be com-\npletely reversed in a short time. However, it was observed that\nlate in 1924 the therapeutic demand for Radium became more\nactive. It is reasonable to expect a healthier condition in this\ndepartment of our business for 1925 than during 1924. The volume\nof Undark Radium Luminous Material fluctuates almost directly\nwith conditions in the watch and clock industry. These manufac-\nturers anticipate that the volume of business for 1925 will be ap-\nproximately equal to that of 1924.\nThe accounts of the Corporation have been audited by Messrs.\nPeat, Marwick, Mitchell & Company of New York.\nYours truly,\nARTHUR ROEDER,\nPresident."
}