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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION:-
During the year 1925, Radium was offered to doctors and hospitals in
generous supply at the low market prices that had prevailed during the two
years preceding, and in some instances at lower rates. Even though the
Radium market throughout the year was favorable to buyers, the total
distribution in the markets where the Company operates was not increased.
The total sales of Radium to physicians and hospitals in 1925 is estimated
to have been less than the absorption by the same market in the year 1924.
No outstanding developments were accomplished in Radium therapeutic
technique. Until some progress is made toward widening the utility of
Radium in this field, it is unlikely that the demand will again become
vigorous since in past years most of the important medical centers have
acquired reasonable supplies of the Element. Radium continues to give off
energy for a great many years so that except for an occasional accidental
loss, there is no replacement business. Your Company was successful in
securing its share of this restricted business, but low sales prices coupled
with necessary selling and service expenses made this division of the busi-
ness unprofitable. Trading profits were more than offset by manufacturing
losses, so that the year's operations show a shrinkage in surplus of $17,371.84
after all adjustments.
Because of an oversupply of Radium in the hands of the producers
and distributors in the United States and Europe, production operations in
the Company's plant were discontinued early in the Fall. The Corporation's
mines were idle during 1925, our ore requirements having been secured from
other sources at advantageous rates. The production of Undark Radium
Luminous Material and other commercial preparations was increased.
Concentrated effort was maintained to expand the commercial use of
Radium and to improve the Corporation's financial position. An analysis
of sales shows an improved demand for Radium in commercial enterprise.
The sales for pharmaceutical preparations, radioactive drinking water
machines, and industrial purposes were increased. In addition luminous
specialties, house numbers, indicators, and other items, responded to selling
campaigns that were aggressively maintained.
The condensed balance sheet printed on the opposite page shows im-
provement in the Company's financial position compared with the published
balance sheet as at December 31, 1924. The notes payable to banks
totalling $100,000.00 outstanding December 31, 1924 were paid in 1925
and through reduction of inventory and outstanding accounts a gain in cash
on hand was also made. The financial situation at the end of 1925 gives a
ratio between current assets and other receivables to current liabilities of
better than 37 to 1, whereas the corresponding ratio at the end of 1924 was
between 4 and 5 to 1. Disregarding inventory, the ratio as at December 31,
1925 was over 13 to 1 and at December 31, 1924, a little better than 1 to 1.
The accounts of the Corporation have been audited by Messrs. Peat,
Marwick, Mitchell & Co. of New York.
Yours truly,
ARTHUR ROEDER,
President.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nDuring the year 1925, Radium was offered to doctors and hospitals in\ngenerous supply at the low market prices that had prevailed during the two\nyears preceding, and in some instances at lower rates. Even though the\nRadium market throughout the year was favorable to buyers, the total\ndistribution in the markets where the Company operates was not increased.\nThe total sales of Radium to physicians and hospitals in 1925 is estimated\nto have been less than the absorption by the same market in the year 1924.\nNo outstanding developments were accomplished in Radium therapeutic\ntechnique. Until some progress is made toward widening the utility of\nRadium in this field, it is unlikely that the demand will again become\nvigorous since in past years most of the important medical centers have\nacquired reasonable supplies of the Element. Radium continues to give off\nenergy for a great many years so that except for an occasional accidental\nloss, there is no replacement business. Your Company was successful in\nsecuring its share of this restricted business, but low sales prices coupled\nwith necessary selling and service expenses made this division of the busi-\nness unprofitable. Trading profits were more than offset by manufacturing\nlosses, so that the year's operations show a shrinkage in surplus of $17,371.84\nafter all adjustments.\nBecause of an oversupply of Radium in the hands of the producers\nand distributors in the United States and Europe, production operations in\nthe Company's plant were discontinued early in the Fall. The Corporation's\nmines were idle during 1925, our ore requirements having been secured from\nother sources at advantageous rates. The production of Undark Radium\nLuminous Material and other commercial preparations was increased.\nConcentrated effort was maintained to expand the commercial use of\nRadium and to improve the Corporation's financial position. An analysis\nof sales shows an improved demand for Radium in commercial enterprise.\nThe sales for pharmaceutical preparations, radioactive drinking water\nmachines, and industrial purposes were increased. In addition luminous\nspecialties, house numbers, indicators, and other items, responded to selling\ncampaigns that were aggressively maintained.\nThe condensed balance sheet printed on the opposite page shows im-\nprovement in the Company's financial position compared with the published\nbalance sheet as at December 31, 1924. The notes payable to banks\ntotalling $100,000.00 outstanding December 31, 1924 were paid in 1925\nand through reduction of inventory and outstanding accounts a gain in cash\non hand was also made. The financial situation at the end of 1925 gives a\nratio between current assets and other receivables to current liabilities of\nbetter than 37 to 1, whereas the corresponding ratio at the end of 1924 was\nbetween 4 and 5 to 1. Disregarding inventory, the ratio as at December 31,\n1925 was over 13 to 1 and at December 31, 1924, a little better than 1 to 1.\nThe accounts of the Corporation have been audited by Messrs. Peat,\nMarwick, Mitchell & Co. of New York.\nYours truly,\nARTHUR ROEDER,\nPresident."
}