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    "title": "Report, December 31, 1926",
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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1926\nOFFICERS\nW. REDMOND CROSS\nChairman\nCLARENCE B. LEE\nPresident, Treasurer\nHAROLD H. BARKER\nVice-President\nTHOMAS R. STRAHAN\nSecretary\nDIRECTORS\nJOSEPH W. BURDEN\nW. REDMOND CROSS CLARENCE B. LEE\nDEAN S. EDMONDS\nARTHUR ROEDER\nALLEN W. EVARTS\nHERMANN C. SCHWAB\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1926\nASSETS\nCash:\nIn Banks and On Hand\n$ 39,266.77\nMoney Out on Call\n125,000.00\n$164,266.77\nNotes, Accounts and Other Receiv-\nables (Less Reserve)\n35,261.68\nInventory\n126,581.64\nTotal Current Assets\n326,110.09\nDeferred Charges\n5,680.58\nMilling Ore\n50,000.00\nLand, Buildings, Mining Claims\nand Equipment\n$125,326.42\nLess Reserve for Depreciation\n42,736.32\n82,590.10\nGood Will, Patents, Etc.\n200,000.00\n$664,380.77\nLIABILITIES\nAccounts Payable\n$ 5,545.78\nPreferred Stock\n$400,000.00\nCommon Stock\n258,834.99\n658,834.99\n$664,380.77\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nThe chief points effecting the Corporation's activities during the year\n1926, may be briefly summarized as follows:\n1. After extended negotiations, satisfactory arrangements were made\nin the early part of the year, with the Radium Belge for our requirements\nof radium element, at a price somewhat less than our manufacturing cost.\n2. The sale of radium to doctors and hospitals had been unprofitable\nsince the drop in price four years ago. Radium element in the hands of the\nproducers far exceeds the demand for the medical profession, which shows a\ntendency to absorb a lessened quantity from year to year. This field not\noffering attractive possibilities for the future, it was deemed advisable to\ndiscontinue it, and concentrate all of our efforts on the various commercial\ndivisions of the business.\n3. In order to meet competition, during the past few years we were\nobliged to produce our radium from fairly high-grade carnotite ore. The\navailable ore supply of sufficient quality was rapidly becoming exhausted, and\nwith the assurance of being able to purchase our radium requirements from\nabroad, your Directors decided to permanently close and offer for sale our\nextraction plant with its machinery and equipment.\n4. The foregoing program which essentially is in force has resulted\nin the consolidation of various operations, materially effecting expenses. In\nthe execution of this program: our extraction plant machinery and equip-\nment has been sold; our executive offices have been removed from 30 Church\nStreet, to a less expensive rental district, 535 Pearl Street, New York City;\nour laboratories and mechanical department formerly located in Orange,\nNew Jersey, have been combined with our executive offices; our personnel,\ngeneral, technical, and executive has been substantially reduced.\n5. Sales for the year were generally satisfactory-all major divisions\nshowing an increase over the previous year. The volume on Undark supplied\nprincipally to the watch and clock industry and, which is the most important\ndivision of our business showed a decided increase over sales for the year\n1925. New lines offering promise for the year 1927, were developed and\nactively pushed.\n6. The financial position of the Corporation was greatly improved.\nInventories, accounts and notes receivable were reduced, while cash was\nsubstantially increased. This is reflected in the balance sheet appearing\nherewith. There was a loss incurred through the sale of plant machinery\nand equipment. Milling ore was written down to an amount approximating\nits present value. These items more than offset the small trading profit for\nthe year and the surplus account carried over from 1925, and have been\nadjusted through a charge against capital.\nThe accounts of the Corporation have been audited by Messrs. Peat,\nMarwick, Mitchell and Company, of New York City.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
}