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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION
The general business of the Corporation for the year 1928, was fairly
satisfactory when compared with the operations of the preceding year.
Inventories and operating expenses were kept at a minimum-and the
financial position of the corporation was strengthened. The net gain of
$17,094.04 is reflected in the balance sheet attached hereto.
The personal injury suits by former employees, reported to you a
year ago, were settled out of court last June. This entailed a substantial
payment by the Corporation, but the terms of the settlement were such
as to give an opportunity to make a thorough study of the cases by a
committee of outstanding physicians uninfluenced by propaganda or the
opportunity for personal gain. Three additional suits asking damages in
the aggregate of $1,150,000.00 were instituted last Fall. These have been
noted for trial at an early date. While the unwarranted and exaggerated
newspaper publicity on these and the former cases has been annoying, the
damage from a volume of business standpoint has not been serious.
During the year our Colorado mining properties were disposed of at
a
satisfactory price. This reduces our fixed asset holdings to the Extraction
Plant property located in Orange, N. J. This property is for sale and
it is hoped that it may be disposed of during the current year.
The contract for our radium requirements, with the Union Miniere
du Haut Katanga-Radium Belge, except for a few minor matters, has
generally proved to be satisfactory, and it is hoped that this arrangement
will continue to function without serious interruption.
The accounts of the Corporation have been audited by Messrs. Peat,
Marwick, Mitchell and Company, of New York City.
Very truly yours,
CLARENCE B. LEE,
President.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nThe general business of the Corporation for the year 1928, was fairly\nsatisfactory when compared with the operations of the preceding year.\nInventories and operating expenses were kept at a minimum-and the\nfinancial position of the corporation was strengthened. The net gain of\n$17,094.04 is reflected in the balance sheet attached hereto.\nThe personal injury suits by former employees, reported to you a\nyear ago, were settled out of court last June. This entailed a substantial\npayment by the Corporation, but the terms of the settlement were such\nas to give an opportunity to make a thorough study of the cases by a\ncommittee of outstanding physicians uninfluenced by propaganda or the\nopportunity for personal gain. Three additional suits asking damages in\nthe aggregate of $1,150,000.00 were instituted last Fall. These have been\nnoted for trial at an early date. While the unwarranted and exaggerated\nnewspaper publicity on these and the former cases has been annoying, the\ndamage from a volume of business standpoint has not been serious.\nDuring the year our Colorado mining properties were disposed of at\na\nsatisfactory price. This reduces our fixed asset holdings to the Extraction\nPlant property located in Orange, N. J. This property is for sale and\nit is hoped that it may be disposed of during the current year.\nThe contract for our radium requirements, with the Union Miniere\ndu Haut Katanga-Radium Belge, except for a few minor matters, has\ngenerally proved to be satisfactory, and it is hoped that this arrangement\nwill continue to function without serious interruption.\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."
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