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Report, December 31, 1931

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REPORT United States Radium Corporation December 31, 1931 OFFICERS HERMANN C. SCHWAB Chairman CLARENCE B. LEE President, Treasurer HOWARD H. BARKER Vice-President, Secretary DIRECTORS HOWARD H. BARKER D. W. LADD JOSEPH W. BURDEN CLARENCE B. LEE DEAN S. EDMONDS HERMANN C. SCHWAB UNITED STATES RADIUM CORPORATION BALANCE SHEET AS AT DECEMBER 31, 1931 ASSETS Cash in Banks and on Hand $ 72,286.40 Investments 227,522.31 Notes, Accounts and Other Receiv- ables (Less Reserves) 27,565.29 Inventory 54,888.03 Total Current Assets $392,262.03 Deferred Charges 1,382.05 Land, Buildings and Equipment $118,942.65 Less Reserve for Depreciation 70,970.55 47,972.10 Good Will, Patents, etc 200,000.00 $641,616.18 LIABILITIES Accounts Payable $ 5,948.56 Reserve for Taxes, etc 572.34 Preferred Stock 200,000.00 Common Stock 36,850.00 Surplus 398,245.28 $641,616.18 TO THE STOCKHOLDERS OF UNITED STATES RADIUM CORPORATION From the standpoint of business volume, the year 1931, was the smallest in the history of the Corporation. This was a direct reflection of the adverse conditions experienced by manufacturers of watches, clocks and aeronautical instruments-the industries using the greatest quantity of your Corporation's luminous product. While there are some hopeful indications of a gradual improvement in the situation, there is nothing sufficiently tangible to warrant the expectation that the current year will approach normalcy. In sympathy with the general trend, several important operating economies were put into effect, which should be more clearly reflected during the current year. During the early part of 1931, the various Insurance Companies who, for the past several years, have been defending the series of personal injury suits, instituted against the Corporation by former employees declined further defense. The Corporation has brought suit in the Supreme Court of New Jersey against the Insurance Companies to test the question of coverage under their respective policies. This action is still pending, but it is hoped that a final decision may be had in the matter by the latter part of this year. The successful outcome of this litigation is of vital importance. No judicial determination, which would indicate our possible future liability, was had on the personal injury suits pending against the Corporation, reported to you a year ago. During the year two new actions were filed-one case in litigation was settled before trial, and two claims were adjusted without legal action having been started. The Accounts of the Corporation have been audited by Messrs. Peat, Mar- wick, Mitchell and Company, of New York City. Very truly yours, CLARENCE B. LEE, President.

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4
Source index
0
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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1931\nOFFICERS\nHERMANN C. SCHWAB\nChairman\nCLARENCE B. LEE\nPresident, Treasurer\nHOWARD H. BARKER\nVice-President, Secretary\nDIRECTORS\nHOWARD H. BARKER\nD. W. LADD\nJOSEPH W. BURDEN\nCLARENCE B. LEE\nDEAN S. EDMONDS\nHERMANN C. SCHWAB\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1931\nASSETS\nCash in Banks and on Hand\n$ 72,286.40\nInvestments\n227,522.31\nNotes, Accounts and Other Receiv-\nables (Less Reserves)\n27,565.29\nInventory\n54,888.03\nTotal Current Assets\n$392,262.03\nDeferred Charges\n1,382.05\nLand, Buildings and Equipment\n$118,942.65\nLess Reserve for Depreciation\n70,970.55\n47,972.10\nGood Will, Patents, etc\n200,000.00\n$641,616.18\nLIABILITIES\nAccounts Payable\n$ 5,948.56\nReserve for Taxes, etc\n572.34\nPreferred Stock\n200,000.00\nCommon Stock\n36,850.00\nSurplus\n398,245.28\n$641,616.18\nTO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nFrom the standpoint of business volume, the year 1931, was the smallest\nin the history of the Corporation. This was a direct reflection of the adverse\nconditions experienced by manufacturers of watches, clocks and aeronautical\ninstruments-the industries using the greatest quantity of your Corporation's\nluminous product. While there are some hopeful indications of a gradual\nimprovement in the situation, there is nothing sufficiently tangible to warrant\nthe expectation that the current year will approach normalcy. In sympathy\nwith the general trend, several important operating economies were put into\neffect, which should be more clearly reflected during the current year.\nDuring the early part of 1931, the various Insurance Companies who, for\nthe past several years, have been defending the series of personal injury suits,\ninstituted against the Corporation by former employees declined further defense.\nThe Corporation has brought suit in the Supreme Court of New Jersey against\nthe Insurance Companies to test the question of coverage under their respective\npolicies. This action is still pending, but it is hoped that a final decision may be\nhad in the matter by the latter part of this year. The successful outcome of this\nlitigation is of vital importance.\nNo judicial determination, which would indicate our possible future liability,\nwas had on the personal injury suits pending against the Corporation, reported\nto you a year ago. During the year two new actions were filed-one case in\nlitigation was settled before trial, and two claims were adjusted without legal\naction having been started.\nThe Accounts of the Corporation have been audited by Messrs. Peat, Mar-\nwick, Mitchell and Company, of New York City.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
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