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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION
The attached Balance Sheet reflects the condition of our Corporation as
at the close of business December 31, 1932. The difference between cost and
market price of securities and investments is properly indicated. You will
also note that the Corporation continues to enjoy a strong liquid position.
The volume of business for the year was disappointing and only reached
a total of approximately fifty percent of that for the preceding year. This
condition necessitated rather drastic action by the Officers and Directors
along the lines of general expense and salary reductions, and as a result loss
for the year was held to within a few hundred dollars of that for the year
of 1931. At this writing other adjustments are under consideration designed
to more nearly equalize prospective income to estimated outgo.
During the year two pending suits by former employees were settled
before trial, while two new suits, which are still pending, were instituted by
former employees. A decision regarding the legal aspect of this type litigation
against the Corporation occurred last October, when the New Jersey Court
of Errors and Appeals ruled in a case similar to the personal injury actions
against our Corporation that the Statute of Limitations is a bar to recovery.
It is hoped that this decision by the highest court in the State will prove to
be a precedent for disposing of the litigation against the Corporation.
Last fall some of the unusable old buildings on the idle property in Orange,
New Jersey, were demolished without reducing values. This greatly improved
the appearance of the property itself as well as that of the neighborhood and
also effected a substantial saving in both taxes and insurance.
The contract for our radium supply, which expired last September, has
been extended to December 31, 1933.
The high grade radium bearing ore deposit discovered in the Great Bear
Lake region of Canada is being developed to a point where this new source
of supply may soon become an important factor in the markets of the world.
This may have a very definite bearing on the future of our Corporation.
As usual, the accounts of the Corporation have been audited by Certified
Public Accountants.
Very truly yours,
CLARENCE B. LEE,
President.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nThe attached Balance Sheet reflects the condition of our Corporation as\nat the close of business December 31, 1932. The difference between cost and\nmarket price of securities and investments is properly indicated. You will\nalso note that the Corporation continues to enjoy a strong liquid position.\nThe volume of business for the year was disappointing and only reached\na total of approximately fifty percent of that for the preceding year. This\ncondition necessitated rather drastic action by the Officers and Directors\nalong the lines of general expense and salary reductions, and as a result loss\nfor the year was held to within a few hundred dollars of that for the year\nof 1931. At this writing other adjustments are under consideration designed\nto more nearly equalize prospective income to estimated outgo.\nDuring the year two pending suits by former employees were settled\nbefore trial, while two new suits, which are still pending, were instituted by\nformer employees. A decision regarding the legal aspect of this type litigation\nagainst the Corporation occurred last October, when the New Jersey Court\nof Errors and Appeals ruled in a case similar to the personal injury actions\nagainst our Corporation that the Statute of Limitations is a bar to recovery.\nIt is hoped that this decision by the highest court in the State will prove to\nbe a precedent for disposing of the litigation against the Corporation.\nLast fall some of the unusable old buildings on the idle property in Orange,\nNew Jersey, were demolished without reducing values. This greatly improved\nthe appearance of the property itself as well as that of the neighborhood and\nalso effected a substantial saving in both taxes and insurance.\nThe contract for our radium supply, which expired last September, has\nbeen extended to December 31, 1933.\nThe high grade radium bearing ore deposit discovered in the Great Bear\nLake region of Canada is being developed to a point where this new source\nof supply may soon become an important factor in the markets of the world.\nThis may have a very definite bearing on the future of our Corporation.\nAs usual, the accounts of the Corporation have been audited by Certified\nPublic Accountants.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
}