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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION
Operations for the year 1934 resulted in a small profit. There was a
slight increase in sales volume over the preceding year, as well as continued
rigid economies. The watch, clock and instrument manufacturers are
experiencing an increasing business, and since they are the Corporation's
principal sources of outlet for luminous material, prospects for 1935 are
more encouraging for an enlarged sales volume.
In January of this year, negotiations were completed for a new contract
with the Belgian interests for our radium requirements, on a basis more
satisfactory to the Corporation. This provides for the liquidation of our
own inventory of radio-actives on a definite schedule, related to our total
business. Our former contract, which was in effect for approximately seven
years, required us to purchase all of our radium for use in luminous material.
This provision necessitated the holding of the bulk of our own radio-active
inventory without use.
In the early part of 1934, the United States District Court for the District
of New Jersey, handed down a decision in one of the personal injury suits
brought against the Corporation by a former employee, holding that the
Statute of Limitations is a bar to recovery at law, but in case fraud, actual
or equitable, was practiced by the Corporation, it might be enjoined from
pleading the Statute as a defense. In another suit directed to testing this
issue of fraud, testimony was completed in the Equity side of the same Court
on December 27th. The case will be argued after the completion of a
transcript of the five weeks of testimony and the preparation of briefs by
opposing counsel. In all probability, the losing side will take an appeal.
While we are hopeful of a successful outcome, it must be realized that in
situations such as this, there is always an element of uncertainty.
On March 15th of this year, Judge Ackerson, of the New Jersey Supreme
Court, handed down a decision adverse to the Corporation in its suit against
the Insurance carriers to test the question of coverage. The case will be
carried to the Court of Errors and Appeals and should be heard at the
coming October term.
Our subsidiary, the Weksler Thermometer Corporation, whose offices
and operations were combined with those of the Corporation on April 1st,
enjoyed a substantial increase in volume for the year over that for 1933.
This produced a small profit. Several new accounts with representative
concerns were opened, and with an expanded line of thermometers, particu-
larly those of the industrial type, we look forward to continued and substantial
growth in this field of endeavor.
As usual, our accounts 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\nOperations for the year 1934 resulted in a small profit. There was a\nslight increase in sales volume over the preceding year, as well as continued\nrigid economies. The watch, clock and instrument manufacturers are\nexperiencing an increasing business, and since they are the Corporation's\nprincipal sources of outlet for luminous material, prospects for 1935 are\nmore encouraging for an enlarged sales volume.\nIn January of this year, negotiations were completed for a new contract\nwith the Belgian interests for our radium requirements, on a basis more\nsatisfactory to the Corporation. This provides for the liquidation of our\nown inventory of radio-actives on a definite schedule, related to our total\nbusiness. Our former contract, which was in effect for approximately seven\nyears, required us to purchase all of our radium for use in luminous material.\nThis provision necessitated the holding of the bulk of our own radio-active\ninventory without use.\nIn the early part of 1934, the United States District Court for the District\nof New Jersey, handed down a decision in one of the personal injury suits\nbrought against the Corporation by a former employee, holding that the\nStatute of Limitations is a bar to recovery at law, but in case fraud, actual\nor equitable, was practiced by the Corporation, it might be enjoined from\npleading the Statute as a defense. In another suit directed to testing this\nissue of fraud, testimony was completed in the Equity side of the same Court\non December 27th. The case will be argued after the completion of a\ntranscript of the five weeks of testimony and the preparation of briefs by\nopposing counsel. In all probability, the losing side will take an appeal.\nWhile we are hopeful of a successful outcome, it must be realized that in\nsituations such as this, there is always an element of uncertainty.\nOn March 15th of this year, Judge Ackerson, of the New Jersey Supreme\nCourt, handed down a decision adverse to the Corporation in its suit against\nthe Insurance carriers to test the question of coverage. The case will be\ncarried to the Court of Errors and Appeals and should be heard at the\ncoming October term.\nOur subsidiary, the Weksler Thermometer Corporation, whose offices\nand operations were combined with those of the Corporation on April 1st,\nenjoyed a substantial increase in volume for the year over that for 1933.\nThis produced a small profit. Several new accounts with representative\nconcerns were opened, and with an expanded line of thermometers, particu-\nlarly those of the industrial type, we look forward to continued and substantial\ngrowth in this field of endeavor.\nAs usual, our accounts have been audited by Certified Public Accountants.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
}