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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION
The attached Balance Sheet, audited by Messrs. Peat, Marwick, Mitchell & Co.,
of New York, reflects the condition of your Corporation as at the close of 1935.
In 1931 the Corporation instituted suit against four Insurance Companies who
carried the Workmen's Compensation and Public Liability risks from November
1916 until manufacturing operations were discontinued in the State of New Jersey
in 1926. On November 14, 1935, Judge Ackerson, sitting in the New Jersey
Supreme Court, decided that the policies of the various carriers did not cover
"Radium Poisoning" cases and on January 31, 1936, the Court of Errors and
Appeals, the highest Court in New Jersey, confirmed this decision.
The above decision definitely releases the Insurance Companies from any liability
in the suits by former employees against the Corporation, wherein they claim to
have suffered bodily injury as a result of their employment. The Corporation is
therefore definitely confronted with having to bear the full burden in any and all
pending suits or future suits, as well as to write off approximately $40,000. represent-
ing the accumulation of monies expended during the period of litigation, a large
part of which would have been refunded by the Insurance Companies, had Judge
Ackerson's confirmed decision been favorable to the Corporation.
It should be pointed out that "Radium Poisoning" was put on the list of
compensable diseases under the Workmen's Compensation Act in both New Jersey
and New York States about 1926, thereby removing the probability of any employee,
subsequent to that time, having just cause for a personal injury action at law.
Expert opinion is to the effect that the application of luminous material to watch,
clock, instrument dials, etc., as conducted today, presents no more hazard to the
health of the employee than the average industrial vocation.
On December 17th, 1935, Judge Forman, of the United States District Court
for the District of New Jersey, refused to enjoin the Corporation from pleading
the Statute of Limitations as a defense to an action at law in the LaPorte
case on the grounds that there was no actual or constructive fraud shown on the
part of the Corporation. While the Judge's opinion is strongly in favor of
the Corporation, it does not necessarily preclude other complainants from pressing
their claims for damages, as the decision only covers the one case which was before
the Court. There are three suits now pending against the Corporation, and six
claims called to our attention in which no suits have been filed, and it is hoped
that all these may eventually be dropped without further litigation.
Sales for the year showed an increase over 1934. The additional reserves
required on account of the loss of the suit against the Insurance Companies more
than equaled the profit gain, and the final result was a loss. Competition of
a
rather serious nature, particularly during the latter part of the year, resulted in
much lowered prices a condition which is apt to continue during the current year.
The Weksler Thermometer Corporation, our subsidiary, showed steady progress
during the year, with an increased volume of sales. The operations resulted in a
small but satisfactory profit.
Very truly yours,
CLARENCE B. LEE,
President.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION\nThe attached Balance Sheet, audited by Messrs. Peat, Marwick, Mitchell & Co.,\nof New York, reflects the condition of your Corporation as at the close of 1935.\nIn 1931 the Corporation instituted suit against four Insurance Companies who\ncarried the Workmen's Compensation and Public Liability risks from November\n1916 until manufacturing operations were discontinued in the State of New Jersey\nin 1926. On November 14, 1935, Judge Ackerson, sitting in the New Jersey\nSupreme Court, decided that the policies of the various carriers did not cover\n\"Radium Poisoning\" cases and on January 31, 1936, the Court of Errors and\nAppeals, the highest Court in New Jersey, confirmed this decision.\nThe above decision definitely releases the Insurance Companies from any liability\nin the suits by former employees against the Corporation, wherein they claim to\nhave suffered bodily injury as a result of their employment. The Corporation is\ntherefore definitely confronted with having to bear the full burden in any and all\npending suits or future suits, as well as to write off approximately $40,000. represent-\ning the accumulation of monies expended during the period of litigation, a large\npart of which would have been refunded by the Insurance Companies, had Judge\nAckerson's confirmed decision been favorable to the Corporation.\nIt should be pointed out that \"Radium Poisoning\" was put on the list of\ncompensable diseases under the Workmen's Compensation Act in both New Jersey\nand New York States about 1926, thereby removing the probability of any employee,\nsubsequent to that time, having just cause for a personal injury action at law.\nExpert opinion is to the effect that the application of luminous material to watch,\nclock, instrument dials, etc., as conducted today, presents no more hazard to the\nhealth of the employee than the average industrial vocation.\nOn December 17th, 1935, Judge Forman, of the United States District Court\nfor the District of New Jersey, refused to enjoin the Corporation from pleading\nthe Statute of Limitations as a defense to an action at law in the LaPorte\ncase on the grounds that there was no actual or constructive fraud shown on the\npart of the Corporation. While the Judge's opinion is strongly in favor of\nthe Corporation, it does not necessarily preclude other complainants from pressing\ntheir claims for damages, as the decision only covers the one case which was before\nthe Court. There are three suits now pending against the Corporation, and six\nclaims called to our attention in which no suits have been filed, and it is hoped\nthat all these may eventually be dropped without further litigation.\nSales for the year showed an increase over 1934. The additional reserves\nrequired on account of the loss of the suit against the Insurance Companies more\nthan equaled the profit gain, and the final result was a loss. Competition of\na\nrather serious nature, particularly during the latter part of the year, resulted in\nmuch lowered prices a condition which is apt to continue during the current year.\nThe Weksler Thermometer Corporation, our subsidiary, showed steady progress\nduring the year, with an increased volume of sales. The operations resulted in a\nsmall but satisfactory profit.\nVery truly yours,\nCLARENCE B. LEE,\nPresident."
}