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    "ocrText": "REPORT\nUnited States Radium Corporation\nDecember 31, 1937\nOFFICERS\nDEAN S. EDMONDS\nChairman\nCLARENCE B. LEE\nPresident, Treasurer\nHOWARD H. BARKER\nVice-President, Secretary\nHERBERT A. WHITING\nAssistant Secretary-Treasurer\nDIRECTORS\nHOWARD H. BARKER\nDEAN S. EDMONDS\nG. CAMPBELL BECKET\nD. W. LADD\nJOSEPH W. BURDEN\nCLARENCE B. LEE\nUNITED STATES RADIUM CORPORATION\nBALANCE SHEET AS AT DECEMBER 31, 1937\nASSETS\nCash in Banks and on Hand\n$ 47,448.29\nInvestments (Market Value $48,305.30)\nat Cost\n54,708.60\nNotes, Accounts and Other Receivables\n(Less Reserves)\n13,882.46\nInventories: at cost or market, whichever\nis lower\n21,047.83\nTotal Current Assets\n$137,087.18\nInvestments in and Advances to Weksler\nThermometer Corp\n30,623.56\nPrepaid Expenses\n1,950.53\nInvestment in Idle Property and Plant-\nAt value fixed by Board of Directors\n30,000.00\nEquipment, Furniture and Fixtures, Less\nDepreciation\n8,313.57\nGood-will, Trade-marks, Patents, etc.\n1.00\nDeferred Charges, Leasehold Improve-\nments, etc.\n746.67\n$208,722.51\nLIABILITIES\nAccounts Payable and Accrued Expenses\n$ 3,949.42\nProvision for Federal Taxes on Income\n3,000.00\nProvision for Contingencies\n89.75\nTotal Current Liabilities\n$ 7,039.17\nPreferred Stock\n$ 59,000.00\nLess: Amount held in Treasury\n5,000.00\n54,000.00\nCommon Stock\n$ 36,900.00\nLess: Amount held in Treasury\n150.00\n36,750.00\nSurplus:\nCapital Surplus\n$218,289.94\nDeficit from Operations\n107,356.60\n110,933.34\n$208,722.51\nTO THE STOCKHOLDERS\nOF THE UNITED STATES RADIUM CORPORATION\nThe accompanying Balance Sheet shows the condition of the Corporation as of\nDecember 31, 1937. On this Balance Sheet effect has been given to the retirement\nof 2820 shares of Preferred Stock purchased under the plan referred to in our\nreport of last year. The amount expended for those shares was $176,853.35 or an\naverage of $62.71 per share. Late in December an additional 100 shares were\npurchased and are now held in the Treasury of the Corporation subject to\nretirement.\nOn December 16th, dividends amounting to $20,650 were paid on the 1180\nshares of Preferred Stock then outstanding, at the rate of $17.50 per share.\nAccumulated unpaid dividends on the Preferred Stock at December 31, 1937\namounted to $31.50 per share.\nSales volume for 1937 showed an increase of 28% over that of the preceding\nyear, and there was a net profit of $24,245.88 after taxes and other adjustments.\nThe increase in volume and resulting profit was due largely to business of a special\nnature, most of which was booked in the latter half of the year.\nConditions prevailing so far in the current year have not been favorable.\nCompetition remains keen. There has been a gradual reduction of prices on a\nshrinking volume of business from the watch and clock industry. Business received\nfrom the aeronautical instrument builders has been maintained.\nThe Weksler Thermometer Corporation enjoyed an increase in volume of sales\nover 1936 amounting to 24%. A number of new items were added to the line of\nthe Weksler company. The present outlook for that company is that the volume\nof business for the year will be under that of last year unless general business\nconditions improve considerably.\nThe books of the Corporation have been audited by Messrs. Peat, Marwick,\nMitchell & Co.\nVery truly yours,\nCLARENCE B. LEE,\nPresident.\nApril 27, 1938."
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