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TO THE STOCKHOLDERS
OF UNITED STATES RADIUM CORPORATION:-
During 1923 the demand for Radium for therapeutic purposes
was weak. Deliveries to doctors and hospitals in the United States
are estimated at less than fifty per cent of the average distribution
of the preceding three or four years. The lack of active demand
cannot be attributed to a narrowing of the field of usefulness, the
failure of Radium as a curative agent, or to market saturation.
Hospital building and equipping was active, General business con-
ditions apparently did not unusually hinder those who would ordi-
narily have invested in Radium. The technique of Radium, Radium
emanation, X-ray, and other specialties was advanced.
Late in 1922 it was announced that a large deposit of very rich
Radium ore had been discovered in the Belgian Congo and that
finished Radium from Belgium would be sold in the United States
at low prices. Shortly afterwards Radium was offered at $70.00
per milligram whereas for a number of years previously the price
had ranged from $100.00 to $120.00. Instead of the market being
stimulated, a reaction took place. Our salesmen reported that
prospective buyers were reserving action in the expectation of much
lower quotations. The new Radium field received wide publicity
which unfortunately implied that the cost of making Radium from
this ore would shatter all earlier figures. Coincidently Radium
plants closed in this country and we believe independent plants
in
other parts of the world. Then followed an announcement that one
of the three large American producers had decided to liquidate.
Thus the most important division of our business during 1923
labored under not only the lowest selling price of Radium since its
discovery, but with a market violently disturbed by adverse rumors.
The year's operations in Undark self-luminous material were
quite satisfactory. All products of Radium suffered to a certain
extent with the medical market. However, self-luminous material,
for which there is an established public demand, was affected only
by keener competition and price considerations. The quantities
made and sold were normal.
Vanadium, the commercial by-product from carnotite ore, sold
freely at prices above those for 1922. The Corporation carried over
no stock of finished material. The production in the United States
has been curtailed by the suspension of operations in all other
Radium plants so that a continuing active demand for our vanadium
may be predicted. We have been informed that the Congo ores
carry very little or no vanadium.
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"ocrText": "TO THE STOCKHOLDERS\nOF UNITED STATES RADIUM CORPORATION:-\nDuring 1923 the demand for Radium for therapeutic purposes\nwas weak. Deliveries to doctors and hospitals in the United States\nare estimated at less than fifty per cent of the average distribution\nof the preceding three or four years. The lack of active demand\ncannot be attributed to a narrowing of the field of usefulness, the\nfailure of Radium as a curative agent, or to market saturation.\nHospital building and equipping was active, General business con-\nditions apparently did not unusually hinder those who would ordi-\nnarily have invested in Radium. The technique of Radium, Radium\nemanation, X-ray, and other specialties was advanced.\nLate in 1922 it was announced that a large deposit of very rich\nRadium ore had been discovered in the Belgian Congo and that\nfinished Radium from Belgium would be sold in the United States\nat low prices. Shortly afterwards Radium was offered at $70.00\nper milligram whereas for a number of years previously the price\nhad ranged from $100.00 to $120.00. Instead of the market being\nstimulated, a reaction took place. Our salesmen reported that\nprospective buyers were reserving action in the expectation of much\nlower quotations. The new Radium field received wide publicity\nwhich unfortunately implied that the cost of making Radium from\nthis ore would shatter all earlier figures. Coincidently Radium\nplants closed in this country and we believe independent plants\nin\nother parts of the world. Then followed an announcement that one\nof the three large American producers had decided to liquidate.\nThus the most important division of our business during 1923\nlabored under not only the lowest selling price of Radium since its\ndiscovery, but with a market violently disturbed by adverse rumors.\nThe year's operations in Undark self-luminous material were\nquite satisfactory. All products of Radium suffered to a certain\nextent with the medical market. However, self-luminous material,\nfor which there is an established public demand, was affected only\nby keener competition and price considerations. The quantities\nmade and sold were normal.\nVanadium, the commercial by-product from carnotite ore, sold\nfreely at prices above those for 1922. The Corporation carried over\nno stock of finished material. The production in the United States\nhas been curtailed by the suspension of operations in all other\nRadium plants so that a continuing active demand for our vanadium\nmay be predicted. We have been informed that the Congo ores\ncarry very little or no vanadium."
}