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The Company's plants were operated on a restricted basis to
provide Radium only for our own requirements and to fill orders
that could be taken without extraordinary selling expense. Ex-
penses in all departments were reduced to a minimum consistent
with lower volume and necessary activity. Non-productive over-
head expenses were 27% less than for 1922.
A small net profit resulted from the operations during 1923.
Earnings were insufficient, however, for payments of dividends on
the preferred shares. On the other hand, we were able to improve
the financial position rather more than was anticipated at the first
of the year. The Directors of your Corporation recognized the
value of unusual conservatism in managing its affairs during the
period of uncertainty brought about by new foreign competition.
The prospect for 1924 cannot be foretold with any hope for
accuracy. The Radium market is far from full recovery. Undark
sales should improve and the possibility of other commercial uses
of Radium are being investigated. Normal profits, however, depend
in a great degree at present on a higher market price of Radium
for medical purposes.
The accounts of the Corporation have been audited by Messrs.
Marwick, Mitchell & Co., New York.
Yours truly,
ARTHUR ROEDER,
President.
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Context sent to Scholar
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"ocrText": "The Company's plants were operated on a restricted basis to\nprovide Radium only for our own requirements and to fill orders\nthat could be taken without extraordinary selling expense. Ex-\npenses in all departments were reduced to a minimum consistent\nwith lower volume and necessary activity. Non-productive over-\nhead expenses were 27% less than for 1922.\nA small net profit resulted from the operations during 1923.\nEarnings were insufficient, however, for payments of dividends on\nthe preferred shares. On the other hand, we were able to improve\nthe financial position rather more than was anticipated at the first\nof the year. The Directors of your Corporation recognized the\nvalue of unusual conservatism in managing its affairs during the\nperiod of uncertainty brought about by new foreign competition.\nThe prospect for 1924 cannot be foretold with any hope for\naccuracy. The Radium market is far from full recovery. Undark\nsales should improve and the possibility of other commercial uses\nof Radium are being investigated. Normal profits, however, depend\nin a great degree at present on a higher market price of Radium\nfor medical purposes.\nThe accounts of the Corporation have been audited by Messrs.\nMarwick, Mitchell & Co., New York.\nYours truly,\nARTHUR ROEDER,\nPresident."
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