JAS. H. OLIPHANT & CO. 
Miata 7 
Anaconda Copper Mining Co. 
Anaconda Copper Mining Co. is to the copper industry what the 
United States Steel Corp. is to the iron and steel industry, the most 
completely integrated unit in the business. After occupying for 
forty years the position of world’s largest producer of copper and 
silver, with an important output of zine, lead, gold, arsenic and 
other metals, besides treating on a custom basis substantial 
amounts of ores and metals for other producers, Anaconda in 1922 
acquired the American Brass Co., the world’s largest manufac- 
turer of brass and copper fabrications, at a cost of about $45,000,- 
000, and in 1923 bought for about $77,000,000 a control of the 
Chile Copper Co., having one of the world’s most valuable copper 
ore bodies with the lowest cost of any large scale producer. 
Chile and Anaconda control two of the largest copper properties 
and American Brass Co. is the world’s largest consumer of copper. 
Andes Copper Co., similar to Chile, a huge deposit of low-cost 
ore, is now ending the development stage and about ready to 
blossom. forth. Refining properties, timber lands, coal mines, and 
numerous other activities round Anaconda into one of the 
country’s outstanding commercial units. Its timber lands and 
coal properties represent sufficient supplies for the company’s 
own requirements and permit large outside sales. 
This is a brief and inadequate description of the activities repre- 
sented in this company’s capitalization of $214,044,000 bonds (in- 
cluding $40,000,000 of the Andes property), $1,919,356 minority 
interest in subsidiary companies and $150,000,000 capital stock 
consisting of 3,000,000 $50 par value shares. The expansion in 
capitalization came in 1923 when the largest piece of copper finan- 
cing on record ($100,000,000 first mortgage 6s and $50,000,000 con- 
vertible 7s) arranged for the absorption of American Brass and 
Chile control. 
The copper industry has been one of the slowest to recover from 
the post-war collapse when world stocks of copper were 1,139,000 
tons. Since that time the prices of some of the non-ferrous metals 
have been entirely satisfactory but copper has been a laggard. 
Anaconda’s record of net income available for dividends has been 
as follows in the past six years beginning with 1921 when most of 
the mines of the country were closed down : 
10, 
1925... 
1924... 
2023.0 
922... 
“001 
Net Income 
.$14,226,000 
«+ 117,541,000 
6,719,000 
8,768,000 
ee 3, 531.000 
...deficit 17,000,000 
[241 
Per Share 
4.74 
5.84 
2.24 
2.92 
1.18