STUDIES IN SECURITIES 
Intense competition by the copper selling companies at home and 
abroad, as productive capacity has been so great, has kept the price 
of the red metal abnormally low. Operations of the Copper Export 
Association, it is hoped, will alleviate this situation. 
At the close of 1926 Anaconda’s treasury position was strong. Cur- 
rent liabilities totaled $20,021,000 and current assets $115,561,000 
including $28,312,000 cash and marketable securities. 
Copper is a metal for which no substitute has ever been found. Its 
consumption is in fundamental industries and expansion in de- 
mand has been continuous except for the abnormal period follow- 
ing the tremendous output of war years. Anaconda Copper Min- 
ing Co. occupies a dominating position here; its big expansion has 
been successfully accomplished ; its management and financial con- 
dition is excellent; its stock, paying $3 dividend, is the medium 
for participation in the copper mining, refining, and fabricating 
business. 
Atchison, Topeka & Santa Fe Ry. 
Hardly due to luck the earnings of Atchison, Topeka & Santa Fe 
Ry. were substantially greater in 1926 than ever before. A favor- 
able set of circumstances simply brought to light the earning 
ability secured by long continued heavy investment of surplus. 
Last financing was in 1916 and from 1917 to 1926 Atchison turned 
approximately $195,000,000 surplus income into the property. 
Theretofore, according to 1916 official statement, since the start 
in 1896 about $343,000,000 had been spent for improvement and 
extension and but $225,000,000 of this was provided by sale of 
bonds or stock. Also $101,010,000 has been accumulated for equip- 
ment depreciation beyond actual retirement needs. Against a 
book value of $244 a share of common stock, excluding the $43 
additional in equipment reserve, the earnings do not seem extraor- 
dinary, viz. : 
1926. 0, ... . 223.42 
LORE Er 
1924... 15.46 
1923... a 0.315.458 
1922..." 12.42 
1921 12.13 
Road and equipment beginning 1927 had $878,000,000 depreciated 
value upon which 6% earnings would pay 4.07% average interest 
on $277,178,000 bonds and 5% dividends on $124,173,000 pre- 
ferred stock leaving 159% for $232,410,000 common stock. Per- 
haps the true value of transportation property at current costs is 
some $300,000,000 more and if so the legitimate operating earnings 
on the common stock would be half as much again. In addition 
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