Show ANACONDA CO IN STRONG POSITION john D ryan chair chairman man of the board of the anaconda copper mining company informed shareholders in a recent letter that the recent decision of the directors to omit the quarterly dividend was a conservative policy and that the current position of the company was excellent the company earned approximately in 1923 in excess of the fixed charges costs and depreciation he stated and net current assets were about during the first half of 1923 mr ryan said earn ings were upon a fairly satisfactory basis an average price of approximately 1412 14 cents a pound being realized for all copper sold since then due to the increase of production to a maximum output and the forced selling largely on the part of the custom smelters shelters sm elters not directly concerned in either the cost of production or the price realized for the product the market has been weak averaging less than 13 cents a pound for the product omission of the dividend mr ryan asserted hadnot had not been caused by the fixed charges incurred in financing purchases of stock of the american brass company compan yand and a majority oi of the shares of the chile copper cornea company Y both bogli subsidiaries the earnings resulting from th these ese purchases have not only carried the fixed charges incurred in their acquisition but have paid a substantial amount in excess t thereof hereof to t your company proper without such earnings it is is f doubtful if your company would have been justified in distributing in dividends during the past year |