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Show AMALGAMATED IS IN VERY GOOD CONDITION The following interesting material re. gardlng the Amalgamated and Anaconda Copper companies is extracted from the Boston Financial News "The yearly production of the Anaconda Anacon-da under the consolidation is estimated for this year at ahout 300,000.000 pounds. The Amalgamated company owns 3.0-to,-S62 shares of Anaconda, constituting its only asset aside from the cash surplus The Amalgamated company itself has outstanding out-standing T:!38,879 shares, so that, practically practi-cally it owns two shares of Anaconda for every share of Its own stock outstanding. out-standing. A dividend of $1 per share on Anaconda is, therefore, 6ufriclent to pay $2 per share on Amalgamated. "The Anaconda has outstanding 4,-220,000 4,-220,000 shares and In order to earn Its dividends of $2 per sharo it must earn $8,440,000 Estimating the output at 300,000,000 pounds and a cost of 01 cents per pound, the profits would be $0,000,000 on a 12J-cent copper market. This would more than cover the requirements for a $2 dividend and enable the Amalgamated to pay $4 If the directors saw lit. and if the directors do not take such action It will indicate a lack of faith In the stability sta-bility of the metal mnrket and hence of the ability of Anaconda to continue the $2 rate. "The conservatism of the Amalgamated management is well known, and there can never be any cpiestlon of tho Integrity of the earnings of Its subsidiaries, as ample charges are made for depreciation. .As an instance it is said that over one-half one-half of the $10,000,000 cost of the great Washoe Bmeltor haG been charged to expenses ex-penses since It was built Another strong point with the Amalgamated companies is the large cash surplus In the treasuries of all the companies In addition there are the holdings of lumber and coal owned by the Anaconda. "Taking all these facts into consideration considera-tion there is evidently a greater value and stability to the Amalgamated properties prop-erties than Is generally supposed, but that does not overcome the fact that the stock Is high as a $12 dividend payer and would be high even ns a $4 dividend-payer, dividend-payer, undor present metal conditions. Tho strength In the stock under the circumstances cir-cumstances must be credited lo the fact that It Is largely concentrated In strong hands, who either cannot market it or are content to await better metal conditions," |