Abstract: A cable anchor assembly is disclosed as well as a method of using the assembly for anchoring plastic coated rope in oil well drilling derricks and the like for alternatively carrying a load on the rope and also for allowing the rope to be selectively slipped or fed through the cable anchor assembly for replacement thereof, the assembly including a snubbing drum having a circumferentially formed groove with an included angle in the range of about 130 degrees to about 165 degrees, more preferably in the range of about 150 to about 160 degrees and most preferably about 160 degrees, the groove also being formed with preferably at least two, more preferably at least three to four turns, and most preferably about three turns for engagement with the rope about the drum in order to normally support a substantial portion or more preferably the entire rope load while still permitting the rope to be selectively slipped or fed through the assembly, the clamp means including a grooved insert for engaging and clamping the