Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-27
HOLDERS INCREASE
in COMMON STOCKS
American Telephone Heads
List With 400, 900 Own
erS of Record.


NEW YORK, May 27-American
Telephone, with approximately 4so,0oo
/ holders of record, has the largest num-
| Der of shareholders of any American
corporation, according to an investment
survey issued today by Frazier Jelke &
Co. Cities Service, with $4,000 hold
ers at the end of 1929, probably is Sec
ond. General Motors, with 1882
| owners of common stock on February
Is, occupies third place. Pennsylvania
Railroad had 206,470 on April 30; AS
ISOLATED Gas g. Electric, 190139 at the
end Of 1929; Transamerica Corporation,
about l75,000; Standard Oil Of New
Jersey, 103,677 early in 1880: Public
Service of New Jersey, 1o5,726 at the
| end of the last fiscal year; Anaconda
Copper has in excess of 100000 stock
holders.
Some Other Big Lists.
Among the companies which are
known to have over $4,000, but less than
100 900 stockholders, are Packard Mo-
tor Car, Montgomery Ward & Co.,
United Gas Improvement, International
Nickel, General Electric, International
4elepHoHe, COnSOlQdCeu GdS VI view
York Standard Oil of New York and
Standard Brands, Inc.
From a technical standpoint the
biggest thing which the price adjust
ment has accomplished is a wider diff
fusion of corporate ownership" says the
survey. Many big blocks of margin
held common stocks have been broken
up and the number of stockholders of
record never was so large as at present.
-. 49,, H. YJ0
stockholders on August 4, just one month
prior to the peak of the stock market
advance. On May Z, 1880 the COM
pany's shan eholderS list had increased
to approximately 81 $50 names. Cen
eral Motors Corporation on February
Is, 1880, had 1882 common stock
holders, or 100,625 more than on
August II, 1929. United Gas Improve
nent in the Summer of 1929 had 28,004
shareholders, compared with $500 at
the end Of the year. United States
end of the third quarter of 1929 to
124,069 at the end Of the first quarter
Of 1880. Pennsylvania Railroad had
1874, 1877 holders of record at the begin.
ming Of october and 196,119 at the end
of December. The number Of names on
the books Of such companies as Radio
Corporation, International Nickel, Ana
conda, Standard Oil of New Jersey and
Packard Motor Car showed a phenom-
email gain during the Anal three months
of last year.
Split-ups Important Factor.
"An important factor in increasing
the distribution of common stock issues
has been the tendency to split up higher
priced shares into smaller units, thus
making the issue available to the
Is
price appeal. A study Of the changes
in the number of stockholders of the
more important corporations last year
shows conclusively that the split-up is
sues were the favorites of the outright
investors and the ower-priced share
units aid real investor distribution"
In conclusion, the Survey says "A
number of companies maintain stock
holders relations department which
seeks to provide such special informa-
ton as individual shareholders desire,
and some have endeavored to determine
why the stakeholder sells his shares.
Earnings and production reports are
much more complete and frequent than
formerly; and 1t Is significant to note
that the companies with the largest
number of shareholders keep their
owners best informed. Investors each
year are more interested in informative
pamphlet reports. Two or three decades
ago, when American industry was
owned by the few instead of by the
many, financial statements were infre-
quent, abbreviated, inadequate, tardy
and often deceptive. Now the annual
report of almost any large American
corporation is a mine of dependable,
significant and authentic information
for the investor. More widely distrib-
uted corporate ownership, the strict re-
r,a1{ &c 81 he W. Z.
change, and keener realization of the
BENEFITS of advertising and the wisdom
of franknesS have combined to lead big
companies to publish information for
stockholders which is at once complete
and understandable"