Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-20
SURVEY D|SCLOSES
POPULAR STOCKS
Selections Made by Invest
lment Trusts Show Portfolios
of $50 Corporations.

NEW YORK, March 20-A survey
Of the December 81, 1880, portfolios
of so fixed and 100 management in
vestment trusts just released by Frazier
Jelke & Co. reveals a combined owner
ship of 666,690 shares of Consolidated
Gas of New York, 467 ,499 shares of Lee
high Coal g. Navigation and 412,967
shares of Commonwealth & Southern.
The portfolios examined showed 358-
974 shares Marine Midland, 322,556
shares of United Corporation, 308,677
shares of General Motors, 900, 932 United
Gas Improvement 290,195 General Elec-
trio, 286,038 Manufacturers Trust, 26l,-
500 Commonwealth Edison. 252,026 Ma
tional Dairy Products, 202, $50 American
Telephone and 201 1872 shares American
Radiator & Standard Sanitary. Hold
ings of 40 issues aggregated between
100000 and 100000 shares. each. while
between $4,000 and 100000 shares each
of So additional common stocks were
owned.
Individual Issues.
These figures do not include the large
blocks of individual issues held by such
investment companies as Allegheny
Corporation, Chesapeake Corporation,
Electric Bond & Share, United Corpora
ton and United Gas Improvement; nor
are intercompany holdings, such as
PennsylvaniaS interest In Norfolk &
Western, included in the total. Includ-
ing these larger commitments, con-
centrated holdings OF Niagara Hudson
Power total more than 12.l80,000 shares;
of Radio Corporation, over 100000;
Chesapeake & Ohio, over 4,304 600;
United Gas Corporation, 4,020,330;
Public Service of New Jersey, $685.
$50, and Pacific Gas & Electric, sub
stantially more than 2,293, 495.
AT the end of $780," says the Jelke
analysis, "the 10 most frequently held
stocks in the portfolios of the $50 in
vestment trusts were American Tele-
phone & Telegraph, Consolidated Gas
of New York, United States Steel,
Standard Oil of New Jersey, General
Electric. New York Central, Union Car
bide, E. l. du Pont de Nemours, Atchi-
son, Topeka g. Santa Fe, and Interna-
tional Harvester. Following close in
line are Pennsylvania Railroad, Ameri-
can Tobacco B, Union Pacific, Electric
Bond & Share, United Gas Improve
ment. American Can, Westinghouse,
Electric, Standard Oil of California and
Borden Co.
Changes in the portfolios of the 100
management companies during the past
year are interesting. The 10 most fire.
ouently held stocks at the end of 1929
were Consolidated Gas of New York,
Electric Bond g. Share, American Tele-
phone, General Electric, New York Cen
trail, Union Carbide, Columbia Gas,
Standard Oil of New jersey, Pennsyl-
vania Railroad and Union Pacific. At
the end of 1880 Union Pacific, Penn
sylvania Railroad, Standard Oil of New
Jersey and Columbia Gas g. Electric
had passed out of this list of 10, being
replaced by United States Steel, Cen
eral Motors, Southern California Edison
and United Light g. Power.
Blue Chip Issues.
Possibly the most important market
influence of investment trusts has been
to reduce the floating supply OF So
called blue chip issues. This may ex-
plain, in a measure some Of the newer
characteristics of the stock market.
During the darker days of the bear
market. the yields offered by the better
stocks were not as attractive as those
available in previous crises Of the same
type, and price earnings ratios OF the
stocks most widely held by investment
trusts remain considerably higher than
the rank and file The reduced float
ing supply of these stocks also appears
to have increased their reSiliency after
abrupt declines"