Salt Lake Telegram | 1932-04-13 | Page 18 | Spring Styles in Investment Trusts

SPRING STYLES IN INVESTMENT TRUSTS By CLAUDE A. A JAGGER Associated Press Financial Editor Edior NEW YORK April Apri 13 Now Now that a large number of ot Investment trust annual reports have appeared It i is manifest thai managers of ot the these e organizations changed their minds about the merits merit of many individual Issues but largely maintained their predilection for common stocks Rumors of at heavy investment trust liquidation during the downhill markets markets markets mar mar- of 1931 appear to have been ex cx- There was apparently muc much selling of certain stocks to buy others but the net reduction of common cornmon corn com mon stock holdings was surprisingly small A tabulation of the holdings of 35 general management type investment invest invest- ment trusts just completed by Frazier Frazier Fra- Fra zier Co shows that at the end of 1931 these companies had in investments irs irs- vestments in selected stocks aggregating aggregating ag ag- shares a reduction tion of only shares In these I issues during the year This analysis indicates trust managers managers man man- agers become became more interested in investment investment in in- vestment yield than In speculative possibilities during the year Certain lain tain groups of stocks also appeared to have come into disfavor for the moment at least notably least notably the railroad rail rall- road mining steel and oil shares Public utilities were distinctly tar lar Consolidated Gas of New York came to the fore as the issue held by the largest number of trusts displacing ing American Telephone most widely widely wide wide- ly held a year previously It was held by 45 companies while American Telephone was held by 39 30 General Motors and and National Dairy Products were tied for second place In point of the number of portfolios In which they appeared They were each held by 34 companies The amount of General Motors held shrunk to shares from a year previously while the total of National Dairy shares showed a gain of General Electric displaced U. U S. S Steel as the most widely held industrial industrial indus indus- trial Issue appearing in 29 portfolios as against only 17 for SteeL Despite the slipping popularity of the rails Union Pacific was still held In 22 portfolios usurping the previous years year's leadership from New York Central which appeared in only 17 Among the more widely held Issues were American Gas Electric and Public Service of N. N J. J held by 32 trusts and Pacific Gas Electric Southern California Edison and United Unit Unit- ed 1 Gas Improvement each held by