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Out last week was Frazier Jelke & Co.'s survey of investment trust holdings, made each year to spot the drift of common stock popularity. After examining 80 portfolios, the firm ventured: "Analysis . . . shows an increasing preference for dividend paying stocks and further elimination of public utility holding company issues. . . . Holdings of better oils and rails have increased . . . and commitments . . . in heavy industries have decreased."

Most popular stock was still big Consolidated Gas, included in 47 trusts. But only one behind was Sidney Zollicoffer Mitchell's American Gas & Electric. American Telephone, favorite of 1930, was held by only 30 trusts. Of the ten most popular issues five were utilities, two foods (National Dairy and General Foods), one rail (John J. Bernet's uniquely profitable Chesapeake & Ohio), one chemical (Union Carbide), and General Motors.

Leading oil was (as always) Standard of New Jersey. Liggett & Myers (Chesterfields) had beaten out George Washington Hill's American Tobacco (Lucky Strikes) as the favorite tobacco stock. Kennecott Copper replaced International Nickel as the leading metal. Favorite bank stock was Guaranty Trust, favorite specialty International Business Machines.

Frazier Jelke concluded: ''There is little evidence . . . that investment trusts have been either more fortunate or less wise than individual investors . . . during the bear market."

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