Mt. Vernon Register-News from Mt Vernon, Illinois on December 24, 1968 · Page 5
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Mt. Vernon Register-News from Mt Vernon, Illinois · Page 5

Mt Vernon, Illinois
Issue Date:
Tuesday, December 24, 1968
Page 5
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TUESDAY, DECEMBER 24, 1968 •WETR REGISTER-KEWS — MT. VERNON. ILLINOIS i—. bJSlf l W n r IK* Sell Shores Only To Foreigners MUTUAL FUND LARGE REAL ESTATE OWNER By JOHN GUNNIFF AP Business Analyst NEW YORK (AP) — Rapidly jecoming one of the larger real estate owners in America is a two-year-old mutual fund whose shares are sold only to foreigners. Money from the enterprise, called the United States Investment Fund, already has been used to buy well over -100 million of income properties, including buildings here and in Atlanta, Boston, Chicago, Dallas, Detroit, Los Angeles and St. Louis. Week after week the real estate pages of newspapers list additional purchases. Among the more recent: the -17-million Ling-Temco-Vought building in Dallas, and the old J.C. Penney building here. Operators of the fund expect its total of U.S. real estate holdings will approach -160 million by the end of the year, and predict that 1969 purchases will average -30 million a month. The huge financial transactions of the young fund have, in fact, already shown up in Treasury Department records as a plus for the balance of payments. European money, fearful of devaluation, inflation and political upheaval is partly responsible for the influx. The fund is managed by Great American Securities & Research Corp., from offices in the Bahamas, where investors are free of real estate and capital gains taxes, but it operates in 50 nations. The origin of the fund is almost as interesting as its growth. Keith Barish, a 25- year-old Miami financial whiz, founded the fund with the aid of several former members of the Kennedy administration. "We knew the concept would be successful," said Barish recently, "but not to this extent." Barish now is president of the management company, called GRAMCO for short, and Rafael Navarro, a pre-Castro Cuban ambassador to the United Nations, presides over the sales company now spreading throughout the world. Pierre Salinger, former Kennedy press secretary and one of the original investors in the operations, has severed some other business ties to open new ter- | ritories from an office in Paris, [ where he will live for at least a ! year, f j The fund, which has 7,000 shareholders, attributes much of its appeal to wnat4t considers an almost foolproof hedge against inflation. American real estate, Barish says, offers a higher return than banks and less risk than stocks. Although the fund is the only foreign mutual fund investing solely in real estate, Its early success is believed partly responsible for the growth of what are called offshore mutual funds, or funds which sell only to foreigners. So rapid has been the expansion that Barish maintains one of the major problems is to find good investment properties. A subsidiary, American Properties Management Ltd., has been formed in Miami to seek and manage acquisitions, i Said Barish, "Most of the properties we buy are not for sale. Signs don't go up in front of quality high-rise office and apartment buildings and shopping centers. They must be sought out." He claims that -100 million in real estate is viewed each month in order to profitably invest the flood of money coming into the fund, which he says has a cash flow of -10 million a month. "We generally like to have at least $1 million cash equity in purchases," he said. "Occasionally we invest only'SSOO.OOO, but the trend lately is to the bigger deal." The investment concept is to deal only with prime income producing properties. Underdeveloped land and new buildings are avoided. "Only buildings with a past history are considered." says Barish. Reflecting the income from properties already purchased, the per share value of the fund has grown more than 20 per cent since its inception. The last meeting of the Confederate cabinet was held at Washington, Ga., in 1865. IBOOBIEJ Sale Starts, Thursday Dec. 26th The Mammoth Dept. Store AFTER CHRISTMAS AFTER CHRISTMAS Sale Starts Thursday Dec. 26th maidertfbrm* Save Up To 20% sniE TRIC-O-LASTIC® LACE Stretch All Around White Only! B t Ccups $319 Reg. $4 .00 Value Dcup- Reg. $5.00 Value DRY GOODS & ACCESSORIES DEPT. FIRST FLOOR ONE GROUP BLOUSES and SHELLS Vk Off ONE GROUP HANDBAGS Vs Off EYE CATCHERS HOSIERY SALE By Berkshire J Pair $235 Regular 99c Pair ONE GROUP MARTEX TOWELS Bath Towel R - $2S0 *1« Hand Towel Re * $,40 99* Wash Cloth Res60c 45* ENTIRE STOCK WINTER FABRICS . CORDUROY . WOOLEN BLENDS . STRETCH WOOL All Famous Brand Names FASHION FLOOR SECOND FLOOR SPECIAL GROUPS SPORTSWEAR V* to V 3 Off ENTIRE STOCK OF WINTER COATS SPECIAL GROUP of CHILDREN'S SPORTSWEAR SNOW SUITS DRESSES COATS ENTIRE STOCK COATS and JACKETS Sizes: 7-14, 6T-14T ONE GROUP DRESSES y 4 to 1/2 off Sizes 7-14 6T-14T V4 Off ONE GROUP BLOUSES Values To $6.00 $200 and $^ 00 SPECIAL GROUP SPORTSWEAR '/4 to Vs Off PRICED FOR QUICK CLEARANCE IN THREE CROUPS DRAPERY 75* Yd $ 1 00 Yd *T 50 Yd Full Bolts — Solids, Florals, Provincials — Plenty of Colors HOME FURNISHING DEPT. SECOND FLOOR READY MADE DRAPERIES $2 00 and $£00 Solids or Patterns wifr) Good Color and Size Selection BATH, SHOWER, CAFE AND TIER CURTAINS One Big Group $2 00 BE SURE TO COME IN AND SEE OUR Specially Priced CHINA and GLASSWARE " PRICES CUT TO REDUCE INVENTORY FULL OR TWIN SIZES BEDSPREADS $ 5 00 °" d *10 M Cottons or Quiited Acetates SOLID COLORS ONLY! QUILTED COVERLETS Full or Twin Sizes — Reg. $10.95 $7' 00 FOAM RUBBER BED PILLOWS 98 With Zipper Covers — Reg. $4.98 LAMPS ENTIRE STOCK ib% Off PICTURES ENTIRE STOCK 20% Off The 9th and Broadway 'Since 1879" Mt. Vernon, III. RUGS ENTIRE STOCK All Brand Names 20% Off UPHOLSTERY FABRICS ENTIRE STOCK 20% Off 1 u

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