The Indiana Gazette from Indiana, Pennsylvania • 27

ft xmmt nmt wtww, wiumt. mmm it, tut, PERSONAL FINANCE Closed-end Funds No Mystery from a discount of 11.4 per cent lo a premium of 14.2 per cent. In other funds it has ranged from a discount of 25 per cent to a premium of 51 per cent. Why? Smith and Altschul give the same answer or nonanswer: Nobody knows. They're just the prices that traders decide they're willing to pay.

or sell for. in the open market. That mystery aside, you can get an explanation of closed-end funds in a free booklet offered by the Association of Closed-End Investment Companies. 60 Broad New York. N.Y.

10004. (NIWSFAM.II CNTMNMSI ASSNI Police Probing Cor Plunge Into Allegheny River PITTSBURGH 1AP1 City police were investigating reports todav that a car plunged into the Allegheny River Friday night from a downtown expressway. Investigators quoted witnesses as saying the car ran off the Fort Pitt Boulevard between the Sixth Street and Fort Pitt bridges. Police said there were unconfirmed reports that two persons may have been in the auto. names to go with some of the accounts.

As mysterious as the gnomes is the habit closed-end funds have of selling either a discount or a premium. On a recent trading day, for example, if you'd bought a share of General American it would have represented $24.13 worth of portfolio assets. But, on the NYSE "auction market." it was going for $21.38. Over the past five years this fund's shares have sold iri Going back farther 10 years there was a 44 per cent rise In the Dow. The poorest of the closed-end funds more than doubled that showing, and performance ranged up lo a growth of 196 per cent.

These funds gel little publicity, and only Ihe more knowledgeable Investors seek them out. Though they've been around many years, much longer than the mutual funds, they are only a handful, in contrast to the more than 500 mutual funds. Mutual funds are "open-ended." When investors add new money lo the pool, additional shares are created and issued. In reverse, when investors cash in, the money comes out of Ihe pool. Rut a closed-end fund Is created by issuing a fixed number of shares, and thereafter the fund remains "locked up." You can buy a share only Irom somebody who owns one.

That is. shares are bough) and sold on the stock exchanges, or over the By CARLTON SMITH Closed-end investment companies have an element of mvstery about them thai no one Is able 10 explain, this respect, Bui -maybe, In they're like thd painting 01 who say. those artist "What's explaining got to do with It? Do you enjoy it, or aoni your Certainly in esters in closed-end companies have cnloyed it. dur ng a period when the mark ct has been taking its lumps and many mutual funds in the growth category have shrinking than The index, for example, declined 8,5 per cent during the five years and nine months from the outset of 1907 io the end ol 1971 's third quarter. An investment in a dozen typical closed-end funds appreci ated.

In this period, from 21 to ft I per cent BEACON SHOPPERS pj THERMAL BLANKET. Read Gazette Classified Ads. 72x90 55 Rayon 45 4 $366 Til make you the best deal in town on a'72 truck, or my name isn't JIM SETLQCK Wavy chapum otrtNSt fund chows Rev. Hermon N. Banner (I), Representative for the American Qaptitt Convention, and Mrs.

Kathleen Jensen look over some of the letters and telegrams that she has received in support of her husband, Navy Chaplain Commander Andrew Jensen. Mrs. Jensen said that she has received over $2,600.00 from both local and nation-wide sources to be used for her husband's defense. Rev. Benner, who is a re-tjred Army Chaplain, is monitoring the Court Martial for tjie Baptist Convention.

(AP Wirephoto) America! A Wonderful Place To Live! Machine Washable I nv kv any corpora- tlon stock. Of the Association of Closed-End Investment Companies' 26 member funds. 17 are traded on the New York Slock Exchange, four on Ihe American and five OTC. Buyers pay the regular brokerage rates. "We don't use salesmen, so investors are people who've decided closed-end shares arc something they want." says Malcolm Smith, president of the association.

"They're generally more sophisticated types. That proves true in one top-performing fund. General American Investors, tit has seen a 49.8 per cent increase in net assets per share since I9B6. and a 196 per cent increase since 1961.) Kund chairman Arthur G. Altschul says about 8 per cent of its $110 million worth of assets is owned by Swiss interests those knowing "gnomes of Zurich" and even on a recent trip to Zurich he couldn't pry loose 14 wv.

USED counter, like Non-Alleraic Warmth Without Weight G.M.C. 1 500 CUSTOM TRUCK lam. tl iH PMH, MM am. R.A wmia. MM mi KM.

Mm inf. TOGA) aSB SEBS3H5 yyWy J- MIH TOW MSXN AT IVIXMtltr Routt 286 Swita luriumv Pa. Paoot 463-9151 We're the truck people from General Motors. tyou IReaity $et 7Kne Wane, at 5 "Yes, I speak German, and Hebrew, too, but what is it of your business?" she answered suspiciously. "Well." said the man.

"If you speak a and Hebrew, too maybe I can forgive you for pushing my umbrella away and sitting here." "Oh. is that so." she said. "Where are yon Irom?" And Ihe conversation began. I stopped paying attention because it became more rapid and complicated, rendering my fundamental CSerman all but useless. IT11I the tone was warm and friendly.

I heard talk of 0 111 e. children, jobs and himilies. Knelt hud lost a spouse. A few dozen blocks later the hus slopped and both got up to gel off. "Can I help vou a uflered the lady, for Ihe man carried a cane.

"No." he said raising himself lo his proudest lieighl and motioned her away. "I can manage fine mysvll. thanks." Slowly, slowly, as old persons do. they alighted from ihe bus As the driver maneuvered buck into the How ol trallic. I looked out the back window.

Through Ihe ruin and exhaust fumes I saw Ihe two of them slep into a coffee shop tor cup. a chat and maybe a Danish. And then 1 remembered something my gramllather said when he met a well -known and resH'cted judge who. it turned out. once worked in his department store as a clean-up luiy.

lie told the eminent juror. "You were our best clean-up boy ill those days." I Itv DAVID IIIONDIN NEW YOMK-tNEAl-On 0 recent rainy dav in Manhattan I had to lake a bus tu the opposite side of town, file sky was dark and the rnood was dismal. Hid an exchange I watched on Ihe KM bus brightened my day. I boarded on West 1211th Street and Ihe bus was almost empty. 1 At about 1 101 Street an old man, nearly 70.

I would say, got on. He sal next to me and propped his umbrella on the seat al his other shle. He said nothing. I said nothing. About It) blocks Inter un elderly lady boarded (lie bus.

She was at leusl 55. The bus was still almost empty, but the ludy pushed the old man's umbrella right toward him and sat down on his right. TIk' man grumbled for a moment then turned to her and said: "All of the empty seats on this bus and you had to push my umbrella away and sil here?" The woman answered: "1 paid like you paid and I'll 4't where I want." "Da, da. da. blah.

blah, blah." Ihe man mocked. is America and it's a free country." Hie lady said. Me countered: "Lucky lor you it's America a wonderful place or maybe you couldn't sit here at all." And then, with an air ot linalily. the man look liway. Unth had been SH-ukiug lierfecl Kugli.sh liul soon the old man slowly tinned toward the woman again.

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Std. Real Cheap Transportation, P.S. Boy-Proof Shoes by Thorn Mc An '66 CHYRSLER NEWPORT 4 Dr. Ready To Go CONVERTIBLE DEPT. -A boy-sized boy-priced boy-styled IMPORTED CAR DEPT.

'60 OPEL 2 Dr. 4 Spd. Trot $995 '70 VW $1595 '67 TOYOTA $795 With Auto. T'MS. '69 VW FASTBACK $1295 '62 VW $395 '68 CHEVY IMPALA Auto.

P.S., One Owner '67 BUICK SKYLARK All White With Black Top, Like '66 PLYMOUTH Belvedere, Auto. P.S., A Summer Fun j4o '67 FORD iPg CUSTOM I Irjfc? 2 Dr' Coup' v'8' 5f 1795 66 PLYMOUTH rK yg BELVEDERE I Sla. 6 Auto. llQ I 695jf jffi '70 PLYMOUTH DUSTER I 3 V-8. Automatic 995 1 ror nearly au years.

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Thorn McAn makes boys' shoes with care to keep your son growing bet growing right. Boy-proo! shoes From t0 $12.99 Indiana Ph. 4633321 S41 Phila.St. OPEN DAILY 'TIL Ii30 P.M. LARRY'S SHOES 3Q mtm.

It, Indiana CLOSED SATURDAY AT 3 P.M..