General American Investors Reports Net Assets as of June 30, 1999.NEW YORK--(BUSINESS WIRE)--July 23, 1999-- General American Investors Company, Inc., a closed-end investment company closed-end investment company: see mutual fund. listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (GAM), today reported total net assets as of Jun. 30, 1999 of $1,069,637,875. Net assets applicable to the common stock of the Company as of Jun. 30, 1999 were $919,637,875 as compared with net assets applicable to common stock of $816,239,284 at Jun. 30, 1998. The figure for Jun. 30, 1999 is after deductions of (1) $30,508,777 representing the portion of dividends paid in cash on Dec. 22, 1998, (2) $10,921,298 representing the portion of the 1998 spill-over dividend paid in cash on Mar.10, 1999, and (3) $29,287,658 representing the cost of 953,900 shares of the Company's common stock repurchased during the period from Jul. 1, 1998 through Jun. 30, 1999. Net asset value per share of common stock at Jun. 30, 1999 was $36.56, as compared with $33.51 per share at Dec. 31, 1998, adjusted to reflect a deduction for the dividend paid in Mar. 1999, and with $34.57 per share at Jun. 30, 1998. The Company reported that it had made new commitments during the second quarter of 1999 in ServiceMaster, TCA TCA 1. trichloroacetic acid. 2. tricarboxylic acid cycle (Krebs cycle). TCA Tricyclic antidepressant, see there Cable TV and TriQuint Semiconductor. In addition, it had increased its holdings in Annuity and Life Re Holdings, Berkshire Hathaway, Buffets, Centocor, Consolidated Stores, DuPont Photomasks, Everest Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , First Midwest Bancorp, Interim Services, Lam Research, Molex, ReliaStar Financial and Ryder System. Holdings of Deere, NAC See network access control. re and Williams-Sonoma were eliminated, while reductions were made in the holdings of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , CCB CCB Calcium channel blocker, see there Financial, Home Depot, IDEC IDEC Instituto Brasileiro de Defesa do Consumidor (Portugese: Brazilian Consumer Protection Agency) IDEC Information Design & End-User Computing IDEC Interior Design Educators Council, Inc. Pharmaceuticals, Kennametal, Medtronic, NTL NTL Nevertheless NTL National Transportation Library NTL Norsk Tjenestemannslag NTL National Training Laboratories NTL Never Too Late NTL Nothing to Lose NTL National Training Laboratory NTL None the Less NTL Number Theory Library , Pfizer, Philip Morris, Repsol, Wal-Mart and Waste Management. The largest stock holdings in the Company's portfolio at Jun. 30, 1999 included The Home Depot, Inc., Wal-Mart Stores, Inc., Pfizer Inc., IDEC Pharmaceuticals Corporation and Cisco Systems, Inc. -0-
GENERAL AMERICAN INVESTORS COMPANY, INC.
AS OF OR FOR THE SIX MONTHS ENDED
6/30/99 6/30/98
Net Assets $1,069,637,875 $ 966,239,284
Net Assets Applicable to
Common Stock $ 919,637,875 $ 816,239,284
Net Assets Per Common Share $ 36.56(a) $ 34.57
Net Investment Income $ 6,467,571 $ 4,549,870
Per Share $ .26 $ .19
Net Investment Gain $ 76,414,403 $ 133,803,887
Per Share $ 3.00 $ 5.67
Common Shares Outstanding 25,154,443 23,614,478
(a) After capital gain distributions of $3.04 per share paid in Dec. 1998 and $1.36 per share paid in Mar. 1999 and after an income dividend of $.47 per share paid in Dec. 1998. |
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