If the stocks purchased have advanced even more, however, there is no reason for adverse comment. Further, if sufficient reasons exist for the sale at the time made, that is the all-important consideration. Despite a generally defensive posture, open-end-fund purchases of common stocks during the September quarter of 1960 amounted to $419 million compared with sales of $311 million. On the other hand, closed-end companies sold $41 million of common stocks and bought $34 million. In the previous quarter, open-end-company purchases of common stocks exceeded sales by approximately $140 million. Common stock funds generally increased their liquid position (percentage in cash and equivalent), but only a few had as much as 15 per cent of their assets in this form.

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