Stock trading – (5)A closed-end company offers no arrangements for in stallment buying of its stock, or for periodic withdrawals.

Some brokers offer a plan for monthly purchases of any listed stock, including closed-end investment companies, but this is a primitive arrangement compared to the mutual-fund plans. (6)A closed-end company may issue new shares once in a while, but its growth in assets is slow compared to an open-end company with a large number of local representa tives continuously selling new shares. In principle, this has no effect on a company's performance; but practically, it ap pears that the comparatively slow growth potential of a closed-end company gives its managers less incentive to make a good showing, and it does not tend to attract able, am bitious men to join its management. The truth of this was admitted when, in 1958, the managers of the closed-end company with probably the best reputation of any in the group launched a new mutual fund with much fanfare. (7)In general, being a shareholder in a closed-end com pany is a curious mixture. Theoretically a company's assets may be just as well diversified and skillfully managed as in the best mutual fund.

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