Finding wide acceptance only in the past decade, these plans have grown to such an extent that recently about 30 per cent of all shareholder accounts in open-end investment companies were of the accumulation type. Through the Monthly Investment Plan of the New York Stock Exchange, investors have a similar opportunity for accumulation of shares of a number of closed-end companies. There are sound reasons for the increasing acceptance of accumulation plans. First of all, this trend coincides with the rapidly growing participation by the general public of this country in the opportunity for and, indeed, responsibility for, equity investment in private enterprise. Also, a factor of paramount importance to investors in relatively modest income tax brackets is that an opportunity is thus opened for planning and building an investment program with small purchases, using current income. There is no waiting for the accumulation of capital; yet, at the same time, buying is not done on a credit basis.

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