European Stars and Stripes (Newspaper) - February 04, 1990, Darmstadt, Hesse                                Page 20 the stars and stripes sunday february 4,1990 investor s guide by Bill Doyle o. I hive hid $5,000 in Mutual fund for several years. The fund in vests mainly in common stocks of electric Gas and Telephone Utility companies. I have left my dividends in the fund to be reinvested and have paid income taxes on those dividends. No. I Mould like to shift the bal Ance of this fund account Doyle which has grown to about $7,000. To another Type of investment postponing More taxes to a later Date. I would like something other than a Mutual fund. What do you surest i do a. There is no Way you can do what you would like to do. In order to shift the balance of the fund account elsewhere you will have to redeem the shares you own. From the numbers you Supply it is obvious you will have a profit on the redemption. Your Cost basis is the $5.000 you originally invested plus All the dividends and capital gains distributions you reinvested to Purchase additional fund shares. Those re investments increased your basis and will reduce the profit you will Cali a when and Ivou redeem. Market sputters As january ends new York a after welcoming the decade in High style with the Dow Jones industrials hitting a record the Stock Market sputtered and ended the month with hardly a Benefit from the so called january effect. Except for the first and last trading Days and a few sessions in Between Cash Rich institutional investors who sold stocks last year for tax purposes did not put their Money Back to work on Wall Street As in Many january past. Disappointing corporate profits rising interest rates and uncertainty about the Federal Reserve s credit policy were some of the reasons investors apparently decided to sit it out. We ended the year thinking a soft Landing was a guaranteed phenomenon followed by the fed easing and lower interest  said Alfred e. Goldman vice president for . Edwards & sons inc. In St. Louis. Instead data suggested the Economy was weakening further and the fed s ability to loosen credit was slowed by concern about the Dollar and keeping it competitive against other currencies said Goldman. The january effect we had two Days of it in december Goldman said. January basically turned into a disaster one of the worst on  in fact some Wall Streeter said the january effect was offset by the japanese effect the ability of the japanese mar Ket to influence if not decide the out come of the . Market. . Stocks virtually duplicated a downturn on the Tokyo Exchange the first Clear indication that Tokyo May now be calling the tune in new York Standard & poor s economists wrote in their Jan. 31 edition of the Outlook. The Bank of Japan raised its discount rate the interest it charges for Loans to commercial Banks four times in late 1989 to Cool the local Economy and cur Tail inflation. That Shook the japanese Stork and Bond markets and sent trem ors All the Way to Wall Street. Economist Edward Yardeni with Prudential Bache securities inc. Said the japanese interest rate hike undoubtedly contributed to the slump in the . Stock Market. Our Market was vulnerable because in the last year bullish props had fallen apart Yardeni said. Those props ranged from a slump in the takeover speculation buying stocks to a realization that corporate profits arc weak Yardeni said. Although investor concerns about the business Outlook were Felt in the Stock Market s last sessions in january the Market ended the month and started february on a slightly More upbeat note. The Dow Jones average of 30 industrials showed a net gain for the week of 43.47 Points closing at 2,602.70. Still that s More than 200 Points lower than where it began in january. Among broader averages the new York Stock Exchange composite Index was 2.54 higher than the previous week ending at 182.75 the Nash a Compo site Index for the Over the counter mar Ket edged up 0.88 to 422.21 and the american Stock Exchange Market value Index gained 2.69 to 353.56. However the gains came on lighter vol ume As Many big institutional investors remained cautious and noncommittal. Big Board volume averaged 169.09 million shares a Day Down from an aver age 181.19 million the week before. The japanese Market s Impact on . Trading reflects an integrated global marketplace and docs not necessarily suggest that . Markets arc now taking their Cue from Japan some analysts say. Sometime ago the Tokyo Market seemed to follow the . Market. Now everybody is watching everybody  said Theodore Tung senior vice president with National City corp. In Cleveland. It s very much a Mutual effect. It s hard to say that one is determining the  despite the external influences january effect is viewed by some As an indicator of How the rest of the year will stack up. Historically if the Market in general and Small stocks in particular do Well in the Early stages of the year As the effect suggests the rest of the year will go Well. Yale Hirsch an old Tappan . In vestment adviser and publisher of the annual Stock trader s almanac says the direction Stock prices take in january has foreshadowed the full year s outcome correctly All but three times since 1950. While Many Wall strict cars might not place much Faith in the january effect its record Over the years gives some people pause to consider. On the other hand in the 23 years that the super bowl has been played a Victory by a Cam from the original nil has always been Fol Lowed by an up year for Slock prices. 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