Greater familiarity with stocks on the part of investors and rising stock prices in recent years have tended to bring market price and net asset value closer to each other. A few closed-end company shares have consistently commanded a premium. The largest premium prevailed when the value of the shares was small, partly because the shares represented a long-term option at low cost. No one expects the price of an industrial company's stock to bear any relation to asset or book value. The relation is also tenuous for other equities. Investors recognize that book values of assets, particularly plant and equipment or natural resources, do not purport to represent the current sales value.

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