<PAGE>
000 A000000 12/31/96
000 C000000 0000040417
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 GENERAL AMERICAN INVESTORS COMPANY, INC.
001 B000000 811-41
001 C000000 2129168400
002 A000000 450 LEXINGTON AVENUE - SUITE 3300
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
002 D020000 3911
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
020 A000001 BEAR STEARNS & CO., INC.
020 B000001 13-4946705
020 C000001 54
020 A000002 GOLDMAN SACHS & COMPANY
020 B000002 13-5108880
020 C000002 45
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000003 13-5674085
020 C000003 33
020 A000004 MORGAN STANLEY & CO. INCORPORATED
020 B000004 13-2655998
020 C000004 26
020 A000005 MONTGOMERY SECURITIES
020 B000005 94-1701676
020 C000005 25
020 A000006 JEFFRIES & COMPANY, INC.
020 B000006 95-2622900
020 C000006 24
020 A000007 SANFORD C. BERNSTEIN & CO., INC.
020 B000007 13-2625874
020 C000007 21
020 A000008 SMITH BARNEY INC.
020 B000008 13-3371860
020 C000008 16
020 A000009 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000009 13-2741729
020 C000009 15
020 A000010 SCHRODER WERTHEIM & CO. INCORPORATED
<PAGE>
020 B000010 13-2697272
020 C000010 14
021 000000 425
022 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000001 13-5674085
022 C000001 10696
022 D000001 12171
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002 9896
022 D000002 11248
022 A000003 GOLDMAN SACHS & COMPANY
022 B000003 13-5108880
022 C000003 8194
022 D000003 9768
022 A000004 PIPER JAFFRAY INC.
022 B000004 41-0953746
022 C000004 8634
022 D000004 3911
022 A000005 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000005 13-2741729
022 C000005 5540
022 D000005 4064
022 A000006 JEFFRIES & COMPANY, INC.
022 B000006 95-2622900
022 C000006 1401
022 D000006 6552
022 A000007 CANTOR FITZGERALD & CO.
022 B000007 13-3680184
022 C000007 3437
022 D000007 3883
022 A000008 ALEX. BROWN & SONS INCORPORATED
022 B000008 52-1319768
022 C000008 6931
022 D000008 0
022 A000009 LEWCO SECURITIES/HAMBRECHT & QUIST INC.
022 B000009 94-3220292
022 C000009 5339
022 D000009 1548
022 A000010 THE CHICAGO CORPORATION
022 B000010 36-2549961
022 C000010 4444
022 D000010 2405
023 C000000 84336
023 D000000 79153
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
<PAGE>
062 G000000 0.0
062 H000000 0.0
062 I000000 13.9
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 18
063 B000000 0.0
064 A000000 N
064 B000000 N
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 Y
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
<PAGE>
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 168947
071 B000000 243072
071 C000000 505796
071 D000000 33
072 A000000 12
072 B000000 4681
072 C000000 6476
072 D000000 0
072 E000000 222
072 F000000 0
072 G000000 0
072 H000000 3078
072 I000000 96
072 J000000 33
072 K000000 10
072 L000000 69
072 M000000 226
072 N000000 35
072 O000000 99
072 P000000 0
072 Q000000 0
072 R000000 90
072 S000000 104
072 T000000 0
072 U000000 0
072 V000000 77
072 W000000 2273
072 X000000 6190
072 Y000000 0
072 Z000000 5189
072AA000000 61830
072BB000000 0
072CC010000 26714
072CC020000 0
072DD010000 4447
072DD020000 0
072EE000000 57682
073 A010000 0.2000
073 A020000 0.0000
<PAGE>
073 B000000 2.5800
073 C000000 0.0000
074 A000000 54
074 B000000 0
074 C000000 83185
074 D000000 0
074 E000000 0
074 F000000 513277
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 956
074 K000000 0
074 L000000 3881
074 M000000 903
074 N000000 602256
074 O000000 449
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4210
074 S000000 0
074 T000000 597597
074 U010000 23679
074 U020000 0
074 V010000 25.24
074 V020000 0.00
074 W000000 0.0000
074 X000000 7
074 Y000000 0
075 A000000 0
075 B000000 587521
076 000000 21.00
077 A000000 Y
077 B000000 Y
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000 1500
081 A000000 Y
081 B000000 2
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
<PAGE>
086 B010000 1969
086 B020000 42346
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
087 A010000 COMMON STOCK, $1 PAR VALUE
087 A020000 368802104
087 A030000 GAM
088 A000000 N
088 B000000 N
088 C000000 N
088 D000000 N
SIGNATURE EUGENE L. DESTAEBLER, JR.
TITLE V.P., ADMINISTRATION
<TABLE> <S> <C>
<ARTICLE> 6
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 369478
<INVESTMENTS-AT-VALUE> 596462
<RECEIVABLES> 4837
<ASSETS-OTHER> 957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 602256
<PAYABLE-FOR-SECURITIES> 449
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4210
<TOTAL-LIABILITIES> 4659
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 336304
<SHARES-COMMON-STOCK> 23679
<SHARES-COMMON-PRIOR> 23963
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 779
<ACCUMULATED-NET-GAINS> 11409
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226984
<NET-ASSETS> 597597
<DIVIDEND-INCOME> 6,476
<INTEREST-INCOME> 4,681
<OTHER-INCOME> 222
<EXPENSES-NET> 6190
<NET-INVESTMENT-INCOME> 5189
<REALIZED-GAINS-CURRENT> 61830
<APPREC-INCREASE-CURRENT> 26714
<NET-CHANGE-FROM-OPS> 93733
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4447
<DISTRIBUTIONS-OF-GAINS> 57682
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23903
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7302
<OVERDISTRIB-NII-PRIOR> 1563
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6190
<AVERAGE-NET-ASSETS> 587521
<PER-SHARE-NAV-BEGIN> 23.94
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 3.86
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 2.58
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.24
<EXPENSE-RATIO> 1.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Board of Directors
General American Investors Company, Inc.
In planning and performing our audit of the financial statements of General
American Investors Company, Inc. for the year ended December 31, 1996, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of General American Investors Company, Inc. is responsible
for establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Ernst & Young LLP
January 13, 1997
