SEC Form 5

FORM 5
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).
[ ]Form 3 Holdings Reported
[ ]Form 4 Transactions Reported UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person* Donnelly, Peter     Philip (Last)                      (First)                      (Middle) 11 Seaview Street (Street) Massapequa, NY     11758 (City)                      (State)                      (Zip)	2. Issuer Name and Ticker or Trading Symbol General American Investors Company, Inc.   GAM		6. Relationship of Reporting Person(s) to Issuer (Check all applicable)                         Director                           10% Owner            X          Officer                             Other Officer/Other Description           Vice-President & Trader 7. Individual or Joint/Group     Filing (Check Applicable Line) X   Individual Filing       Joint/Group Filing
	3. I.R.S. Identification     Number of Reporting     Person, if an entity     (voluntary)	4. Statement for     Month/Day/Year     December 31, 2002 5. If Amendment,     Date of Original     (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security     (Instr. 3)	2. Transaction Date     (Month/Day/Year)	2A. Deemed       Execution       Date, if any       (Month/Day/Year)	3. Transaction     Code     (Instr. 8)	4. Securities Acquired (A) or Disposed (D) Of     (Instr. 3, 4, and 5)         Amount      |         A/D         |         Price	5. Amount of     Securities     Beneficially     Owned at     End of     Issuer's Fiscal     Year     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct(D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
Common Stock	12/31/2002		J (1)	3,928.00   |           A           |   (1)	111,756.00	I	See Note (2)
7.20% Preferred Stock					180.00	D
7.20% Preferred Stock					180.00	I	By Spouse

If the form is filed by more than one reporting person, see instruction 4(b)(v). Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number. (over)
SEC 2270 (7-02)

Donnelly, Peter Philip - December 31, 2002

Form 5 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned

(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
    (Instr. 3) 2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security 3. Transaction
    Date

    (Month/
    Day/
    Year) 3A. Deemed
      Execution
      Date, if
      any

      (Month/
      Day/
      Year) 4. Transaction
    Code
5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5) 6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)




  (DE)     |     (ED)   7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4) 8. Price
    of
    Derivative
    Security
    (Instr.5) 9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    at End of
    Year
    (Instr.4) 10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I)
(Instr.4) 11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)

Explanation of Responses :

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. /s/ Peter Philip Donnelly                   02-05-2003    
** Signature of Reporting Person                         Date



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Donnelly, Peter Philip - December 31, 2002

Form 5 (continued)

FOOTNOTE Descriptions for General American Investors Company, Inc. GAM

Form 5 - December 2002

Peter Philip Donnelly
11 Seaview Street

Massapequa, NY 11758

Explanation of responses:

(1)   The securities reported herein were acquired on a periodic basis in open market transactions at the then prevailing market prices pursuant to the Issuer's Employees' Thrift Plan. The information is based upon a statement as of 12/31/02 issued by the Plan Administrator.
(2)   By Issuer's Employees' Thrift Plan Trust. The undersigned disclaims any beneficial interest in these shares.

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