Word: bluechip
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...rise in the Dow-Jones industrial average gave a false picture of the market. The index, made up of 30 stocks, mostly bluechip, includes G.M. While they were jumping, many other stocks declined. Of the 1,231 issues traded, 636 closed lower, while only 361 advanced (234 were unchanged). The next day, as traders took part of their sizable one-day profits in blue chips, the index had its big drop. Ordinarily, a one-day drop of more than 7 points in the average would shake the market, set off a prolonged selling wave. But this time...
...Dividend. Although British financial realms have been inundated with such bearish items as last week's dividend omission by United Molasses Co. Ltd., long a British bluechip, one bright announcement shone forth last week. Austin Co. (automobiles) declared a 60% dividend. Last year Austin paid 20% payment after having paid nothing since 1918. It has no connection with American Austin except in the considerable personal holdings of Sir Herbert Austin...