Word: investors
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Dates: during 1950-1959
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DURING the first years of the great Bull Market rise, many U.S. investors "played the averages." They bought blue-chip stocks used to compute stock averages, notably those in the Dow-Jones average, and made money because it was a blue-chip market in which the leaders rose fastest. But in 1956, playing the averages did not pay off; the blue chips backed and filled all year long. Last week, in the first days of 1957, almost every Wall Street commentator was warning investors to beware the averages this year; playing them would not pay. Blue-chip prices...
...other big investor favorite, Standard & Poor's 90-stock compilation, is calculated on another basis. Like the Government's price indexes, it expresses the value of its stocks relative to a base period, currently the years between 1935 and 1939. Some professional traders prefer the Standard & Poor because its greater number of stocks presents a broader picture of the market and also because they feel that it is statistically superior. But the fact is that Dow-Jones and Standard & Poor are in fairly close agreement from day-to-day. Both show the same broad ups and downs...
Thus, say Wall Streeters, the wise investor should pay more attention to earnings and dividends of individual stocks, plus the overall stability of the U.S. economy and its future prospects before deciding whether the market-and any individual stock-is too high or too low. Says Walston & Co.'s top Analyst Tony Tabell: "Everyone would be a lot better off if they forgot the averages entirely and concentrated on individual stocks, but we can't seem to get it through to the public...
...response to a New York Times editorial of Jan. 7 which discussed the tendency of Series "E" government bonds holders to cash in their bonds, or fail to buy them in sufficient quantities, Seymour E. Harris '20, professor of Economics, declared that the small investor should receive a higher interest yield. His letter appeared in yesterday's issue...
...wildcatter was also abundantly seen in the West Indies. Cuba, which spudded in its first oil well in 1954 and is now a small producer, brought up enough oil this year to supply its own needs for about two weeks. Cuba's biggest investor, Standard Oil Co. (Indiana), was also drilling two exploratory wells in Jamaica, where its wildcatting rights cover the whole island. In Haiti, Oilman Mecom and an associate drilled three dry holes, but plan to try again...