"Wall Streeters are cocking an orb," wrote Walter Winchell last week, "at a stock . . . which sells for less than $1 the share ... It peddled over 100,000 shares last week. Big tip .. . Utility." The Street had no trouble identifying the stock as National Power & Light, which in the last ten days had suddenly become one of the most active on the big board. After Winchell's tip the stock soared. In one day, heavy buying sent it from 94¢a share to $1.25, a rise of 33%.

Then Winchell, who may have heard Wall Street gossip...

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