WALL STREET: Working on the Railroad

In Wall Street last week, when railroad stocks shot up to their highest level in 20 years, the star performer was Northern Pacific. In two days the stock of "Nipper"*jumped more than 10 points. At 94⅜ it was selling at more than three times last year's low. Investors liked the Nipper not because it was a railroad, but because it owns or has mineral rights on 3,200,000 acres of land in Williston Basin, the nation's richest new oilfield. Its rise surprised thousands of bears who had thought the stock too high after a big previous rise and sold it...

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