Railroads: Out of the Tunnel

People who play with trains have often been hurt, especially people who invest in railroad stocks. The Dow-Jones index of 20 railroad stocks needed a full 35 years to climb back to its 1929 high. But since it passed that mark last February, the rail average has been moving upward, reached an alltime peak of 208.95 three weeks ago.

Last week, as the stock market generally fell in a long-anticipated correction, the rail average did better than the industrials, closed at 202.50.

All the signals show that the railroads are pulling out of...

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