Wall Street: In Search of a New Game

Natomas Co. would not seem to be the ideal speculative stock. About 80% of its revenues come from the lackluster shipping industry. With its 37% stake in oil concessions in the ocean off the Indonesian island of Java, and a 68% stake in a concession off Sumatra, the company may yet become an important oil producer. But, as officials of San Francisco-based Natomas concede, no one knows how much oil will be found in either field.

Still, Natomas for months has been one of the most wildly gyrating stocks on the New York Stock Exchange. From an early 1969 low of...

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