(The Associated Press circulated the following on September 15.)
NEW YORK — Railroads stocks were pulled down in a steep broader market sell-off Monday, as investors reacted to a trifecta of ominous happenings on Wall Street.
The bankruptcy filing of Lehman Brothers Holdings Inc., the forced sale of Merrill Lynch & Co. to Bank of America Corp. and American International Group Inc.’s request for emergency funding from the Federal Reserve rattled investors and sent the Dow Jones industrials average down nearly 250 points.
But railroad investors also grew nervous over possible damage from Hurricane Ike over the weekend. Most railroads operating along the Gulf Coast appeared to resume normal operations Monday, although shipment delays of up to three days were expected.
In morning trading, shares of Union Pacific Corp. lost the most ground, falling $2.52, or 3.2 percent, to $75.28. A Union Pacific train and a Los Angeles commuter train crashed on Friday, killing 25 people.
Burlington Northern Santa Fe Corp. fell $1.09 to $100.75, and CSX Corp. fell $1.09 to $60.52. Norfolk Southern Corp. lost $1.27 to $66.70, and Kansas City Southern gained a penny to $47.23.