Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1869-06-19
From the Cleveland Herald
The Effect of the Lake Shore Rail.
way Election,

The great event in railroad circles during
the past week was the struggle.for the possess
ion of the consolidated Lake Shore and Michi-
gan Southern Railway, The battle was one
looked forward TO with great interest and con-
siderable doubt seems to rest upon the actual re-
suit. Whether the lions have devoured Daniel
or Daniel swallowed the lions is question over
which the puzzeled outsiders are rubbing their
heads in doubt, and II the knowing ones have
settled the point for themselves they do not ap-
pear disposed to take the public into their CON
fdence. The battle in Cleveland has been ad.
journed TO Wall street. and there it rnges with
intensified fury, II accounts are to be believed.
The N. Y. HeraH of the 9th says of the prcvi-
Gus days market:
The feature of to-day was another
serious and desperate encounter between
the "bulls" and shears" in stocks, In
deed, the contest has become rather ac-
rmonious in some quarters, and has al
ready given rise to much i'll feeling
The heaviest transactions were in Michi
gan Southern, which sold down to 1929.
From this point it reacted, with consd.
cradle irregularity, to ll58, from which
it fell off again to IA, rising to 1l4t at
the close. Late in the afternoon the
leading operator on the "bear" side and
n representative Of the Michigan South
ern party met in the Long Room, when,
amid great excitement, the former offer
ed and sold five thousand shares of the
stock in question to the latter, who is u
prominent broker and connection by
marriage with Commodore Vanderbilt.
The fact was very encouraging TO the
"bulls" who had been enduring the sew
ere 'hammering" of the past three or
four days. One version says that the
clique operator "bluilrd" down his oppo-
nent by continuing to offer stock, and
that the latter stopped after buying the
amount above stated. All the reports
unite in declaring that the broker, who
was credited with being Mr.. Vandcrbit's
agent in the matter, returned to the
spot after short interval and openly
bid the same price for any portion of zen
thousand shares. The struggle on both
sides promises to be as interesting as
any that has had for its scene the vicin-
ity of the Stock Exchange. Tho move
ments of the champions are watched
with more than usual interest, as the
stock of Michigan Southern has assum.
ed an importance hardly second to New
York Central fol- its speculative activity.
IL is asserted ~ some quarters that the
election of President Phillips is regard
cd MS n defeat OF the Vanderbilt party.
Mr.. Horace +. Clark has stated, since
his return from Cleveland, that no was
not II candidate for the Michigan South
ern presidency, but will be for that Of
the consolidated line between Chicago
aud Buffalo, which is to be consummat-
ell by the directors oi the Buffalo and
Erie road giving their assent At their
meeting next Monday. II, rs il would
appear, MIR. Vanderbilt's party have
taken tho field in opposition to the
CLIQUE from Exchange place, lively doings
may be looked ~ in the stock market
During tho division which this struggle
has produced the Pennsylvania Central
party have been quietly securing con-
nection by she Fort Wayne road on the
one side and New Jersey Central on the
other Hence the sudden rise in the
latter. The discovery OF the plan being
premature The stock was suffered To react
IT not sold hack, to l2l, between which
and 1872 it was quite steady to-day. Fort
Wayne rose from l56 10 1891. The
shares were stroLg aud comparatively
quiet. Pittsburgh was inclined to yield
and settled to 1901 in the weakness of
the general market, when sympathizing
with the sharp decline in Michigan
Southern, but subsequently, recovered to
the best point of the day.
The N. Y Tribune of the same day said;
The feature al the day has been the
enormous transactions in Michigan South
erm. The bear clilues apparently took