The state chronicle., 1893-04-28
RUINED IN A DAY.
terrific Drop In Toledo and Ann Arbol
Stock.

new orK lines.
The misfortune which has so
suddenly overwhelmed J. M. Ashley,
Jr., the First Vice President of the
Toledo, Ann Arbor and North
Michigan Railroad, forms peculia,
if not pathetic, chapter of Wall
Street history. An abrupt call for
the repayment of heavy loans, a
tumble of twenty points in the
stock Of his road, and Mr.. Ashley
was wiped out financially.
Tie situation is thus summed up
IN Mr.. Ashleys own language to a
reporter yesterday: cat noon yes
terday | did not dream of such q
change, Now I have not $50"
Just about year ago J. NJ. Ash
ley, Jr., came to New-York as the
representative of the Toledo, Ann
Arbor and North Michigan Rail
road, Of which his father is Presi
dent. The main line Of that road
runs from Toledo, Ohio, to Beech
er, Mich, distance of PA miles. A.
leased line, about two and half
miles long, extends the road to
Frankfort, on the shores Of Lake
Michigan, and there is railroad
ferry to Kewaunee, Wis, oper-
ated by the railroad company.
The Messrs. Ashley, father and
son, thought that they saw a great
deal Of money III the development
Of this property. Together they
took 25,O00 shares out OF total OF
$4,000 shares of stock, and obtained
control Of the road. Mir. Ashley.
Jr., says that. he put in about $780,
900 Of lis own money. Extensive
improvements were planned, and
negotiations for important connec-
tions were opened. The 25,OOO
shares were put up as collateral for
some large loans The Ashley man
agement soon made itself felt be-
cause of its energy and push. New
piers and treatles were built, new
rolling stock purchased, and new
ferry boats were built to convey the
cars across Lake Michigan. These
new boats were the largest and
finest of their kind.
Ia the Imagination Of the Ashleys
there grew up great and prosper
Gus freight route to the Northwest.
The lake ferry between Frankfort
and kewanney made it the shortest
of alls The cnly things needed
were connections, and overtures
were made to Samuel Sloan for close
traffic agreements with the Green
Bay, W1nona and st. Paul Railway
and the Lacka wanna Road. MI
Sloan is President Of both lines and
repLted to be the chief owner of the
Green Bay Road. A few months
ago it was whispered about Wall
Street chat contracts were about tc
be signed between the Toledo, Anr
Arbor and North Michigan Company
and Mr.. Sloan's two roads. Suct
whisperings helped the stock Of the
Ann Arbor Road to rise. Mr.. Sloar
said yesterday that no such con.
tracts ever existed or were con
templated by him.
For long while the price of the
stock of the Toledo, Ann Arbor and
Nortn Michigan Railroad wae
quoted in Wall street at about 80
On Monday last it opened at 394
and within an hour on the Afternoon
of that day it fell to 26! Yester
day it dropped down to 184. Va
rious explanations were Forthcoming
for this remarkably agile perform
ance OF stock that for many month!
had been quiet and steady There
were sensational rumors Of fnancia
irregularities in TIE management o
the compeny's affairs, and there
were reports that Mr.. Ashley, Jr
mad gotten into various speculative
entanglemente,in including the-sellins
Of large number of quits" on th'
stock Of his road.
While Mr.. Ashley did not care I.
give any figures, current rumor il
Wall street puts the amount of hi
losses at about half million dol
lars.