The Ashleys Out

At a meeting of the board of dlrecors of the Toledo, Ann Arbor & North Michigan Railroad Co., held in New York City a few days ago, the resignaions as directora of J. M. Ashley, A. . M. Ashley, D. M. Ashley and D. lobinsón. Jr., were accepted. H. S. Cissam, llobert Galloway and Chas. F. iuinoy were elected to three of the ■acaneies. Amos F. Kno was elected (resident and John Jacob Astor vieejresident. The Toledo & Ann Arbor was begun 8 years ago and pushed through by the energy of the Ashley family, whose methods at that time, to secure right of way, were widely condemned. The ■oad was in a promising condition until -he trouble with the engineers reeently. Che losses suffered at that time ciipled it greatly, and the flnancial de)ression caused the company's ruin. A number of suits followed, and finally the nortgages were foreclosed. The stock, vhich was held at 35 for years in New York. bas tumbled to 13, and now the ■oad passed into the hands of the bondïolders. President Ashley is prostrated ly nervous illness.