Wellsville & Buffalo RR to quit pt.1 - Andover News 10-27-1916
Transcribed by Sheila L. Kalkbrenner
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The Wellsville and Buffalo to Quit:
Officials of That Railroad say the Running of the Road is a Losing Proposition, After Ten Months Trial.
Wellsville, NY Oct. 23.
Much fear is expressed in this city that the Wellsville and Buffalo Railroad is to be discontinued after Nov. 1st.
The announcement was received last week from C. A. Finnegan, the president; that the directors have decided upon this step after giving the road a trial for 10 months. Every efficiency method was employed an every known means to get business legitimately, but every month showed a deficit, it was stated. The actual cash loss amounts to $45,000. For the first half year the average monthly loss was $6,000, but after that it dropped slightly, so the main loss for the period of operation under the ownership of the Wellsville & Buffalo Company for each month was $4,500.
The statement goes on to say that the rolling stock of the road is in such poor conditions that it cannot possible be used after November 1st as breakdowns now are frequent.
Wellsville & Buffalo RR to quit pt.2 - Andover News 10-27-1916
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Even if money to finance the purchase of new equipment could be secured, Mr. Finnegan told a reporter, it would be impossible to buy any at this time or to have them repaired on keeping of rush conditions in plants.
All the debts of the company have been met practically as they accept them. Any outstanding __?__ ___?___ are small and will be duly met. Mr. Finnegan and his associates, Theodore __?_____ of Buffalo and A. Weber of Kentucky bought the road Dec. 13 for upwards of $800,000.
They made the purchase after long deliberation and after it appeared certain that the property would be sold at auction at a bond holders’ sale. Their idea was to scrap the road but first give it a fair trial in operation. That has been done and there was practically no encouragement given.
The road will be disposed of by the present owner under the most favorable terms possible. They hope to be able to get back the amount of money they paid to acquire title.