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TO DISCONTINUE OPERATIONN. Y. A P*. R. R. Has Failed lo Earn ( Operating Expenses.1 If the stockholders of the New York Pennsylvania railroad have their way the steam railroad which runs j frorn Camsteo to Ceres, a distance of I f7 miles, will soon cease operations and the territory now served by the road will be practically without rail service of any kind.At a met ting of the stockholders of the road hell in Casisteo Saturday with 110 per cent of the stock rep re sented it was voted to petiton the Pub- , lie Service Commissioners of both New Y'ork and Pennsylvania for permission to discontinue the road. The attorneys for the road were authorzed to take steps to bring this matter to the at-I tent ion of the commission as soon as I possible, and the stockholders hope that the necessary consents can be secured so that the Mad din discontinue [ by .1 anuary 1. ,■ Tha reasons set forth for the actiontaken by the stockholders are that the road has failed to earn its operating expenses for the past three years. For severs! years it has earned no dividends. As there is no increase of I revenue in sight to remedy this situa-I tion, the stockholders deem it best to scrap the road at this time when high prices can be secured for its rolling: stock; rads. etrr. shortage Terr by thrrargfr -raimjads-' it ishoped that.ttye property of the road will bring oaoofrfi 'SO^fit'tbe stockholders will not l«»se. The chief stockholders of the road are Theodore and William Cobb of Sprng Mills.The road was built in liKM. It has , several times been extended. It runs J through Canisteo, West Union and (ireenwood in Steuben courtly. Independence and Willing townships, in Allegany county and tbea(? passes ( into Pennsylvania near CJenefce, continuing on to Shlnglehouae and Ceres at the state line where it reaches thePennsylvania railroad. .,
Newspaper Details
Cattaraugus Times
Cattaraugus, New York, US
Fri, Sep 22, 1916
Page 5
Full Page
Clipped by
Daniel E.
FL, USA 03 Jun 2019
Other Publications Near Cattaraugus, New York
Cattaraugus Times
