Says Traction Company Was Not Organized by Sheehan and Himself.
“I have faith in this property and the territory it serves,” declared Joseph B. Mayer of New York, who is here today, in speaking of the re-organization of the Buffalo & Lake Erie Traction company, “and I believe the securities of the company will eventually work out. The depression of 1907 and the subsequent hard times, combined with the long delay in getting the line into the city, due to the Hamburg Turnpike controversy, delayed the completion of the road and militated against the earnings of the company, but with the revival of business I am confident the company will prosper.
“The road is well built. and, under proper management, I believe it will work out. Nearly two years ago I resigned as president of the company, but the resignation was not accepted until August, 1911. The property has always been controlled by Bertron, Griscom & company, of New York, and is being managed by them now.
“It is not true, as stated in the newspapers recently, that the Buffalo and Lake Erie Traction company was organized by Mr. Sheehan and myself. Bertron, Griscom & Co. had for years owned the old steam railroad company running from Jamestown to Westfield called the Jamestown, Chautauqua & Lake Erie Railway company, and were negotiating for the purchase of the Dunkirk & Fredonia Railroad company, the Erie City Passenger Railway company and the Hamburg Railway company. They wanted to connect and extend these properties into Buffalo, and retained Mr. Sheehan as their counsel for this purpose. It was only then that I took a financial Interest in the properties, as did Mr. Sheehan.”
Source: Buffalo [NY] Evening News, 29 October 1912, p. 45, NYS Historic Newspapers.