 Although contemporary reports indicate that local subscriptions of $75,000 towards construction were received, the principal financing for the railroad was arranged by the sale of $600,000 in fifteen-year bonds of the railroad to Drexel and Company.In the spring of 1893, the Drexel interests came onto the railroad's board of directors.Walter L. Ross, a banker affiliated with Drexel & Co., became the new president of the railroad, Hicks being demoted to vice-president, and William J. McHugh secretary and treasurer.