<SUBMISSION>
<ACCESSION-NUMBER>0000904793-05-000037
<TYPE>SC 13D/A
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20051130
<DATE-OF-FILING-DATE-CHANGE>20051130
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>WARWICK VALLEY TELEPHONE CO
<CIK>0000104777
<ASSIGNED-SIC>4813
<IRS-NUMBER>141160510
<STATE-OF-INCORPORATION>NY
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D/A
<ACT>34
<FILE-NUMBER>005-79356
<FILM-NUMBER>051235491
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>47 49 MAIN ST
<CITY>WARWICK
<STATE>NY
<ZIP>10990
<PHONE>9149861101
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>47 49 MAIN ST
<STREET2>PO BOX 592
<CITY>WARWICK
<STATE>NY
<ZIP>10990
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>SANTA MONICA PARTNERS LP
<CIK>0000904793
<IRS-NUMBER>133100474
<STATE-OF-INCORPORATION>NY
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13D/A
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1865 PALMER AVENUE
<CITY>LARCHMONT
<STATE>NY
<ZIP>10538
<PHONE>9148330875
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1865 PALMER AVENUE
<CITY>LARCHMONT
<STATE>NY
<ZIP>10538
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>wwvy13da14.txt
<DESCRIPTION>14
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------

SCHEDULE 13D/A
(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a) Under the Securities Exchange Act of 1934


(AMENDMENT No. 14)


WARWICK VALLEY TELEPHONE COMPANY
-----------------------------------------------------------
(Name of Issuer)


COMMON STOCK, PAR VALUE $0.01 PER SHARE
-----------------------------------------------------------
(Title of Class of Securities)


936750108
-----------------------------------------------------------
(CUSIP Number)


SANTA MONICA PARTNERS, L.P.
1865 Palmer Avenue
Larchmont, NY  10538
914-833-0875
-----------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

November 30, 2005
-----------------------------------------------------------
(Date of Event that Requires Filing of This Statement)

























CUSIP No. 936750108                  13D/A
Page 1 of 10 Pages


CUSIP No. 936750108                  13D/A
Page 2 of 10 Pages

___________________________________________________________

1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		SANTA MONICA PARTNERS, L.P.
		13-3100474
_______________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
		WC
___________________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		NEW YORK
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		112,684
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				112,684
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
_____________________________________________________________

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		112,684
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES 		[X]
___________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		2.1%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		PN

Filing by Santa Monica Partners, L.P. of this statement
shall not be construed as an admission that such entity
is, for purposes of Section 13(d) of the Securities Exchange
Act of 1934, the beneficial owner of any other securities
covered by this statement.



CUSIP No. 936750108                  13D/A
Page 3 of 10 Pages

___________________________________________________________

1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		SANTA MONICA PARTNERS OPPORTUNITY FUND, L.P.
		56-2393841
_______________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
		WC
___________________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		NEW YORK
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		5000
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				5000
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
_____________________________________________________________

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		5000
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES 		[X]
___________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		0.1%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		PN

Filing by Santa Monica Partners Opportunity Fund, L.P. of
this statement shall not be construed as an admission that
such entity is, for purposes of Section 13(d) of the Securities
Exchange Act of 1934, the beneficial owner of any other
securities covered by this statement.



CUSIP No. 936750108                  13D/A
Page 4 of 10 Pages

___________________________________________________________

1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		SANTA MONICA PARTNERS II, L.P.
		48-1289758
_______________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
		WC
___________________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		NEW YORK
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		2000
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				2000
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
_____________________________________________________________

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		2000
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES 		[X]
___________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		0.0%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		PN
__________________________________________________________

Filing by Santa Monica Partners II, L.P. of this statement
shall not be construed as an admission that such entity is,
for purposes of Section 13(d) of the Securities Exchange Act
of 1934, the beneficial owner of any other securities covered
by this statement.


CUSIP No. 936750108                  13D/A
Page 5 of 10 Pages


1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		SMP ASSET MANAGEMENT LLC
___________________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
		WC (of Santa Monica Partners, L.P.)
______________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		DELAWARE
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		112,684
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				112,684
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
			--------------------------------------
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		112,684
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES
		[X]
_________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		2.1%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		OO (LLC)
___________________________________________________________

Filing by SMP Asset Management, LLC of this statement shall
not be construed as an admission that such entity is, for
purposes of Section 13(d) of the Securities Exchange Act of 1934,
the beneficial owner of any other securities covered by this statement.


CUSIP No. 936750108                  13D/A
Page 6 of 10 Pages


1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		SANTA MONICA PARTNERS ASSET MANAGEMENT LLC
___________________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
WC (of Santa Monica Partners Opportunity Fund, L.P. and
Santa Monica Partners II, L.P.)
______________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		DELAWARE
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		7000
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				7000
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
			--------------------------------------
12	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		7000
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES
		[X]
_________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		0.0%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		OO (LLC)
___________________________________________________________

Filing by Santa Monica Partners Asset Management, LLC of this
statement shall not be construed as an admission that such
entity is, for purposes of Section 13(d) of the Securities
Exchange Act of 1934, the beneficial owner of any other
securities covered by this statement.




CUSIP No. 936750108                  13D/A
Page 7 of 10 Pages

1	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
		LAWRENCE J. GOLDSTEIN
___________________________________________________________

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
		(a)  [ ]
		(b)  [X]
___________________________________________________________

3	SEC USE ONLY
___________________________________________________________

4	SOURCE OF FUNDS
	WC (of Santa Monica Partners, L.P.
	and certain client accounts)
___________________________________________________________

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
	REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]
___________________________________________________________

6	CITIZENSHIP OR PLACE OF ORGANIZATION
		USA
___________________________________________________________

			7	SOLE VOTING POWER
NUMBER OF		119,684
SHARES		--------------------------------------
BENEFICIALLY	8	SHARED VOTING POWER
OWNED BY		0
EACH REPORTING	--------------------------------------
PERSON WITH	9	SOLE DISPOSITIVE POWER
				130,000
			--------------------------------------
			10	SHARED DISPOSITIVE POWER
				0
____________________________________________________________

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
	PERSON
		130,000
______________________________________________________________

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
	EXCLUDES CERTAIN SHARES 		[X]
___________________________________________________________

13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
		2.4%
___________________________________________________________

14	TYPE OF REPORTING PERSON
		IN
__________________________________________________________

Filing by Lawrence J. Goldstein of this statement shall not
be construed as an admission that such person is, for purposes
of Section 13(d) of the Securities Exchange Act of 1934, the
beneficial owner of any securities covered by this statement.




CUSIP No. 936750108                  13D/A
Page 8 of 10 Pages


WARWICK VALLEY TELEPHONE COMPANY SCHEDULE 13D/A
(AMENDMENT No. 12)


Item 1.  Security and Issuer.

No Change


Item 2.   Identity and Background.

a) This Statement is being filed by Santa Monica Partners, L.P., a
New York limited partnership ("Santa Monica Partners"), Santa
Monica Partners Opportunity Fund, L.P. a Delaware limited
partnership (?SMPOF?), Santa Monica Partners II, a Delaware
limited partnership (?SMPII?), SMP Asset Management LLC, a
Delaware limited liability company that acts as the general
partner of Santa Monica Partners ("SMP Asset Management"), Santa
Monica Partners Asset Management, LLC, a Delaware limited
liability company that acts as the general partner of SMPOF and
SMPII (?SMPAM?), and Lawrence J. Goldstein, the president and sole
owner of SMP Asset Management and SMPAM.

(b)-(c) The principal business of Santa Monica Partners, SMPOF and
SMPII is to invest in securities with the objective of preserving
principal, building net worth, and achieving long-term capital
growth for its investors.  The principal business of SMP Asset
Management and SMPAM is to provide investment advice to and to
manage the business and affairs of Santa Monica Partners, SMPOF
and SMPII respectively.  Mr. Goldstein's principal occupation is
providing investment advice to and supervising the business and
affairs of SMP Asset Management, SMPAM, and indirectly, Santa
Monica Partners, SMPOF and SMPII.  The principal business address
of Santa Monica Partners, SMPOF, SMPII, SMP Asset Management,
SMPAM, and Mr. Goldstein (collectively, the "Reporting Persons")
is 1865 Palmer Avenue, Larchmont, New York 10538.

(d) During the last five years, none of the Reporting Persons has
been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).

(e) During the last five years, none of the Reporting Persons has
been a party to a civil proceeding of a judicial or administrative
body of competent jurisdiction or is subject to any judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or a finding of any violation with respect to such
laws.

(f) Mr. Goldstein is a citizen of the United States of America.


Item 3.  Source and Amount of Funds or Other Consideration.

The source of all funds for purchases of the Shares by Santa
Monica Partners, SMPOF and SMPII was the working capital of Santa
Monica Partners, SMPOF and SMPII respectively.  The source of all
funds for purchases by SMP Asset Management, SMPAM and Mr.
Goldstein, as President and sole owner of SMP Asset Management and
SMPAM, was the working capital of Santa Monica Partners, SMPOF and
SMPII respectively.  The source of


CUSIP No. 936750108                  13D/A
Page 9 of 10 Pages


all funds for purchases by Mr. Goldstein on behalf of certain
client accounts was the working capital of such accounts.

Such working capital may, at any given time, include margin loans
made by brokerage firms in the ordinary course of business.


Item 4.  Purpose of Transaction.

On November 30, 2005 Santa Monica Partners, L.P. transmitted a
letter to Mr. Herbert Gareiss of Warwick Valley Telephone the
?Issuer.  Such letter of November 30, 2005 is annexed hereto as
Exhibit 1 and is incorporated by reference.


Item 5.  Interest in Securities of the Issuer.

(a)-(b) As of November 30, 2005: (i) the Reporting Persons owned
beneficially, directly or indirectly, an aggregate of 130,000
Shares, or 2.4% of the Shares outstanding; (ii) Santa Monica
Partners had sole voting and sole dispositive power over 112,684
Shares; SMPOF had sole voting and sole dispositive power over
5,000 Shares; SMPII had sole voting and sole dispositive power
over 2,000 Shares; Lawrence J. Goldstein had sole voting and sole
dispositive power over 119,684 Shares and sole dispositive power
over 130,500 Shares.

(c) The following is a list of transactions in the Shares made in
open market purchases during the past 60 days:

			Amount 	Price per
Date			Bought	Share		Purchaser
None

(d) No Change

(e) No Change


Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.

No Change


Item 7.  Material to be filed as Exhibits.



Exhibit 1:

November 30, 2005 letter from Santa Monica Partners, LP
to the Board of Directors of the Issuer.


Exhibit 2:

Agreement of Joint Filing by and among Santa Monica Partners,
L.P., Santa Monica Opportunity Fund, L.P. and Santa Monica
Partners II, L.P., dated November 30, 2005


CUSIP No. 936750108                  13D/A
Page 10 of 10 Pages


SIGNATURE

After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in
this statement is true, complete and correct.


SANTA MONICA PARTNERS, L.P.
By: SMP ASSET MANAGEMENT LLC

By: /s/LAWRENCE J.GOLDSTEIN
----------------------------------------
Lawrence J. Goldstein, President


SANTA MONICA PARTNERS OPPORTUNITY FUND, L.P.
SANTA MONICA PARTNERS II, L.P.
By: SANTA MONICA PARTNERS ASSET MANAGEMENT LLC

By: /s/LAWRENCE J.GOLDSTEIN
----------------------------------------
Lawrence J. Goldstein, President


SMP ASSET MANAGEMENT, LLC

By: /s/LAWRENCE J. GOLDSTEIN
----------------------------------------
Lawrence J. Goldstein, President


SANTA MONICA PARTNERS ASSET MANAGEMENT, LLC

By: /s/LAWRENCE J. GOLDSTEIN
----------------------------------------
Lawrence J. Goldstein, President


/s/LAWRENCE J. GOLDSTEIN
--------------------------------------
Lawrence J. Goldstein



Exhibit 1:

SANTA MONICA PARTNERS, L.P.
1865 PALMER AVENUE
LARCHMONT, NY  10538
WWW.SMPLP.COM
Tel: 914.833.0875
Fax: 914.833.1068
ljgoldstein@bloomberg.net

November 30, 2005

Mr. Herbert Gareiss, Jr. President and Chief Executive Officer
Warwick Valley Telephone
47 Main Street
Warwick, New York 10990

Dear Herb:

Please understand this is not a criticism but a rather a
question that I believe is timely to pose to you.

At the November 17, 2005 annual meeting you stated in your
closing remarks, ?Warwick?s strength lies in its dedicated and
knowledgeable staff, its loyal customers and shareholders, and
its ability to move quickly to capture and exit markets. By
leveraging these strengths, Warwick strives to remain a solid
investment for its shareholders.?

Let?s be eminently fair. With respect to the ?knowledgeable
staff,? since the top management turnover has indeed been
significant in the past year and those that have been let go or
?released? have been replaced (we can see that four of the five
top officers listed in the proxy are no longer with the Company
or are leaving by year-end), only with the passage of time will
anyone truthfully be able to say Warwick Valley Telephone
Company (WWVY) possesses a , ?knowledgeable staff.?  However,
to aide in building shareholder confidence in the company?s
direction, will you please share with us some evidence that the
personnel newly brought on (how many, for which job slots, and
who are they?) bring the correct experience and ability to
achieve what must be done? Providing their biographies, prior
experience and record of accomplishments would go along way in
this regard.

With respect to ?loyal customers,? isn't it true that on a net
basis customers have been lost in the past years ? in
particular the last 12 months?  I?m not implying this was
caused by or was due to any direct actions of management; but
isn?t this due to simple competition from companies such as
Comcast? You do know too that Verizon has lost half of its
?many loyal customers? in areas of the country where Comcast
has chosen to compete. It would seem as though Warwick?s ?loyal
customers? like those of other telecoms are growing fewer and
fewer. Therefore how can you say, one of Warwick?s strength
lies in its loyal customers?

Furthermore, with respect to ?loyal shareholder? as strange as
it may sound to you, we too are loyal shareholders of Warwick,
and I think have proven to be just that (even to you).  Over
the last five years, for example, we have never once sold a
single share and, in fact, we have continuously purchased
additional shares. Therefore, if time in grade qualifies as
?loyal? we should certainly qualify.  Not to mention, we are
also presently Warwick?s second largest shareholder. It is also
a fact that we own two thirds as many shares as does the entire
Board of Directors. In addition, we may continue on this path
and may do so in much more substantial fashion.  We are indeed
?loyal shareholders.? Yet peculiarly you have not considered or
treated us as one of ?Warwick?s strength(s).?

Our main concern as shareholders is not that the OCP value will
never be brought out, but rather will it become the only
significant asset value that remains in the Company. We all
know that the POTS has some value, but it obviously has
declined over the past many years and is likely to continue to
decline in value unless it can be quickly turned around. For it
is highly likely that the price paid for companies such as ours
(which has been declining and probably will continue on that
path) will also decline as POTS businesses are less and less
attractive to acquirers. Warwick?s EBITDA is now in negative
territory. Thus with both multiples and Warwick financials
declining, clearly valuation is a real issue for our POTS
business.

Cutting expenses is one way to make the Company more profitable
but at Warwick that remains to be seen and, to date, we have
not seen that happen.

If you do succeed and turn earnings into a positive position,
you must still remember and be aware of the fact that market
conditions are not heading higher but rather lower as valuation
metrics are headed downward and could well offset any benefit
of operating success unless you can move rapidly. But you have
provided no evidence that the Company can react quickly enough

After the meeting, you did say to me, when I asked how much
time you wanted in order to achieve success that you wanted
?one year? to turn the POTS business around.

Chairman Buckbee also stated to me after the meeting that he
?would not be opposed to selling the Company? if you did not
succeed in a year.  In fact, he specifically stated that he
would be willing to sell the Company. I responded ?you could
have said give management one year a year ago and two years
ago? and asked why he was so willing to wait yet one more year
now. He was silent.  He remained silent even after I pointed
out, and as you of course must know, Warwick?s time is limited
as the valuation metrics of the principal business are steadily
deteriorating.

Herb, you stated, ?to drive in new revenues we have several
exciting projects lined up for next year.? Seeing projects
lined up for next year, it?s hard to imagine these ventures
being profitable and adding anything of significance to the
bottom line.  Are we mistaken?  Do you intend to see profits
within the next year from web hosting, the sale of wireless
services obtained thru Verizon and Sprint Networks, your CLEC,
WiMax Video and Independent Optical Network? If so please
correct me and provide your projection or estimate or basis for
believing these will be profitable in 2006.

We understand that you can?t make statements forecasting
profitability.  But you can release information to your
shareholders and the public describing what new projects are in
the pipeline in detail and explain how you expect these to add
profitability to the company.  If you believe so strongly that
loyal shareholders are one of Warwick?s strengths, then nothing
builds a stronger base of loyal shareholders more than honesty
and transparency.  Too many companies release small tidbits of
information on new projects and make boilerplate statements
such as, ?we believe X will greatly add to our profitability.?
Forthright honest managements delve into why they believe this
and what steps are being taken to insure this happens. Don?t
just do it to please us, do it to send a critical message to
all shareholders and the market place that your intentions are
more than just meaningless boilerplate words and statements.
Believable managements are in fact those who provide straight
forward plans and back up them up with supporting documentation
and not merely nice sounding words and statements.  And by the
way, in the stock market a Company?s share price generally will
be rewarded with a swift and positive upward move in reaction
to such first class, forthright, honest and complete treatment
of shareholders.

It was surprising to us that not once in your presentation did
you mention or even acknowledge, the fact that the Orange
County/Poughkeepsie Cellular Partnership (OCP) passive
investment contributed 100% of the Company's profits  to date
in 2005 and in fact actually accounted for nearly 140% of pre-
tax profits.

Perhaps during this new period of disclosure and openness with
your loyal shareholders, you will see the value in providing
some insight into the investment activities and performance to
date (first nine months of 2005).  Furthermore, why not explain
why revenue growth slowed to just 4.3%in the nine month period
and why expenses surged 85.5% in the third quarter alone of
2005. This is suggestive of a possible non-recurring expense.
This information is so very important for shareholder to have
in order to assess the situation properly don?t you think?
Therefore, if it was non-recurring in nature, would you mind
telling us please what the non-recurring expense was?  If it
was not and will be an ongoing level of expense please advises
us as to why suddenly there has been such an unusual increase.

More than 150 shareholders who attended the annual meeting
heard your remarks loud and clear. Many more shareholders, and
outside independent investors, as well as the marketplace as a
whole read what you had to say in the 8-K filing and press
releases.  All those touched by Warwick have heard you. The
result?  The market place has reacted negatively.

Following your presentation at the annual meeting and your
filings and releases on November 17, 2005, the Company?s shares
have declined every single day. They have fallen in less than
eight trading session?s over 13% at this moment of writing at
mid day November 30, 2005 from a $23 per share closing price on
November 17 the afternoon of the annual meeting to $19.99 per
share now.

I suppose if you asked for our interpretation, we would have to
say that your loyal shareholders aren?t as loyal as you think.
?WVT strives to remain a solid investment for its shareholders?
WVT has not at all been a solid investment. However, if you
really mean what you said and wrote then there are things that
you could easily do to make WVT a solid investment.?

 Therefore, why not use this New Year to regain trust, regain
loyalty and start the year off with full and complete
disclosure? Try and be transparent and candidly honest with
statements that we can take to the bank as believable and
supported by your documentation and clear reasoning.  The
markets are too smart for false and unsupportable promises. You
can see for yourself that in this case, the market has and is
daily registering its doubt over yours.  Now is the time to
make a change. Do this today and it will allow you to begin to
bake a nice cake, i.e. enhance shareholder value, merely by
promptly releasing all of the above information

You can also add some icing to this newly baked cake and stem
the daily free fall of the Warwick stock price by immediately
announcing your intention to substantially increase the
dividend.

Allow us to repeat what we wrote to you and the other members
of the Board of Directors in our letter of November 22. We know
that substantially increasing the dividend would provide an
immediate benefit to shareholders in more than one way. Ways
which benefit retired shareholders who like the steady income
as well as all others.

First, it would put more cash in the pockets of each
shareholder who has been loyal to the company for so many
years.  Second, it would provide shareholders with a higher
percentage yield and third, a substantial increase in the
dividend would almost certainly increase the Company?s stock
price, adding both a lift in cash-in-hand and long term value
to your shareholders ? directly affecting their quality of
life.

Furthermore, we believe, given Warwick?s large cash position of
nearly $16 million dollars, or $3 per share, and in light of
Herb?s statement regarding the Company?s ?extremely strong
balance sheet, a very low debt to equity ratio and an excellent
credit rating,? that this is an excellent time for management
to implement such a change.  Now that the tax rate on dividend
payments has dropped to a mere 15%, this added cash income
directly affects all shareholders in an extremely beneficial
way.

It would be a serious error of good judgment to take no advice
from a ?loyal shareholder? and for all of us to wait around yet
another year hoping and praying for a miraculous reversal of
five years of annually declining operating profit in the POTS,
which has now turned into losses in 2005.  We would hate to
have to take Chairman Buckbee and you Herb at your word and
sell the company under those circumstances and with POTS
multiples of EBITDA, lower than they are presently today.

Thus we urge your serious and prompt consideration of answering
questions, releasing the requested information and announcing a
substantial increase in the dividend.

As ?loyal shareholder?s? we will welcome the opportunity to
discuss these matters with you in and look forward to hearing
from you


Warmly,


Lawrence J. Goldstein, President

ljgoldstein@bloomberg.com

www.smplp.com


cc:	Fred M. Knipp
	Wisner H. Buckbee, Chairman
	Robert J. Devalentino,
	Henry L. Nielsen Jr.,
	Philip S Demarest,
	William E. Morrow,
	Dr. Joseph E. Deluca, and
	Ms. Corinna S. Lewis


Exhibit 2:


Agreement of Joint Filing

Pursuant to Rule 13d-1(k) promulgated under the Securities
Exchange Act of 1934, as amended, each of the undersigned persons
hereby agrees to file with the Securities and Exchange Commission
the Statement on Schedule 13D (the ?Statement?) to which this
Agreement is attached as an exhibit, as well as any further
amendments filed by them with respect to the shares of common
stock of Warwick Valley Telephone Company, $.01 per value per
share, and agree that the Statement is filed on behalf of each of
them.

IN WITNESS WHEREOF, the undersigned have executed this Agreement.


Dated: November 30, 2005

SANTA MONICA PARTNERS, L.P.
By: SMP ASSET MANAGEMENT LLC

By: -------------------------------
Lawrence J. Goldstein, President



Dated: November 30, 2005

SANTA MONICA PARTNERS OPPORTUNITY FUND, L.P.
By: SANTA MONICA PARTNERS ASSET MANAGEMENT LLC

By: -------------------------------
Lawrence J. Goldstein, President



Dated: November 30, 2005

SANTA MONICA PARTNERS II, L.P.
By: SANTA MONICA PARTNERS ASSET MANAGEMENT LLC

By: -------------------------------
Lawrence J. Goldstein, President




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