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



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. 16)


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)

December 16, 2005
- -----------------------------------------------------------
(Date of Event that Requires Filing of This Statement)
























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 all funds for purchases by


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


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 December 16, 2005 Santa Monica Partners, L.P. transmitted a
letter to Mr. Herbert Gareiss and the Board of Directors
of Warwick Valley Telephone the ?Issuer.  Such letter of
December 16, 2005 is annexed hereto as Exhibit 1 and is
incorporated by reference.


Item 5.  Interest in Securities of the Issuer.

(a)-(b) As of December 16, 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:

December 16, 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 December 16, 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
Lawrence J. Goldstein, ljgoldstein@bloomberg.net
Joshua M. Eudowe, jeudowe@smplp.com

info@smplp.com

December 16, 2005

Members of the Board of Directors
Fred M. Knipp
Wisner H. Buckbee, Chairman
Robert J. Devalentino,
Herbert Gareiss Jr., President & CEO
Philip S Demarest,
Joseph J. Morrow,
Rafael Collado
Dr. Joseph E. Deluca, and
Ms. Corinna S. Lewis

Warwick Valley Telephone Company
47 Main Street
Warwick, NY  10990

PLEASE CONFIRM TIMELY RECEIPT BY EACH BOARD MEMBER


Dear Lady and Gentlemen:

We are in receipt of your letter dated December 9, 2005, in
which you wrote to us stating,
"The Board of Directors has authorized me [Herbert Gareiss]
to assure you that your many comments are carefully
considered by each Board member and are fully included in
Board deliberations.?  That was the entire letter.

While it?s heartwarming to know that the Board carefully
considers our ?comments? it is downright infuriating that we
have received not one answer to any of the questions we have
asked!  It is blatantly apparent that the Board has chosen to
continue to hide behind this veil of secrecy as opposed to
disclosing imperative information to Shareholders that is
relevant to their making informed decisions about their
investment in the Company.

Following the November 17th Annual Meeting, we wrote two
letters to you.  In the first letter dated November 30, 2005
we stated, ??we urge your serious and prompt consideration of
answering questions, [plural] and releasing the requested
information.?  We also indicated that, ?As loyal
shareholders? we will welcome the opportunity to discuss
these matters with you."  In the second letter, dated
December 5, 2005, we spoke to Warwick?s stock and its plan of
turning the company around.

Still, not one single question has been addressed, let alone
answered.

Furthermore, you have neither acknowledged our Dividend
Policy Proposal for inclusion in the next proxy statement nor
responded to the offer made to you contained in our covering
letter, both dated November 22.

We ask you again, please respond to the following questions:

1. Will you share with us some evidence that the personnel
newly brought on will bring the correct experience and
ability to the Company in order to achieve what must be done?

2. With respect to ?loyal customers,? isn't it true that on a
net basis customers have been lost in the past years?  In
particular, isn?t it true that Warwick has lost customers in
the last 12 months?

3. Why is it that Chairman Buckbee who said he ?would not be
opposed to selling the Company? if you did not succeed in a
year so willing to wait yet one more year?

	(a) What is he waiting for?

	(b) What is his reasoning based on?

(c) Does he not believe Warwick?s time for selling is
limited as the valuation metrics of the principal
business are steadily deteriorating?

4. Herb, you stated at the meeting, ?To drive in new revenues
we have several exciting projects lined up for next year.?
Seeing projects simply ?lined up? for next year, it's hard to
imagine these ventures will be profitable that quickly and
add anything of significance to the bottom line. Are we
mistaken?

5. Do you intend to see profits within the next year from web
hosting, the sale of wireless services obtained through
Verizon and Sprint Networks, your CLEC, WiMax Video and
Independent Optical Network?

If so, please correct me and provide shareholders with your
projection or estimate or basis for believing these will be
profitable in 2006?  If you can?t, why not?

You can?t hide behind Rule FD on this because it is perfectly
allowable for you to release a forecast, estimate,
projection, guess, call it what you will, in an 8-K.   As
shareholders in a Company whose sole actively managed
business is operating simply a small plain old telephone
system,  telephone company, we can not understand your
unwillingness to  make public your forecast for 2005, 2006
and beyond.  This, for obvious reasons, makes us believe you
don?t have one.  You can and should, at the very least,
release information to your shareholders and the public with
respect to the initiatives and new projects you outlined as
being in the pipeline in detail and explain what you estimate
these to add, how many dollars of sales and profits, and over
what period of time.

7.  You stated that you believe strongly that ?loyal
shareholders? are one of Warwick's strengths.  Therefore, do
you agree with any of the following statements?

(a) Nothing builds a stronger base of loyal shareholders
more than honesty and transparency.

(b) 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."  No substance and all fluff.

(c) Forthright honest managements delve into why they
believe this and what steps are being taken to insure
this happens.

(d) Providing a supportable basis for beliefs sends a
critical message to all shareholders and the market
place that management?s intentions are more than just
meaningless boilerplate words and statements.

8.  Do you understand that believable managements are, in
fact, those who provide straightforward plans and back them
up with supporting documentation and not merely make nice
sounding statements?

9. Do you understand 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?

10. Following your presentation at the annual meeting and
your filings and releases on November 17, 2005, the Company's
shares declined nearly every single day for eight days until
they stabilized at a level of $19 and change. Our shares have
fallen in value in less than eight trading session's by more
than 14% at this moment of writing from a $23 per share
closing price on November 17, the afternoon of the annual
meeting to $19.75 per share now.

Do you care at all about the Company?s stock price free fall
since your comments at the Annual Meeting?

11. Do you understand the message that such a free fall gives
to management and also to investors?

12. Do you understand that shareholders need much more than
management banal, trite, platitudinous, unconvincing
statements in place of real supportable facts, estimates and
plans?

13.  New Ulm Telecom (NULM) is up 94.7% this year because its
OCP-like passive investment, its 9.88% ownership of Midwest
Wireless Holdings, is being sold.

Do you not think a similar value enhancement of WWVY shares
would result if WWVY were to separate or sell or otherwise
monetize its fabulous 7.5% investment in the Orange County
Cellular Partnership?

14. Why without your providing any specific examples of
success against competitors, or supporting documentation of
your many intentions, promises and assertions, or forecasts,
estimates, projections or proformas, do you want shareholders
to trust you "to remain an solid investment" with no
explanation of your reasoning or basis for this statement
whatever?

15. How long do you believe it is reasonable for shareholders
to wait for operating profits from the POTS to materialize
and observe real sustained growth to occur?

16. Please explain why Orange County / Poughkeepsie (OCP?s),
our only source of profits in 2005, revenue growth slowed to
just 4.3% in the first nine month and why expenses surged
85.5% in the third quarter alone of 2005?

(a) This performance 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?

(b) Therefore, if the huge increase in expenses was non-
recurring in nature, would you mind telling us please
what the non-recurring expense was?

(c) If it was not and will be an ongoing level of
expense will you please advise us as to why suddenly
there has been such an unusual increase?

16. Are you ready and willing to act in shareholders behalf
now?

In your letter, as noted above, you ignored answering any of
our questions.  Please answer them now.

Being among the highly valuable ?loyal shareholders? that you
speak of, we look forward to hearing from you promptly.


Warmly,


Lawrence J. Goldstein

CERTIFIED MAIL:  7001 0320 0000 8924 2789


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: December 16, 2005

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

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



Dated: December 16, 2005

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

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



Dated: December 16, 2005

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

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