You confirm what I experienced: it is possible, but one has to rely on cargo by truck or long distant buses to get the financial lever to get trains rolling with losses in this game. “Train Fever” has the flew, and needs a little re-balance so trains can be profitable there where they are supposed to be adequate: medium to long distant hauling with larger volumes, and should outperform buses or trucks. Now they fail.
But thanks for your contribution and great that you managed to get beyond 1900 in hard mode without extra loan! 😉