I have a 1955 well the pressure gauge is droping and the well turns on every 4 1/2 min. the valves are turned off, is the well bad or the pump ? Thanks for your thoughts. Gerry w.

the pressure gauge is droping and the well turns on every 4 1/2 min
If the well can't hold pressure the first thing I'd be checking is the check/foot valve. If that checked OK I'd be looking for a leak in the system. This can be checked by shutting off systems, ( house, service line from pump to house and finely the suction line), and watching them pressure gage.
Good luck, Tom

Speedball hit the nail on the head. Is your pump above ground or in the well?