 It was widely believed in the railroad industry that the A&GW could be made profitable with the expenditure of about $5 million ($ in dollars), which would allow it to be converted to standard-gauge and purchase enough rolling stock to make it operational again.The Erie Railway (now formally known as the New York, Lake Erie and Western Railroad), still seeking a western main line, agreed to raise the money.The A&GW would be permitted to retain two-thirds of its earnings, with the remaining one-third going to the Erie.