▁slightly ▁when ▁the ▁Sh aron ▁Railway ▁extended ▁its ▁line ▁to ▁Sh en ango ▁J unction ▁in ▁ 1 8 7 6 . ▁In ▁ 1 8 7 7 , ▁Ch agr in ▁F alls ▁business man ▁William ▁H utch ings ▁constructed ▁a ▁ ▁branch ▁from ▁Ch agr in ▁F alls ▁to ▁the ▁C & M V ▁main ▁line . ▁ ▁N yp ano ▁le ase ▁of ▁the ▁C & M V ▁The ▁A & G W ▁finally ▁emer ged ▁from ▁bank rupt cy ▁in ▁ 1 8 8 0 . ▁The ▁company ▁ow ed ▁more ▁than ▁$ 6 0 ▁million ▁($ ▁in ▁ ▁dollars ), ▁and ▁most ▁of ▁its ▁rolling ▁stock ▁had ▁been ▁repos s essed ▁for ▁lack ▁of ▁payment . ▁It ▁was ▁widely ▁believed ▁in ▁the ▁rail road ▁industry ▁that ▁the ▁A & G W ▁could ▁be ▁made ▁prof itable ▁with ▁the ▁exp end iture ▁of ▁about ▁$ 5 ▁million ▁($ ▁in ▁ ▁dollars ), ▁which ▁would ▁allow ▁it ▁to ▁be ▁converted ▁to ▁standard - g au ge ▁and ▁purchase ▁enough ▁rolling ▁stock ▁to ▁make ▁it ▁oper ational ▁again . ▁The ▁Er ie ▁Railway ▁( now ▁formally ▁known ▁as ▁the ▁New ▁York , ▁Lake ▁Er ie ▁and ▁Western ▁Rail road ), ▁still ▁seeking ▁a ▁western ▁main ▁line , ▁agreed ▁to ▁raise ▁the ▁money . ▁The ▁A & G W ▁would ▁be ▁permitted ▁to ▁retain ▁two - third s ▁of ▁its ▁ear nings , ▁with ▁the ▁remaining ▁one - third ▁going ▁to ▁the ▁Er ie . ▁In ▁England , ▁Mc Hen ry ▁and