In the mid-1880s, overspeculation in railroad construction began to take its toll on the ETV&G's finances. In 1886, the company was reorganized as the East Tennessee, Virginia and Georgia Rail"way" (as opposed to "Rail"road""), and eventually came under the control of the Richmond Terminal Company conglomerate. After the collapse of Richmond Terminal in the early 1890s, New York financier J. P. Morgan formed the Southern Railway, which purchased the ETV&G and the Richmond and Danville Railroad, and consolidated the two in 1894. In 1982, the Southern Railway was acquired by the Norfolk Southern Corporation, which currently manages most of the former ETV&G system.