As early as 1933, the State Highway Commission (SHC) considered taking over the bridge approaches - but not the bridges themselves - from the corporation. Projected traffic volumes were not reached, leading to bankruptcy of the James River Bridge Corporation. It was bought by bondholders, headed by a local businessman from Smithfield. The new owners raised tolls, proving unpopular with local residents. Chapter 399 of the Acts of Virginia of 1940 authorized the SHC to acquire the James River Bridge System, consisting of the three bridges and approach roads. The SHC bought the system from the corporation for $5.6 million on September 30, 1949. (equivalent to $ million in dollars).