By the late 1900s and early 1910s, the lines had been consolidated into two privately owned systems, the IRT and the Brooklyn Rapid Transit Company (BRT, later Brooklyn–Manhattan Transit Corporation, BMT). The city built most of the lines and leased them to the companies. The first line of the city-owned and operated Independent Subway System (IND) opened in 1932; this system was intended to compete with the private systems and allow some of the elevated railways to be torn down but stayed within the core of the city due to its small startup capital. This required it to be run 'at cost', necessitating fares up to double the five-cent fare of the time.