By the 1940s, the financial condition of the "L", and of Chicago mass transit in general, had become too precarious to permit continued operation without subsidies, and the necessary steps were taken to enable a public takeover. In 1947, the Chicago Transit Authority (CTA) acquired the assets of the Chicago Rapid Transit Company and the Chicago Surface Lines, operator of the city's streetcars. Over the next few years CTA modernized the "L", replacing wooden cars with new steel ones and closing lightly used branch lines and stations, many of which had been spaced only a quarter-mile apart.