 The BRT became the Brooklyn–Manhattan Transit Corporation in 1923 after a bankruptcy.The Independent Subway System (IND) was created by the city in the 1920s and 1930s as a third system, operated by the city, competing with the BMT and Interborough Rapid Transit Company (IRT).The city took over operations of the BMT and IRT in 1940, consolidating ownership of the three systems into one.