DEFINE INVESTMENT TRUST : INVESTMENT TRUST

DEFINE INVESTMENT TRUST : THE FEDERAL RETIREMENT INVESTMENT BOARD

Define Investment Trust January 25, 2012

DEFINE INVESTMENT TRUST : THE FEDERAL RETIREMENT INVESTMENT BOARD

Define Investment Trust

define investment trust

    define investment

  • The use of capital to create more money. Usually includes the idea that safety of principal is important.

    trust

  • Firm belief in the reliability, truth, ability, or strength of someone or something
  • The state of being responsible for someone or something
  • Acceptance of the truth of a statement without evidence or investigation
  • something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); “he is the beneficiary of a generous trust set up by his father”
  • have confidence or faith in; “We can trust in God”; “Rely on your friends”; “bank on your good education”; “I swear by my grandmother’s recipes”
  • allow without fear

City Bank-Farmers Trust Company Building

City Bank-Farmers Trust Company Building
Financial District, Lower Manhattan, New York City, New York, United States

Summary

One of the most prominent features of the Lower Manhattan skyline, the fifty-nine-story City Bank-Farmers Trust tower is among New York City’s tallest skyscrapers. Designed by the architectural firm of Cross & Cross in the restrained modern style once known as "Modern Classic," it was built in 1930-31 to be the Wall Street headquarters of one of the country’s largest financial institutions, which survives today as Citibank. The steel-framed tower is sheathed in granite and limestone, making it, on completion, the world’s tallest stone-faced building. Its lower portion is both massive, especially in contrast to the narrow streets, and dramatically vertical, organized around widely spaced giant piers which rise to freestanding stylized heroic figures said to represent "giants of finance." The main entrance, located on Exchange Place, is distinguished by its round arch surrounded by eleven coins of carved granite representing the various countries in which National City Bank had offices.

Decorative doors of nickel silver with bronze trim and a variety of carved forms, many designed by British sculptor David Evans, adorn the lower floors. The slender, square tower with chamfered corners, rising slightly askew to the irregularly shaped base, today remains a commanding presence in the skyline of lower Manhattan, and one of the most noteworthy of the era’s skyscrapers.

DESCRIPTION AND ANALYSIS

City Bank-Farmers Trust, the National City Bank, and the Canadian Bank of Commerce

No. 20 Exchange Place was built to house the head offices of one of Wall Street’s new banking conglomerates, the City Bank-Farmers Trust Co., along with a branch of the National City Bank of New York and a branch of the Canadian Bank of Commerce.1 The City Bank-Farmers Trust Company was the product of a merger of two long-established banking firms: the National City Bank of New York and the Farmers Loan and Trust Company. The Canadian Bank of Commerce was a tenant in a building demolished to make way for the new tower and had been located on the site since as early as 1872.

The National City Bank of New York, which survives today as Citibank, is among the country’s largest and oldest banks, tracing its origins to the First Bank of the United States, founded in 1791, of which it was the New York branch.

That branch was reorganized in 1812 as the City Bank of New York by Col. Samuel Osgood, the country’s first Postmaster General and Treasury Commissioner. Moses Taylor, who took control of the bank after the financial panic of 1837, had it chartered in 1865 as a national bank, and renamed it the National City Bank of New York.3 By 1893, led by president James Stillman, the bank had become the city’s largest, and the following year the country’s largest. By 1920, it had b ecome the first American bank with assets totalling one billion dollars. During the 1920s, the National City Bank of New York became the country’s first full-service bank; among many innovations, it was the first major bank to offer interest on savings accounts. Expanding dramatically during that decade, the National City Bank acquired the Commercial Exchange Bank, the Second National Bank, and the People’s Trust Company of Brooklyn before merging with the Farmers’ Loan and Trust Company in 1929.

The Farmers Loan and Trust Company, founded in 1822, was the first trust company to be organized in New York, and is said to be the first "company of record to be incorporated for the purpose of executing trusts."4 Beginning as a fire insurance carrier, the company moved into agricultural loans, and grew enormously in the following two decades as farms expanded in New York State following the opening of the Erie Canal. After the Civil War, the

Farmers Loan and Trust Company turned to railroad trust mortgages. By the turn of the century the company had established offices overseas, and in 1918 the company joined the Federal Reserve System.

The Canadian Bank of Commerce was founded in 1867, the year of Canada’s confederation, by Toronto businessman William McMaster.5 By the time of the First World War it had 379 branches, and during the 1920s almost doubled that number by acquiring the Bank of Hamilton and then the Standard Bank of Canada. Today, known as the Canadian Imperial Bank of Commerce, it is Canada’s second largest bank.

The Site and Wall Street Banks

The site of No. 20 Exchange Place is a small, irregular four-sided plot occupying the entire block bounded by Exchange Place, William Street, Beaver Street, and Hanover Street. This block lay within the original Dutch settlement of Nieuw Amsterdam, and is shown in part in the so-called Castello Plan, the earliest reliable surviving map of the colony.6

By the late nineteenth century, this block had become associated with the banking houses of Wall Street. Exchange Place itself was named for the old Merch

City Bank-Farmers Trust Company Building

City Bank-Farmers Trust Company Building
Financial District, Downtown Manhattan, New York City, New York, United States

Summary

One of the most prominent features of the Lower Manhattan skyline, the fifty-nine-story City Bank-Farmers Trust tower is among New York City’s tallest skyscrapers. Designed by the architectural firm of Cross & Cross in the restrained modern style once known as "Modern Classic," it was built in 1930-31 to be the Wall Street headquarters of one of the country’s largest financial institutions, which survives today as Citibank. The steel-framed tower is sheathed in granite and limestone, making it, on completion, the world’s tallest stone-faced building. Its lower portion is both massive, especially in contrast to the narrow streets, and dramatically vertical, organized around widely spaced giant piers which rise to freestanding stylized heroic figures said to represent "giants of finance." The main entrance, located on Exchange Place, is distinguished by its round arch surrounded by eleven coins of carved granite representing the various countries in which National City Bank had offices.

Decorative doors of nickel silver with bronze trim and a variety of carved forms, many designed by British sculptor David Evans, adorn the lower floors. The slender, square tower with chamfered corners, rising slightly askew to the irregularly shaped base, today remains a commanding presence in the skyline of lower Manhattan, and one of the most noteworthy of the era’s skyscrapers.

DESCRIPTION AND ANALYSIS

City Bank-Farmers Trust, the National City Bank, and the Canadian Bank of Commerce

No. 20 Exchange Place was built to house the head offices of one of Wall Street’s new banking conglomerates, the City Bank-Farmers Trust Co., along with a branch of the National City Bank of New York and a branch of the Canadian Bank of Commerce.1 The City Bank-Farmers Trust Company was the product of a merger of two long-established banking firms: the National City Bank of New York and the Farmers Loan and Trust Company. The Canadian Bank of Commerce was a tenant in a building demolished to make way for the new tower and had been located on the site since as early as 1872.

The National City Bank of New York, which survives today as Citibank, is among the country’s largest and oldest banks, tracing its origins to the First Bank of the United States, founded in 1791, of which it was the New York branch.

That branch was reorganized in 1812 as the City Bank of New York by Col. Samuel Osgood, the country’s first Postmaster General and Treasury Commissioner. Moses Taylor, who took control of the bank after the financial panic of 1837, had it chartered in 1865 as a national bank, and renamed it the National City Bank of New York.3 By 1893, led by president James Stillman, the bank had become the city’s largest, and the following year the country’s largest. By 1920, it had b ecome the first American bank with assets totalling one billion dollars. During the 1920s, the National City Bank of New York became the country’s first full-service bank; among many innovations, it was the first major bank to offer interest on savings accounts. Expanding dramatically during that decade, the National City Bank acquired the Commercial Exchange Bank, the Second National Bank, and the People’s Trust Company of Brooklyn before merging with the Farmers’ Loan and Trust Company in 1929.

The Farmers Loan and Trust Company, founded in 1822, was the first trust company to be organized in New York, and is said to be the first "company of record to be incorporated for the purpose of executing trusts."4 Beginning as a fire insurance carrier, the company moved into agricultural loans, and grew enormously in the following two decades as farms expanded in New York State following the opening of the Erie Canal. After the Civil War, the

Farmers Loan and Trust Company turned to railroad trust mortgages. By the turn of the century the company had established offices overseas, and in 1918 the company joined the Federal Reserve System.

The Canadian Bank of Commerce was founded in 1867, the year of Canada’s confederation, by Toronto businessman William McMaster.5 By the time of the First World War it had 379 branches, and during the 1920s almost doubled that number by acquiring the Bank of Hamilton and then the Standard Bank of Canada. Today, known as the Canadian Imperial Bank of Commerce, it is Canada’s second largest bank.

The Site and Wall Street Banks

The site of No. 20 Exchange Place is a small, irregular four-sided plot occupying the entire block bounded by Exchange Place, William Street, Beaver Street, and Hanover Street. This block lay within the original Dutch settlement of Nieuw Amsterdam, and is shown in part in the so-called Castello Plan, the earliest reliable surviving map of the colony.6

By the late nineteenth century, this block had become associated with the banking houses of Wall Street. Exchange Place itself was named for the old Me

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