33 Liberty Street
A public competition for design of the building was held and the architectural firm of York and Sawyer submitted the winning design. The bank moved to its current location in 1924. The Federal Reserve Bank of New York maintains a vault that lies 80 feet (24 m) below street level and 50 feet (15 m) below sea level, resting on Manhattan bedrock. By 1927, the vault contained 10% of the world's official gold reserves. Currently, it is reputedly the largest gold repository in the world (though this cannot be confirmed as Swiss banks do not report their gold stocks) and holds approximately 7,000 tonnes (7,700 short tons) of gold bullion ($415 billion as of October 2011), more than Fort Knox. Nearly 98% of the gold at the Federal Reserve Bank of New York is owned by the central banks of foreign nations. The rest is owned by the United States and international organizations such as the IMF. The Federal Reserve Bank does not own the gold but serves as guardian of the precious metal, which it stores at no charge to the owners, but charging a $1.75 fee (in 2008) per bar to move the gold. Moving the bars requires special footwear for the staff, to protect their feet in the case that they drop a 28 pound bar on their feet. The vault is open to tourists.
Read more about this topic: Federal Reserve Bank Of New York
Famous quotes containing the words liberty and/or street:
“Again we have here two distinctions that are no distinctions, but made to seem so by terms invented by I know not whom to cover ignorance, and blind the understanding of the reader: for it cannot be conceived that there is any liberty greater, than for a man to do what he will.”
—Thomas Hobbes (1579–1688)
“If I should go out of church whenever I hear a false statement I could never stay there five minutes. But why come out? The street is as false as the church, and when I get to my house, or to my manners, or to my speech, I have not got away from the lie.”
—Ralph Waldo Emerson (1803–1882)