History of cities in Canada electric elevators, built in 1895. This was followed by the Traders Bank of Canada, (15 floors, Yonge Street, 1905), the Canadian Pacific Building, (16 floors, 1913), the Royal Bank, (20 floors, 1915), the Royal York Hotel, 1929, and the Canadian Imperial Bank of Commerce, in 1931. Canada's first escalator was installed in 1904 at Eaton's Department Store on Queen Street. The beginnings of the rise of Toronto as the cultural capital of Canada were seen in the establishment in 1827 of what would become the University of Toronto and the founding of "The Globe" (later "The Globe and Mail")in 1844.
Bank of Canada to maintain fractional reserves with the Bank of Canada. Instead, banks are required to hold highly liquid assets such as treasury bills equal to 30 days of normal withdrawals (liquidity coverage), while leverage is primarily tied to adequate loss-absorbing capital, notably tier one (equity) capital. The Bank of Canada is structured as a Crown corporation rather than as a government department, with shares held in the name of the Minister of Finance on behalf of the government. While the Bank of Canada Act provides the Minister of Finance with the final authority on matters of monetary policy through the power