Page "Wall Street" Paragraph 18

In the 1840s and 1850s, most residents moved north to midtown because of the increased business use at the lower tip of the island.

The Civil War had the effect of causing the northern economy to boom, bringing greater prosperity to cities like New York which " came into its own as the nation's banking center " connecting " Old World capital and New World ambition ", according to one account.

J. P. Morgan created giant trusts ; John D. Rockefeller ’ s Standard Oil moved to New York.

Between 1860 and 1920, the economy changed from " agricultural to industrial to financial " and New York maintained its leadership position despite these changes, according to historian Thomas Kessner.

New York was second only to London as the world's financial capital.