Answer: By 1860 new york became the financial epicenter of the world. Hence it is true.
Explanation: By 1860 new york city's location, infrastructure, economy, population, and diverse range of industries made it the nation's financial commercial, and manufacturing center. new york's economy was also diverse with a wide range of industries and businesses operating within its board. the city was also home to a number of financial institutions, including banks, insurance companies, and the new york stock Exchange.