With the arrival of the new century, the city began to experience various changes related to the strong development of industry. Valparaíso, which had hitherto been the economic center of the country slowly lost prominence at the expense of the capital. By 1895, 75% of the national manufacturing industry was in the capital and only 28% in the harbor city, and by 1910, major banks and shops were set up in the streets of the city center, leaving Valparaíso.