How effective is the authors word choice of the word soared to describe Miss Hopley in paragraph eight of barrio boy?

The number of private banks sharply increased.

During the 17th and 18th centuries, traditional financial operations of banks were expanded, and new banking practices emerged. Banks provided a safe supply of money that promoted industrial growth. They also became important in order to fund the armies of European states. These new developments led to a rise in the number or private banks.