Wall Street’s old order changes

HOW are the mighty fallen! J.P. Morgan, once the dominant financial power in America, and arguably the world, swallowed up by Chase Manhattan, a big, old—but not terribly distinguished—rival. Even five years ago, that J.P. Morgan's blue-blooded bank should taint its aristocratic culture by merging with any other institution would have seemed inconceivable. But such has been the pace of change in global finance that nothing seems unthinkable anymore. Certainly, nobody was surprised this week that J.P. Morgan had given up its prized independence. But its choice of partner was a little unexpected.