BANKING: Gotterdammerung

At Wall Street's head, in sun-flecked Trinity churchyard, lies the dust of Capt. James Lawrence beneath his self-written epitaph: "Don't Give Up the Ship." Dead with him is the naval tradition of wooden ships and iron men, of boarding parties and the cutlass: the soul of the new navy is in intricate organization, in armorplate, in complex fire-control mechanisms and in 16-inch guns.

Down the hill from Lawrence's grave, where the head of Broad Street nudges Wall Street's pinched bosom, stands the sedate seven-story building of J. P. Morgan & Co., its marble...

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