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Morgan family

April 09, 2024

The Morgan family is an American family and banking dynasty, which became prominent in the U.S. and throughout the world in the late 19th century and early 20th century. Members of the family amassed an immense fortune over the generations, primarily through the work of Junius Spencer (J.S.) Morgan (1813-1890) and John Pierpont (J. P.) Morgan Sr. (1837–1913).

Morgan family
Junius S. Morgan
J.P. Morgan
J.P. Morgan Jr.
Current regionNew York City, New York
Place of originLlandaff, Wales
FounderMiles Morgan
Connected familiesAdams political family
Cavendish-Bentinck family
Hamilton family
Livingston family
Perry family
House of Harcourt

Morgan members dominated the banking industry during their time. J. P. Morgan was the de facto leader of this dynasty, having been the most prominent businessman in America at the turn of the century. He revolutionized numerous industries, including electricity, railroad, and steel. Through his business methods, he was highly successful in asserting his power as one of the most influential businessmen in America. Historians describe the Morgan family along with its web of partners to be part of the large American banking empire known as the House of Morgan. It is difficult to place an exact beginning and end date on the dynasty. However, many scholars [who?] attribute the death of J. P. Morgan to the end of the banking dynasty. In The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, Ron Chernow chronicles the lives of the Morgans which he described as "encrusted with legend... ripe with mystery, [and] exposed to such bitter polemics".[1]

History edit

 
Coat of Arms of Miles Morgan

The Morgan family came to some prominence in Wales during the 17th century. Born in Llandaff, Glamorgan County in 1616, Miles Morgan was the son of lawyer and politician William Morgan, who would be elected a Member of Parliament in 1628. At the age of 20, Miles sailed for America, along with his brothers, John and James, seeking new opportunities in the New World. Arriving in April 1636, he landed in the Massachusetts Bay Colony. Settling in Roxbury and later Springfield, Massachusetts, Miles met Prudence Gilbert, his future wife.[2] Miles was a soldier during the sack of Springfield. He later worked on a farm and lived a comfortable life. He continued living in the city until the age of eighty-three.[3]

One of his sons, Nathaniel, continued the legacy of the Morgan name by becoming a powerful member of his small town. Nathaniel had many professions in his town, including Fence Viewer, hayward, field driver, constable, surveyor, and assessor.[4] He married Hannah Bird on January 19, 1691, daughter of James Bird of Farmington, CT.

Nathaniel's son, Joseph Morgan, was the fifth of seven children. Born on December 3, 1702, Joseph began to learn to weave at a young age. At the age of 21, he became a soldier in the company of Captain Josiah Kellogg of Suffield. Upon his father's death, he inherited part of Chicopee Field. He married Mary Stebbins in 1735 and raised a family on a farm of two hundred acres. Upon his death, he gave much of his property to sons Joseph, Jr., and Titus.

Joseph, Jr. was elected Lieutenant and later Captain of the 8th Company in the 3rd Regiment of the Hampshire County, Massachusetts militia on April 26, 1776. Upon his death, one of his sons, Joseph III, received 112 acres of land.

Joseph III was the first to enter the financial industry, which is what the family is known for today. He left the family business of working on farms behind. In 1812, he joined the Washington Benevolent Society as a private banker.[5] He moved the family to Hartford, which existed as one of the most prominent trade centers in the Connecticut River Valley.[6] In November 1816, he purchased the Hartford Exchange Coffee House, where he acted as an innkeeper. It stood as the focal point of all business affairs and social activities in the area; the idea of meeting new clients and collaborating with other businessmen in these coffee shops and inns allowed for the growth of the industry in America.[7] In July 1825, he bought the Hartford Bank. Joseph III purchased and reorganized the Hartford Fire Insurance Company into the Aetna Fire Insurance Company. (Many of these business deals were conducted at his inn, which acted as a hub for businessmen.) After a fire struck several New York City buildings, which held insurance plans from Aetna, Joseph Morgan III made prompt payments to the companies. New business suddenly poured in, as the insurance company was seen as highly reliable and trustworthy. The partners of the firm and the stockholders made large sums of money in future years.[8] After moving from the farming business to the coffee house business, Joseph III decided it was time to turn to finance. He purchased the City Hotel on Main Street, which he renovated and cleaned up; business at the hotel boomed like never before.[9] He married Sarah Morgan (née Spencer), who was the Director of the Hartford Orphan Asylum. He acted as a director of the firm until his death.

Junius Spencer (J. S.) Morgan, Joseph III's son, played a prominent role in the banking industry. From a young age, he showed interest in entering the business field like his father. In 1829, at the age of 15, he worked as an apprentice with a merchant, Alfred Welles, in Boston. Following that, he worked at some firms including:

  • Morgan, Ketchum, and Company of New York (1834–1836)
  • Howe, Mather, and Company; later known as Mather, Morgan, and Company (1836–1851)
  • J. M. Beebe, Morgan, and Company (1851–1854), Boston's largest mercantile bank at the time[10]
  • George Peabody and Company (1854–1864)

In 1864, Junius Morgan changed the name of George Peabody and Company to J. S. Morgan and Company. Under his leadership, it became one of the most prominent banking firms in both America and Europe. At the age of 64, J. S. Morgan retired.

Perhaps the most prominent member of the family is J. P. Morgan (1837–1913), son of J. S. Morgan. He became exposed to his father's business deals at an early age. He worked as an accountant until eventually becoming a partner at Drexel, Morgan & Co. in 1871.[11] By 1885, he began buying out railroads and reorganizing them. Through his business strategies, the term "Morganization" was coined to describe his method of creating monopolies through buying companies, eliminating competition, and cutting costs.[12][13] By the turn of the century, he became incredibly successful in his business endeavors, controlling most of the major industries in America. During the Panic of 1907, J. Pierpont Morgan bailed out the U.S. government.

The key characteristic of the Morgan banking style, perpetuated by J. P. Morgan, exists where banks "perpetuate an ancient European tradition of wholesale banking, serving governments, large corporations, and rich individuals".[14] J. Pierpont Morgan was also a member of numerous social clubs including the Union League, New York Yacht Club, and Knickerbocker Club.[15] In 1891, he also founded his own club, the Metropolitan Club. Famous members included Cornelius Vanderbilt, Darius Ogden Mills, and more. The club had 1200 resident and 500 non-resident members at its founding.[16] These social clubs were important in establishing relationships among powerful leaders of American society. Modeled after British social clubs,[17] these organizations had people who held a tremendous influence over everyday life, such as bankers, politicians, lawyers, and railroad tycoons.

J. P. Morgan's legacy was continued by his son of the same name, although his son never became as prominent as his father. Born in 1867, John Pierpont Morgan, Jr. attended Harvard University, class of 1889. Also known as "Jack", he entered the banking industry, like his father, becoming a partner at Drexel, Morgan and Company, Bankers and Brokers of New York City in 1892. He helped in the establishment of J.P. Morgan and Company, which was founded in 1894. Yet, his life marked the decline and fall of the Morgan dynasty. With the passage of the Glass-Steagall Act in 1933,[18] which restricted the merging of investment and commercial banks, came the end of the period of Robber barons and banking dominance.[19] Thus, J. P. Morgan and Company became a commercial bank, and Morgan Stanley an investment bank. Through new legislation, and a growing public resentment against big business, the opportunities for Jack were rare compared to his predecessors. Additionally, Jack suffered from many ailments, such as neuritis, to the point where he had to resign from numerous positions.[20] Lastly, The bankers of the pre-1913 Baronial Age are said to have been the "lords of creation", since they catapulted the American economy into an industrial powerhouse of production and power. This unprecedented development became attributed to the Morgan banking style. The Morgan family are members of the Episcopal Church.[21]

Wealth edit

By one estimate, J. P. Morgan (1837–1913) is believed to have been the 24th richest American in history,[22] inflation-adjusted. His fortune is believed to have grown to about $57 billion (2024 USD).

According to historians Michael M. Klepper and Robert E. Gunther, Morgan had one of the highest wealth: GNP ratios in American history. In their book, The Wealthy 100: From Benjamin Franklin to Bill Gates,[23] Morgan's wealth:GNP ratio was 328.[24] At the time, his fortune equaled around $119 billion.

Genealogy edit

William Morgan Branch edit

  • William Morgan (1582–1649) m. Elizabeth Morgan (née Morgan), the father-in-law of William Morgan (of Machen and Tredegar).
    • John Morgan (1605–1699)
    • James Morgan (1607–1685)
    • Miles Morgan (1616–1699) m. (1) Prudence Morgan (née Gilbert) m. (2) Elizabeth Morgan (née Bliss)
      • Mary Morgan (1644–1683) m. Edmund Primrides, then Nicholas Rust
      • Burt Jonathan Morgan (1646–1714) m. Sarah Morgan (née Cooley)
      • David Morgan (1648–1731) m. Mary Morgan (née Clark)
      • Pelatiah Morgan (1650–1675) m. Lydia Morgan (née unknown)
      • Isaac Morgan (1652–1706) m. Abigail Morgan (née Gardner)
      • Lydia Morgan (1654–1737) m. (1) Edmund Marshall m. (2) John Pierce
      • Hannah Morgan (1656–1697) m. Samuel Terry, II
      • Mercy Morgan (1658–1660)
      • Nathaniel Morgan (1671–1752) m. Hannah Morgan (née Bird)
        • Nathaniel Morgan (1692–1763)
        • Samuel Morgan (1694–1777) m. Rachel Morgan (née Smith)
        • Ebenezer Morgan (1696–1770) m. Abigail Morgan (née Ashley), then m. Lydia Morgan
        • Hannah Morgan (1698–1784) m. Joseph Kellogg
        • Miles Morgan (1700–1783) m. Lydia Morgan (née Day)
        • Joseph Morgan (1702–1786) m. Mary Morgan (née Stebbins)
          • Joseph Morgan, Jr. (1736–1813) m. Experience Morgan (née Smith)
            • Eurydice Morgan (b. 1765)
            • Huldah Morgan (1767–1770)
            • Huldah Morgan (b. 1770)
            • Nancy Morgan (1772–1835)
            • Achsah Morgan (1774–1868)
            • Elizabeth Morgan (1782-1850) married Thomas Snow (1778-1838)
            • Joseph Morgan III (1780–1847) m. Sarah Morgan (née Spencer)
              • Mary Morgan (1808–1897)
              • Lucy Morgan (1811–1890)
              • Junius Spencer Morgan (1813–1890) m. Juliet Pierpont (See Junius Spencer Morgan Branch Below)
            • Betsey Morgan (1782–1786)
          • Titus Morgan (1737–1739)
          • Titus Morgan (1740–1834) m. Sarah Morgan (née Morgan)
          • Lucas Morgan (b. 1742/3)
          • Elizabeth Morgan (1745–1782) m. Thomas White, Jr.
          • Judah Morgan (b. 1748/9) m. Elizabeth Shivoy
          • Jesse Morgan (b. 1748)
          • Hannah Morgan (b. 1751/2) m. John Legg
        • James Morgan (1705–1786) m. Mercy Morgan (née Bliss)
        • Isaac Morgan, II (c. 1707 – 1796) m. Ruth Morgan (née Alvord)
        • Elizabeth Morgan (1710–1745)

Junius Spencer Morgan Branch edit

Network edit

Associates edit

The following is a list of figures closely aligned with or subordinate to the Morgan family.

Businesses edit

The following is a list of companies in which the Morgan family held a controlling or otherwise significant interest.

Non-profit organizations & philanthropy edit

See also edit

Select bibliography edit

  • The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, by Ron Chernow
  • Doughty, Geoffrey H. (2007). "New York, New Haven & Hartford Railroad (New Haven)". In Middleton, William D.; Smerk, George M.; Diehl, Roberta L. (eds.). Encyclopedia of North American Railroads. Bloomington, IN: Indiana University Press. pp. 742–745. ISBN 978-0-253-34916-3.
  • Drury, George H. (2007). "Chicago, Indianapolis & Louisville Railway (Monon Railroad)". In Middleton, William D.; Smerk, George M.; Diehl, Roberta L. (eds.). Encyclopedia of North American Railroads. Bloomington, IN: Indiana University Press. pp. 222–223. ISBN 978-0-253-34916-3.
  • Moody, John; Turner, George Kibbe (1911). "Masters of Capital in America, The Seven Men". McClure's Magazine. New York City, NY: S.S. McClure Company. pp. 418–428. Retrieved 2024-02-29.

References edit

  1. ^ Chernow, Ron (1990). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Atlantic Monthly Press. p. xi. ISBN 0-87113-338-5.
  2. ^ Starr, Frank Farnsworth (1904). The Miles Morgan Family of Springfield, Massachusetts. Hartford, Conn. – via Internet Archive.
  3. ^ Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company.
  4. ^ Starr, Frank Farnsworth (1904). The Miles Morgan Family of Springfield, Massachusetts. Hartford, Conn.
  5. ^ Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company. p. 24.
  6. ^ Corey, Lewis (1930). The House of Morgan: A Social Biography of the Masters of Money. New York: G. H. Watt. p. 23.
  7. ^ Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company. p. 27.
  8. ^ a b Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company. p. 37.
  9. ^ Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company. p. 32.
  10. ^ Chernow, Ron (1990). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Atlantic Monthly Press. p. 19. ISBN 0-87113-338-5.
  11. ^ "J.P. Morgan". American Experience: People & Events.
  12. ^ "Morganization". Investopedia. Retrieved 7 October 2014.
  13. ^ "JP Morgan". History: Biographies. Retrieved 7 October 2014.
  14. ^ Chernow, Ron (1990). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Atlantic Monthly Press. p. xiii. ISBN 0-87113-338-5.
  15. ^ Biographical Directory of the State of New York, 1900. New York City. 1900. p. 323 – via Google Books.{{cite book}}: CS1 maint: location missing publisher (link)
  16. ^ "The Metropolitan Club". The New York Times. 8 March 1891. ProQuest 94909068.
  17. ^ Pak, Susie J. (1 June 2013). Gentlemen Bankers. Harvard University Press. ISBN 978-0-674-07559-7. Retrieved 6 November 2014 – via Google Books.
  18. ^ Chernow, Ron (1990). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York: Atlantic Monthly Press. p. xii. ISBN 0-87113-338-5.
  19. ^ Maues, Julia. "Banking Act of 1933". Federal Reserve History. Retrieved 2 November 2014.
  20. ^ Hoyt, Edin P. Jr. (1966). The House of Morgan. New York: Dodd, Mead and Company. pp. 388–389.
  21. ^ W. Williams, Peter (2016). Religion, Art, and Money: Episcopalians and American Culture from the Civil War to the Great Depression. University of North Carolina Press. p. 176. ISBN 978-1-4696-2698-7. The names of fashionable families who were already Episcopalian, like the Morgans, or those, like the Fricks, who now became so, goes on interminably: Aldrich, Astor, Biddle, Booth, Brown, Du Pont, Firestone, Ford, Gardner, Mellon, Morgan, Procter, the Vanderbilt, Whitney. Episcopalian branches of the Baptist Rockefellers and Jewish Guggenheims even appeared on these family trees.
  22. ^ "The Wealthiest Americans Ever". The New York Times: Business. Retrieved 7 October 2014.
  23. ^ Klepper, Michael M.; Gunther, Robert E. (1996). The Wealthy 100: From Benjamin Franklin to Bill Gates. Carol Publishing. ISBN 0-8065-1800-6.
  24. ^ Roth, J. D. (14 October 2008). . Get Rich Slowly. Archived from the original on 11 October 2014. Retrieved 7 October 2014.
  25. ^ New York Times death notice
  26. ^ New York Times wedding announcement
  27. ^ New York Times obituary
  28. ^ "Paul C. Pennoyer, 80, Lawyer. Active in Various Fields, Dies" (PDF). The New York Times. July 1, 1971. Retrieved 10 November 2018.
  29. ^ "VICTORIA PENNOYER". The New York Times. August 27, 2023. Retrieved 17 December 2023.
  30. ^ "Dr. Pennoyer, a Psychologist, Is Wed To John W. Auchincloss 2d, a Lawyer". The New York Times. 10 April 1988. Retrieved 28 May 2020.
  31. ^ "Junius Spencer Morgan (1867-1932)". Bibliothèque Nationale de France (in French). Retrieved March 3, 2017.
  32. ^ a b c d e f g Stoller, Matt (2020). Goliath: The 100-Year War Between Monopoly Power and Democracy. New York City, NY: Simon & Schuster. p. 102. ISBN 978-1-5011-8308-9.
  33. ^ a b Hills, Jill (2010). The Struggle for Control of Global Communication: The Formative Century. University of Illinois Press. p. 139. ISBN 978-0-252-02757-4.
  34. ^ Dombroski, Thomas W. (2011). How America Was Financed: The True Story of Northeastern Pennsylvania's Contribution to the Financial and Economic Greatness of the United States of America. Bloomington, IN: iUniverse. p. 184. ISBN 978-1-4620-1802-4.
  35. ^ a b c Johnson, Philip E. (2014). The Hampden Railroad: The Greatest Railroad That Never Ran. Lulu Enterprises, Inc. p. 2. ISBN 978-1-304-73390-0.
  36. ^ Casto, James E. (2006). The Chesapeake and Ohio Railway. Arcadia Publishing. p. 8. ISBN 978-0-7385-4334-5.
  37. ^ Chernow, Ron (1990). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York City, NY: Grove Press. p. 152. ISBN 0-8021-3829-2.
  38. ^ Davis, Lance E.; Gallman, Robert E. (2001). Evolving Financial Markets and International Capital Flows: Britain, the Americas, and Australia, 1865–1914. Cambridge University Press. p. 310. ISBN 0-521-55352-0.
  39. ^ "Two Banks to Be Merged: Plan to Consolidate First And Union National". Chicago Daily Tribune. May 31, 1900. p. 5. ProQuest 172974396.
  40. ^ Chernow, Ron (2003). The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance. New York City, NY: Grove Press. p. 224. ISBN 0-8021-3829-2.
  41. ^ "COMBINATION OF SIX STEAMSHIP COMPANIES; International Corporation to Have a Capital of $120,000,000". The New York Times. 2 October 1902. ISSN 0362-4331. Retrieved 11 February 2020.
  42. ^ "MORGAN CO. OBTAINS MANVILLE COMMON; Adds Substantial Interest to Large Block of Preferred Bought in December. STOCK LONG CLOSELY HELD Corporation Head Will Continue as an Officer and Director -No Policy Change" (PDF). New York Times. 1927.
  43. ^ Treese, Lorett (2012). Railroads of Pennsylvania. Mechanicsburg, PA: Stackpole Books. p. 10. ISBN 978-0-8117-0011-5.
  44. ^ Drury 2007, p. 223.
  45. ^ a b c d Shannon, David A. (1977). Twentieth Century America, Volume I: The Progressive Era. Chicago, IL: Rand McNally College Publishing Company. p. 73.
  46. ^ "Merger Would Make Biggest New York Bank". The Commercial West, Volume 19. Financial Communications. 1911. p. 24. Retrieved 2024-03-01.
  47. ^ Doughty 2007, p. 743.
  48. ^ Moody & Turner 1911, p. 421.
  49. ^ Geisst, Charles R. (2004). Wall Street: A History. Oxford University Press. p. 141. ISBN 0-19-517060-1.
  50. ^ a b Schafer, Mike (2000). More Classic American Railroads. MBI Publishing Company. p. 103. ISBN 9780760307588.
  51. ^ Cannadine, David (2008) [2006]. Mellon: An American Life (First Vintage Books ed.). New York,United States: Random House, Inc. p. 394. ISBN 978-0-307-38679-3.
  52. ^ "Morgan Mergers". Time. 1929. Retrieved 2024-02-26. "But also announced last week was a Morgan-managed merger of Fleischmann Co., Royal Baking Powder Co., and E. W. Gillett, Ltd. ... The merger was arranged by a committee consisting of Morgan-Partner Thomas Cochran, Fleischmann President Joseph C. Wilshire, Board Chairman Max C. Fleischmann, Royal President William Ziegler Jr. Mr. Wilshire will be president of the new company. The directorate will include Morgan-Men William Ewing and Henry P. Davison. The Morgan interest in the merger was accented by the personal friendship long existing between Morgan-Partner Cochran and Major Fleischmann, and by the Morgan ownership of a considerable portion of Fleischmann stock (estimated at 400,000 shares) purchased in 1926."

External links edit

 
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April 09, 2024
morgan, family, american, family, banking, dynasty, which, became, prominent, throughout, world, late, 19th, century, early, 20th, century, members, family, amassed, immense, fortune, over, generations, primarily, through, work, junius, spencer, morgan, 1813, . The Morgan family is an American family and banking dynasty which became prominent in the U S and throughout the world in the late 19th century and early 20th century Members of the family amassed an immense fortune over the generations primarily through the work of Junius Spencer J S Morgan 1813 1890 and John Pierpont J P Morgan Sr 1837 1913 Morgan familyJunius S MorganJ P MorganJ P Morgan Jr Current regionNew York City New YorkPlace of originLlandaff WalesFounderMiles MorganConnected familiesAdams political familyCavendish Bentinck familyHamilton familyLivingston familyPerry familyHouse of HarcourtMorgan members dominated the banking industry during their time J P Morgan was the de facto leader of this dynasty having been the most prominent businessman in America at the turn of the century He revolutionized numerous industries including electricity railroad and steel Through his business methods he was highly successful in asserting his power as one of the most influential businessmen in America Historians describe the Morgan family along with its web of partners to be part of the large American banking empire known as the House of Morgan It is difficult to place an exact beginning and end date on the dynasty However many scholars who attribute the death of J P Morgan to the end of the banking dynasty In The House of Morgan An American Banking Dynasty and the Rise of Modern Finance Ron Chernow chronicles the lives of the Morgans which he described as encrusted with legend ripe with mystery and exposed to such bitter polemics 1 Contents 1 History 2 Wealth 3 Genealogy 3 1 William Morgan Branch 3 2 Junius Spencer Morgan Branch 4 Network 4 1 Associates 4 2 Businesses 4 3 Non profit organizations amp philanthropy 5 See also 6 Select bibliography 7 References 8 External linksHistory edit nbsp Coat of Arms of Miles MorganThe Morgan family came to some prominence in Wales during the 17th century Born in Llandaff Glamorgan County in 1616 Miles Morgan was the son of lawyer and politician William Morgan who would be elected a Member of Parliament in 1628 At the age of 20 Miles sailed for America along with his brothers John and James seeking new opportunities in the New World Arriving in April 1636 he landed in the Massachusetts Bay Colony Settling in Roxbury and later Springfield Massachusetts Miles met Prudence Gilbert his future wife 2 Miles was a soldier during the sack of Springfield He later worked on a farm and lived a comfortable life He continued living in the city until the age of eighty three 3 One of his sons Nathaniel continued the legacy of the Morgan name by becoming a powerful member of his small town Nathaniel had many professions in his town including Fence Viewer hayward field driver constable surveyor and assessor 4 He married Hannah Bird on January 19 1691 daughter of James Bird of Farmington CT Nathaniel s son Joseph Morgan was the fifth of seven children Born on December 3 1702 Joseph began to learn to weave at a young age At the age of 21 he became a soldier in the company of Captain Josiah Kellogg of Suffield Upon his father s death he inherited part of Chicopee Field He married Mary Stebbins in 1735 and raised a family on a farm of two hundred acres Upon his death he gave much of his property to sons Joseph Jr and Titus Joseph Jr was elected Lieutenant and later Captain of the 8th Company in the 3rd Regiment of the Hampshire County Massachusetts militia on April 26 1776 Upon his death one of his sons Joseph III received 112 acres of land Joseph III was the first to enter the financial industry which is what the family is known for today He left the family business of working on farms behind In 1812 he joined the Washington Benevolent Society as a private banker 5 He moved the family to Hartford which existed as one of the most prominent trade centers in the Connecticut River Valley 6 In November 1816 he purchased the Hartford Exchange Coffee House where he acted as an innkeeper It stood as the focal point of all business affairs and social activities in the area the idea of meeting new clients and collaborating with other businessmen in these coffee shops and inns allowed for the growth of the industry in America 7 In July 1825 he bought the Hartford Bank Joseph III purchased and reorganized the Hartford Fire Insurance Company into the Aetna Fire Insurance Company Many of these business deals were conducted at his inn which acted as a hub for businessmen After a fire struck several New York City buildings which held insurance plans from Aetna Joseph Morgan III made prompt payments to the companies New business suddenly poured in as the insurance company was seen as highly reliable and trustworthy The partners of the firm and the stockholders made large sums of money in future years 8 After moving from the farming business to the coffee house business Joseph III decided it was time to turn to finance He purchased the City Hotel on Main Street which he renovated and cleaned up business at the hotel boomed like never before 9 He married Sarah Morgan nee Spencer who was the Director of the Hartford Orphan Asylum He acted as a director of the firm until his death Junius Spencer J S Morgan Joseph III s son played a prominent role in the banking industry From a young age he showed interest in entering the business field like his father In 1829 at the age of 15 he worked as an apprentice with a merchant Alfred Welles in Boston Following that he worked at some firms including Morgan Ketchum and Company of New York 1834 1836 Howe Mather and Company later known as Mather Morgan and Company 1836 1851 J M Beebe Morgan and Company 1851 1854 Boston s largest mercantile bank at the time 10 George Peabody and Company 1854 1864 In 1864 Junius Morgan changed the name of George Peabody and Company to J S Morgan and Company Under his leadership it became one of the most prominent banking firms in both America and Europe At the age of 64 J S Morgan retired Perhaps the most prominent member of the family is J P Morgan 1837 1913 son of J S Morgan He became exposed to his father s business deals at an early age He worked as an accountant until eventually becoming a partner at Drexel Morgan amp Co in 1871 11 By 1885 he began buying out railroads and reorganizing them Through his business strategies the term Morganization was coined to describe his method of creating monopolies through buying companies eliminating competition and cutting costs 12 13 By the turn of the century he became incredibly successful in his business endeavors controlling most of the major industries in America During the Panic of 1907 J Pierpont Morgan bailed out the U S government The key characteristic of the Morgan banking style perpetuated by J P Morgan exists where banks perpetuate an ancient European tradition of wholesale banking serving governments large corporations and rich individuals 14 J Pierpont Morgan was also a member of numerous social clubs including the Union League New York Yacht Club and Knickerbocker Club 15 In 1891 he also founded his own club the Metropolitan Club Famous members included Cornelius Vanderbilt Darius Ogden Mills and more The club had 1200 resident and 500 non resident members at its founding 16 These social clubs were important in establishing relationships among powerful leaders of American society Modeled after British social clubs 17 these organizations had people who held a tremendous influence over everyday life such as bankers politicians lawyers and railroad tycoons J P Morgan s legacy was continued by his son of the same name although his son never became as prominent as his father Born in 1867 John Pierpont Morgan Jr attended Harvard University class of 1889 Also known as Jack he entered the banking industry like his father becoming a partner at Drexel Morgan and Company Bankers and Brokers of New York City in 1892 He helped in the establishment of J P Morgan and Company which was founded in 1894 Yet his life marked the decline and fall of the Morgan dynasty With the passage of the Glass Steagall Act in 1933 18 which restricted the merging of investment and commercial banks came the end of the period of Robber barons and banking dominance 19 Thus J P Morgan and Company became a commercial bank and Morgan Stanley an investment bank Through new legislation and a growing public resentment against big business the opportunities for Jack were rare compared to his predecessors Additionally Jack suffered from many ailments such as neuritis to the point where he had to resign from numerous positions 20 Lastly The bankers of the pre 1913 Baronial Age are said to have been the lords of creation since they catapulted the American economy into an industrial powerhouse of production and power This unprecedented development became attributed to the Morgan banking style The Morgan family are members of the Episcopal Church 21 Wealth editBy one estimate J P Morgan 1837 1913 is believed to have been the 24th richest American in history 22 inflation adjusted His fortune is believed to have grown to about 57 billion 2024 USD According to historians Michael M Klepper and Robert E Gunther Morgan had one of the highest wealth GNP ratios in American history In their book The Wealthy 100 From Benjamin Franklin to Bill Gates 23 Morgan s wealth GNP ratio was 328 24 At the time his fortune equaled around 119 billion Genealogy editWilliam Morgan Branch edit William Morgan 1582 1649 m Elizabeth Morgan nee Morgan the father in law of William Morgan of Machen and Tredegar John Morgan 1605 1699 James Morgan 1607 1685 Miles Morgan 1616 1699 m 1 Prudence Morgan nee Gilbert m 2 Elizabeth Morgan nee Bliss Mary Morgan 1644 1683 m Edmund Primrides then Nicholas Rust Burt Jonathan Morgan 1646 1714 m Sarah Morgan nee Cooley David Morgan 1648 1731 m Mary Morgan nee Clark Pelatiah Morgan 1650 1675 m Lydia Morgan nee unknown Isaac Morgan 1652 1706 m Abigail Morgan nee Gardner Lydia Morgan 1654 1737 m 1 Edmund Marshall m 2 John Pierce Hannah Morgan 1656 1697 m Samuel Terry II Mercy Morgan 1658 1660 Nathaniel Morgan 1671 1752 m Hannah Morgan nee Bird Nathaniel Morgan 1692 1763 Samuel Morgan 1694 1777 m Rachel Morgan nee Smith Ebenezer Morgan 1696 1770 m Abigail Morgan nee Ashley then m Lydia Morgan Hannah Morgan 1698 1784 m Joseph Kellogg Miles Morgan 1700 1783 m Lydia Morgan nee Day Joseph Morgan 1702 1786 m Mary Morgan nee Stebbins Joseph Morgan Jr 1736 1813 m Experience Morgan nee Smith Eurydice Morgan b 1765 Huldah Morgan 1767 1770 Huldah Morgan b 1770 Nancy Morgan 1772 1835 Achsah Morgan 1774 1868 Elizabeth Morgan 1782 1850 married Thomas Snow 1778 1838 Joseph Morgan III 1780 1847 m Sarah Morgan nee Spencer Mary Morgan 1808 1897 Lucy Morgan 1811 1890 Junius Spencer Morgan 1813 1890 m Juliet Pierpont See Junius Spencer Morgan Branch Below Betsey Morgan 1782 1786 Titus Morgan 1737 1739 Titus Morgan 1740 1834 m Sarah Morgan nee Morgan Lucas Morgan b 1742 3 Elizabeth Morgan 1745 1782 m Thomas White Jr Judah Morgan b 1748 9 m Elizabeth Shivoy Jesse Morgan b 1748 Hannah Morgan b 1751 2 m John Legg James Morgan 1705 1786 m Mercy Morgan nee Bliss Isaac Morgan II c 1707 1796 m Ruth Morgan nee Alvord Elizabeth Morgan 1710 1745 Junius Spencer Morgan Branch edit Junius Spencer J S Morgan 1813 1890 m Juliet Julia Morgan nee Pierpont John Pierpont J P Morgan 1837 1913 m 1 Amelia Sturges 1835 1862 m 2 Frances Louisa Morgan nee Tracy Louisa Pierpont Morgan 1866 1946 m Herbert Penny Livingston Satterlee John Pierpont Morgan Jr 1867 1943 m Jane Norton Morgan nee Grew Junius Spencer Morgan III 1892 1960 m 1944 Louise Converse John Pierpont Morgan II 1918 2004 m Claire Byrd Ober 1922 2008 Junius Spencer Morgan IV m 1970 Patricia Adele Milton John Pierpont Morgan III m 1977 Bonnie Allis Barr Linda Louise Morgan m 1945 John Joseph Filz Frederick C Morgan Samantha Morgan John Jack Pierpont Morgan V Louise Morgan 1917 2006 m Raymond Clark then Charles R Hook Jr d 1961 Raymond Clark Jr Junius Clark Jonathan Clark Leah h Hook Ann Morgan 1923 2019 m 1957 Henry Simoneau Jane Norton Morgan 1893 1981 m George Nichols 1878 1950 Jane Norton Nichols 1918 1998 25 m 1942 26 Walter H Page II 1915 1999 son of Arthur W Page 27 Frances Tracy Morgan 1897 1989 m 1917 Paul Geddes Pennoyer 1890 1970 28 Robert Morgan Pennoyer 1925 2023 m Victoria Parsons 1928 2013 29 Tracy Pennoyer m 1988 John Winthrop Auchincloss II son of Louis Auchincloss 30 Peter Pennoyer b 1957 m 1988 Katherine Lee Katie Ridder granddaughter of Bernard J Ridder Henry Sturgis Morgan 1900 1982 co founder of Morgan Stanley m Catherine Morgan nee Adams Henry Sturgis Morgan Jr 1924 2011 m 1 1945 Fanny Gray Little div 1972 m 2 Jean Alexandra McCain daughter of John S McCain Jr John Adams Morgan b 1930 m 1 1953 Elizabeth Robbins Choate 1933 1998 div 1957 m 2 Tania Goss div m 3 1998 Sonja Tremont b 1963 div 2008 John Adams Morgan Jr b 1954 Chauncey Goss Morgan Quincy Adams Morgan Juliet Pierpont Morgan 1870 1952 m William Pierson Hamilton 1869 1950 Anne Tracy Morgan 1873 1952 Sarah Spencer Morgan 1839 1896 m George Hale Morgan 1840 1911 Junius Spencer Morgan II 1867 1932 31 m Josephine Adams Perry 1869 1963 Sarah Spencer Morgan 1893 1949 m Henry B Gardner 1891 1932 Alexander Perry Morgan 1900 1968 m Janet Croll 1901 1985 Mary Lyman Morgan 1844 1919 m Walter Hayes Burns 1838 1897 Mary Ethel Burns d 1961 m Lewis Harcourt 1st Viscount Harcourt 1863 1922 Hon Doris Mary Therese Harcourt 1900 1981 m Alexander Baring 6th Baron Ashburton 1898 1991 John Francis Harcourt Baring 7th Baron Ashburton 1928 2020 m 1 Hon Susan Mary Renwick daughter of the 1st Baron Renwick m 2 Sarah Cornelia Spencer Churchill daughter of John Spencer Churchill Hon Lucinda Mary Louise Baring b 1956 m Hon Michael John Wilmont Malet Vaughan son of the 8th Earl of Lisburne Mark Francis Robert Baring 8th Baron Ashburton b 1958 m Miranda Caroline Moncrieff Hon Rose Theresa Baring b 1961 m Barnaby Hugh Rogerson b 1960 Hon Alexander Nicholas John Baring b 1964 m Lucy Caroline Fraser Hon Robin Alexander Baring b 1931 m Ann Caroline Thalia Gage b 1931 Francesca Rhiannon Baring b 1963 m Stuart Douglas Hon Olivia Vernon Harcourt 1902 1984 m The Hon John Mulholland d 1948 son of the 2nd Baron Dunleath Mary Norah Mulholland b 1924 m John William Owen Elliot Murray Kynynmound 1921 2005 Martin Edward Harcourt Mulholland 1927 2003 m Lilian Diana Tindall Lucas Bridget Olivia Mulholland b 1930 m Gerald Cecil Williams 1916 2005 William Edward Harcourt 2nd Viscount Harcourt 1908 1979 m Hon Maud Elizabeth Grosvenor daughter of the 4th Baron Ebury Hon Elizabeth Ann Harcourt b 1932 m Crispin Gascoigne 1929 2001 son of Julian Gascoigne Hon Penelope Mary Harcourt b 1933 m Anthony David Motion Hon Virginia Harcourt b 1937 m Julian Francis Wells Barbara Vernon Harcourt 1905 1961 m 1 Robert Jenkinson 1900 1970 m 2 William James Baird Walter Spencer Morgan Burns 1872 1929 m Ruth Evelyn Cavendish Bentinck 1883 1978 daughter of William George Cavendish Bentinck Cynthia Mary Burns d 1977 m Sir John Carew Pole 12th Baronet 1902 1993 Elizabeth Mary Carew Pole b 1929 m David Cuthbert Tudway Quilter 1921 2007 Caroline Anne Carew Pole b 1933 m Hon Paul Asquith 1927 1984 son of the Baron Asquith Sir Richard Carew Pole 13th Baronet b 1938 m Mary Dawnay b 1936 Junius Spencer Morgan Jr 1846 1858 Juliet Pierpont Morgan 1847 1923 John Junius Morgan d 1952 Network editAssociates edit The following is a list of figures closely aligned with or subordinate to the Morgan family Robert Bacon George Fisher Baker Charles A Coffin Edmund C Converse Henry Pomeroy Davison Anne Murray Dike Anthony Joseph Drexel Thomas Edison Elbert Henry Gary Seymour Parker Gilbert Robert Gordon Edward Grenfell Henry Herman Harjes James J Hill J Bruce Ismay Thomas W Lamont Charles D Lanier Charles Sanger Mellen William Henry Moore Samuel Endicott Peabody George Walbridge Perkins Cecil Spring Rice Samuel Spencer Harold Stanley Charles Steele Francis Lynde Stetson Edward R Stettinius Edward T Stotesbury Myron Charles Taylor James Hood Wright Businesses edit The following is a list of companies in which the Morgan family held a controlling or otherwise significant interest Aetna 8 Alabama Great Southern Railroad American Bridge Company American Radiator Company 32 AT amp T Corporation 33 32 Bankers Trust 34 Boston and Providence Railroad 35 Carolina amp Northwestern Railway Central New England Railway Chesapeake amp Ohio Railway 36 Easton amp Amboy Railroad Equitable Life Assurance Society of the United States 37 38 First National Bank of Chicago 39 General Electric 32 General Motors 32 40 Georgia Southern and Florida Railway Hocking Valley Railway International Harvester International Mercantile Marine Company 41 Johns Manville 32 42 J P Morgan amp Co Kennecott Copper Corporation Lehigh Valley Railroad 43 Monon Railroad 44 Montgomery Ward 32 Morgan Grenfell amp Co Morgan Harjes amp Co Morgan Stanley National Bank of Commerce in New York 45 46 New York New Haven and Hartford Railroad 47 48 49 Northern Pacific Railway 45 New York and New England Railroad 50 35 Old Colony Railroad 35 Pullman Company 51 Reading Railroad 45 Rutland Railroad 50 Southern Central Railroad Southern Railway 45 Standard Brands 32 52 United Dry Goods U S Steel Western Union 33 Non profit organizations amp philanthropy edit American Academy in Rome American Committee for Devastated France American Museum of Natural History Church Club of New York Colony Club Groton School Lying In Hospital Metropolitan Club Metropolitan Museum of Art J Pierpont Morgan Wing Morgan Library amp Museum Provident Loan Society Society for the Prevention of Useless GivingSee also editJ P Morgan Junius Spencer Morgan Rockefeller family Mellon family List of banking familiesSelect bibliography editThe House of Morgan An American Banking Dynasty and the Rise of Modern Finance by Ron Chernow Doughty Geoffrey H 2007 New York New Haven amp Hartford Railroad New Haven In Middleton William D Smerk George M Diehl Roberta L eds Encyclopedia of North American Railroads Bloomington IN Indiana University Press pp 742 745 ISBN 978 0 253 34916 3 Drury George H 2007 Chicago Indianapolis amp Louisville Railway Monon Railroad In Middleton William D Smerk George M Diehl Roberta L eds Encyclopedia of North American Railroads Bloomington IN Indiana University Press pp 222 223 ISBN 978 0 253 34916 3 Moody John Turner George Kibbe 1911 Masters of Capital in America The Seven Men McClure s Magazine New York City NY S S McClure Company pp 418 428 Retrieved 2024 02 29 References edit Chernow Ron 1990 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York Atlantic Monthly Press p xi ISBN 0 87113 338 5 Starr Frank Farnsworth 1904 The Miles Morgan Family of Springfield Massachusetts Hartford Conn via Internet Archive Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company Starr Frank Farnsworth 1904 The Miles Morgan Family of Springfield Massachusetts Hartford Conn Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company p 24 Corey Lewis 1930 The House of Morgan A Social Biography of the Masters of Money New York G H Watt p 23 Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company p 27 a b Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company p 37 Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company p 32 Chernow Ron 1990 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York Atlantic Monthly Press p 19 ISBN 0 87113 338 5 J P Morgan American Experience People amp Events Morganization Investopedia Retrieved 7 October 2014 JP Morgan History Biographies Retrieved 7 October 2014 Chernow Ron 1990 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York Atlantic Monthly Press p xiii ISBN 0 87113 338 5 Biographical Directory of the State of New York 1900 New York City 1900 p 323 via Google Books a href Template Cite book html title Template Cite book cite book a CS1 maint location missing publisher link The Metropolitan Club The New York Times 8 March 1891 ProQuest 94909068 Pak Susie J 1 June 2013 Gentlemen Bankers Harvard University Press ISBN 978 0 674 07559 7 Retrieved 6 November 2014 via Google Books Chernow Ron 1990 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York Atlantic Monthly Press p xii ISBN 0 87113 338 5 Maues Julia Banking Act of 1933 Federal Reserve History Retrieved 2 November 2014 Hoyt Edin P Jr 1966 The House of Morgan New York Dodd Mead and Company pp 388 389 W Williams Peter 2016 Religion Art and Money Episcopalians and American Culture from the Civil War to the Great Depression University of North Carolina Press p 176 ISBN 978 1 4696 2698 7 The names of fashionable families who were already Episcopalian like the Morgans or those like the Fricks who now became so goes on interminably Aldrich Astor Biddle Booth Brown Du Pont Firestone Ford Gardner Mellon Morgan Procter the Vanderbilt Whitney Episcopalian branches of the Baptist Rockefellers and Jewish Guggenheims even appeared on these family trees The Wealthiest Americans Ever The New York Times Business Retrieved 7 October 2014 Klepper Michael M Gunther Robert E 1996 The Wealthy 100 From Benjamin Franklin to Bill Gates Carol Publishing ISBN 0 8065 1800 6 Roth J D 14 October 2008 The Wealthy 100 A Ranking of the Richest Americans Past and Present Get Rich Slowly Archived from the original on 11 October 2014 Retrieved 7 October 2014 New York Times death notice New York Times wedding announcement New York Times obituary Paul C Pennoyer 80 Lawyer Active in Various Fields Dies PDF The New York Times July 1 1971 Retrieved 10 November 2018 VICTORIA PENNOYER The New York Times August 27 2023 Retrieved 17 December 2023 Dr Pennoyer a Psychologist Is Wed To John W Auchincloss 2d a Lawyer The New York Times 10 April 1988 Retrieved 28 May 2020 Junius Spencer Morgan 1867 1932 Bibliotheque Nationale de France in French Retrieved March 3 2017 a b c d e f g Stoller Matt 2020 Goliath The 100 Year War Between Monopoly Power and Democracy New York City NY Simon amp Schuster p 102 ISBN 978 1 5011 8308 9 a b Hills Jill 2010 The Struggle for Control of Global Communication The Formative Century University of Illinois Press p 139 ISBN 978 0 252 02757 4 Dombroski Thomas W 2011 How America Was Financed The True Story of Northeastern Pennsylvania s Contribution to the Financial and Economic Greatness of the United States of America Bloomington IN iUniverse p 184 ISBN 978 1 4620 1802 4 a b c Johnson Philip E 2014 The Hampden Railroad The Greatest Railroad That Never Ran Lulu Enterprises Inc p 2 ISBN 978 1 304 73390 0 Casto James E 2006 The Chesapeake and Ohio Railway Arcadia Publishing p 8 ISBN 978 0 7385 4334 5 Chernow Ron 1990 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York City NY Grove Press p 152 ISBN 0 8021 3829 2 Davis Lance E Gallman Robert E 2001 Evolving Financial Markets and International Capital Flows Britain the Americas and Australia 1865 1914 Cambridge University Press p 310 ISBN 0 521 55352 0 Two Banks to Be Merged Plan to Consolidate First And Union National Chicago Daily Tribune May 31 1900 p 5 ProQuest 172974396 Chernow Ron 2003 The House of Morgan An American Banking Dynasty and the Rise of Modern Finance New York City NY Grove Press p 224 ISBN 0 8021 3829 2 COMBINATION OF SIX STEAMSHIP COMPANIES International Corporation to Have a Capital of 120 000 000 The New York Times 2 October 1902 ISSN 0362 4331 Retrieved 11 February 2020 MORGAN CO OBTAINS MANVILLE COMMON Adds Substantial Interest to Large Block of Preferred Bought in December STOCK LONG CLOSELY HELD Corporation Head Will Continue as an Officer and Director No Policy Change PDF New York Times 1927 Treese Lorett 2012 Railroads of Pennsylvania Mechanicsburg PA Stackpole Books p 10 ISBN 978 0 8117 0011 5 Drury 2007 p 223 a b c d Shannon David A 1977 Twentieth Century America Volume I The Progressive Era Chicago IL Rand McNally College Publishing Company p 73 Merger Would Make Biggest New York Bank The Commercial West Volume 19 Financial Communications 1911 p 24 Retrieved 2024 03 01 Doughty 2007 p 743 Moody amp Turner 1911 p 421 Geisst Charles R 2004 Wall Street A History Oxford University Press p 141 ISBN 0 19 517060 1 a b Schafer Mike 2000 More Classic American Railroads MBI Publishing Company p 103 ISBN 9780760307588 Cannadine David 2008 2006 Mellon An American Life First Vintage Books ed New York United States Random House Inc p 394 ISBN 978 0 307 38679 3 Morgan Mergers Time 1929 Retrieved 2024 02 26 But also announced last week was a Morgan managed merger of Fleischmann Co Royal Baking Powder Co and E W Gillett Ltd The merger was arranged by a committee consisting of Morgan Partner Thomas Cochran Fleischmann President Joseph C Wilshire Board Chairman Max C Fleischmann Royal President William Ziegler Jr Mr Wilshire will be president of the new company The directorate will include Morgan Men William Ewing and Henry P Davison The Morgan interest in the merger was accented by the personal friendship long existing between Morgan Partner Cochran and Major Fleischmann and by the Morgan ownership of a considerable portion of Fleischmann stock estimated at 400 000 shares purchased in 1926 External links edit nbsp Wikimedia Commons has media related to Morgan family Retrieved from https en wikipedia org w index php title Morgan family amp oldid 1217241273, wikipedia, wiki, book, books, library,

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