Morgan family

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 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 the electricity, railroad and steel industries. 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 and its web of partners as being 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?] equate the death of J. P. Morgan with the end of the banking dynasty. In The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance, author Ron Chernow chronicles the lives of the Morgans, which he described as "encrusted with legend... ripe with mystery, [and] exposed to such bitter polemics".

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. 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.

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. He married Hannah Bird on 19 January 1691, daughter of James Bird of Farmington, Connecticut.

Nathaniel's son, Joseph Morgan, was the fifth of seven children. Born on 3 December 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 26 April 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. He moved the family to Hartford, which existed as one of the most prominent trade centers in the Connecticut River Valley. 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. 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. 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. 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.