Junius Spencer Morgan

Morgan was born on April 14, 1813 in Holyoke, Massachusetts. The Morgan name is traced to Carmarthen, Wales, with his earliest known ancestor being Hyfaidd ap Bleddri, third son of Bledri ap Cydifor of Wales. Miles Morgan, ancestor to the Morgan family in America, emigrated from Bristol, England to Boston in 1636.[1]

His sister, Lucy Morgan (d. 1890) was married to Major James Goodwin, one of the founders, and a president for many years, of the Connecticut Mutual Life Insurance Company. Lucy was the mother of James J. Goodwin and the Rev. Francis Goodwin,[2] chairman of the Hartford Parks Commission.

Morgan began his business career in 1829 by entering the employ of Alfred Welles of Boston. He had inherited wealth from his father, Joseph Morgan, and showed great business ability. He was soon invited to become a partner in the house of J. M. Beebe & Co., one of the largest retail stores in Boston and one of the largest dry goods importing and jobbing houses in the country. He was in the dry goods business from about 1836 to 1853.

After some years, he met George Peabody, the well-known London banker. Shortly after the meeting, in 1854, Morgan entered Peabody's prosperous firm, George Peabody & Co. as a partner. Ten years later, in 1864, Morgan succeeded Peabody as head of the firm and changed its name to J. S. Morgan & Co.[3]

During the American Civil War, the firm was a seller of United States war bonds in England. With the assistance of his son, J. P. Morgan, who used the cables system to telegraph the outcomes of battles prior to their general knowledge in England, Junius was able to buy low and sell high.[4]

After establishing himself in London, he did not return to the United States for 23 years, in 1877. In a dinner upon his return, Morgan stated:[3]

"...never do anything to cause evil to be spoken of the American name."[3]

Morgan's eldest son, J. P. Morgan, photographed by Steichen in 1903

In 1836, Morgan married Juliet Pierpont (1816–1884), daughter of John Pierpont (1785–1866), a poet, lawyer, merchant, and Unitarian minister.[5] Together, they had:[6][7]

• John Pierpont Morgan (1837–1913), who married Amelia Sturges (1835–1862), and later, Frances Louise Tracy (1842–1924)[8]
• Sarah Spencer Morgan (1839–1896), who married George Hale Morgan (1840–1911)[9]
• Mary Lyman Morgan (1844–1919), who married Walter Hayes Burns (1838–1897). Their daughter, Mary Ethel Burns (d. 1961) married Lewis Harcourt, 1st Viscount Harcourt (1863–1922)[10] in 1899.[11]
• Junius Spencer Morgan (1846–1850), who died young
• Juliet Pierpont Morgan (1847–1923), who was the mother of John Junius Morgan (d. 1952).[12][13]

He contributed money to the Hartford Free Library,[14] his church and to Trinity College, Hartford.[15]

Morgan died on April 8, 1890, from injuries sustained in a carriage accident.[16] At his funeral, the pallbearers were Roland Mather, Levi P. Morton, Anthony Joseph Drexel, Chauncey M. Depew, Cornelius Vanderbilt II, J. C. Rogers, J. Kearney Warren, and Edward John Phelps. He was interred at the family lot in Cedar Hill Cemetery.[17][18]

At his death, he left a fortune estimated at about $10,000,000 (equivalent to $280,000,000 today).[3]

• Morgan family
• J.S. Morgan & Co.