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34-612: It was founded in 1903 by a group of prominent men who belonged to other New York City private clubs, such as the Knickerbocker Club and the Union Club . The name is derived from the Alfred Lord Tennyson poem The Brook , whose lines "For men may come and men may go, but I go on for ever" were consistent with the intention that the club would provide 24-hour service and would never close its doors. In 1992,

68-651: 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

102-588: A National Upper Class : The circulation of elites in America and the assimilation of new men of power and influence into the upper class takes place primarily through the medium of urban clubdom. Aristocracy of birth is replaced by an aristocracy of ballot. Frederick Lewis Allen showed how this process operated in the case of the nine Lords of Creation who were listed in the New York Social Register as of 1905: “The nine men who were listed [in

136-506: 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. The Morgan family are members of the Episcopal Church . By one estimate, J. P. Morgan (1837–1913)

170-539: 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,

204-602: A merchant, Alfred Welles, in Boston. Following that, he worked at some firms including: 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 was 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

238-407: A partner at Drexel, Morgan & Co. in 1871. 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. By the turn of the century, he became incredibly successful in his business endeavors, controlling most of

272-497: 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

306-515: Is believed to have been the 24th richest American in history, 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 , Morgan's wealth:GNP ratio was 328. At

340-497: Is the American aristocracy recruited.” Christopher Doob wrote in his book Social Inequality and Social Stratification in U.S. Society : Personal wealth has never been the sole basis for attaining membership in exclusive clubs. The individual and family must meet the admissions committee's standards for values and behavior. Old money prevails over new money as the Rockefeller family experience suggests. John D. Rockefeller,

374-593: The City Journal wrote that the name was "supposed to mean that the Club is always open and the conversation flows on forever," but that "neither is strictly true." One version of the club's origin holds that The Brook was formed by two young men who had been expelled from the Union Club for trying to poach an egg on the bald head of another club member. When the club was formed, it was announced that membership

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408-848: The "lords of creation", since they catapulted the American economy into an industrial powerhouse of production and power. J.P. Morgan was also a member of numerous social clubs including the Union League , New York Yacht Club , and Knickerbocker Club . 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. These social clubs were important in establishing relationships among powerful leaders of American society. Modeled after British social clubs, these organizations had people who held

442-675: The Old Continent for political reasons (e.g. partisans of the Royalist coalition against Cromwell , such as the "distressed Cavaliers" of the aristocratic Virginia settlers ), or current members of the international aristocracy. Towards the middle of the 20th century, however, the club opened its door to a few descendants of the Gilded Age 's prominent families, such as members of the Rockefeller family. E. Digby Baltzell explains in his 1971 book Philadelphia Gentlemen: The Making of

476-617: 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". 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

510-570: The Social Register] were recorded as belonging to 9.4 clubs apiece,” wrote Allen. “Though only two of them, J. P. Morgan and Cornelius Vanderbilt III , belonged to the Knickerbocker Club, the citadel of Patrician families (indeed, both already belonged to old prominent families at the time), Stillman and Harriman joined these two in the membership of the almost equally fashionable Union Club ; Baker joined these four in

544-520: The United States and one of the most aristocratic gentlemen's clubs in the world. The term "Knickerbocker" partly due to writer Washington Irving 's use of the pen name Diedrich Knickerbocker , was a byword for a New York patrician , comparable to a " Boston Brahmin ". The Knickerbocker Club was founded in 1871 by members of the Union Club of the City of New York who were concerned that

578-727: 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

612-422: The club's admission standards had fallen. By the 1950s, urban social club membership was dwindling, in large part because of the movement of wealthy families to the suburbs. In 1959, the Knickerbocker Club considered rejoining the Union Club, merging its 550 members with the Union Club's 900 men, but the plan never came to fruition. The Knick's current clubhouse, a neo-Georgian structure at 2 East 62nd Street,

646-530: 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

680-436: The descendants of these financial giants were assimilated into the upper class: “By way of footnote, it may be added that although in that year [1905] only two of our ten financiers belonged to the Knickerbocker Club, in 1933 the grandsons of six of them did. The following progress is characteristic: John D. Rockefeller, Union League Club; John D. Rockefeller Jr., University Club ; John D. Rockefeller 3rd, Knickerbocker Club. Thus

714-537: The establishment of J.P. Morgan and Company, which was founded in 1894. Yet, his leadership of the House of Morgan ultimately marked the beginning of the Morgan dynasty's decline. With the passage of the Glass-Steagall Act in 1933, which restricted the merging of investment and commercial banks , came the end of the period of Robber barons and banking dominance. Thus, J. P. Morgan and Company became

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748-538: The family founder and the nation's first billionaire, joined the Union League Club, a fairly respectable but not top-level club; John D. Rockefeller Jr., belonged to the University Club, a step up from his father; and finally his son John D. Rockefeller, III, reached the pinnacle with his acceptance into the Knickerbocker Club (Baltzell 1989, 340). The Knickerbocker Club has mutual arrangements with

782-402: The following clubs: 40°45′57.23″N 73°58′17.28″W  /  40.7658972°N 73.9714667°W  / 40.7658972; -73.9714667 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

816-460: The generations, primarily through the work of Junius Spencer (J.S.) Morgan (1813–1890) and John Pierpont (J. P.) Morgan Sr. (1837–1913). 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

850-659: 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

884-556: 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. Joseph III's son, Junius Spencer (J. S.) Morgan , 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

918-533: The houses of the Union Club , the Knickerbocker , and other exclusive clubs. 40°45′34.5″N 73°58′17.5″W  /  40.759583°N 73.971528°W  / 40.759583; -73.971528 Knickerbocker Club The Knickerbocker Club (known informally as The Knick ) is a gentlemen's club in New York City that was founded in 1871. It is considered to be the most exclusive club in

952-458: 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, existed where banks "perpetuate an ancient European tradition of wholesale banking, serving governments, large corporations, and rich individuals". The bankers of the pre-1913 Baronial Age were said to have been

986-613: The membership of the Metropolitan Club of New York (magnificent, but easier of access to new wealth); John D. Rockefeller , William Rockefeller Jr. , and Rogers , along with Morgan and Baker were listed as members of the Union League Club (the stronghold of Republican respectability); seven of the group belonged to the New York Yacht Club . Morgan belonged to nineteen clubs in all; Vanderbilt, to fifteen; Harriman, to fourteen.” Allen then goes on to show how

1020-418: Was commissioned in 1913 and completed in 1915, on the site of the former mansion of Josephine Schmid, a wealthy widow. It was designed by William Adams Delano and Chester Holmes Aldrich , and it has been designated a city landmark. Members of the Knickerbocker Club are almost-exclusively descendants of British and Dutch aristocratic families that governed the early 1600s American Colonies or that left

1054-465: 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

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1088-477: 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 attribute the death of J. P. Morgan to the end of the banking dynasty. In The House of Morgan: An American Banking Dynasty and

1122-441: Was only by private invitation and would be limited to 100 men. New York City residents who were not club members would not be admitted as guests. Membership, however, was not restricted to New York City residents—some original members came from Boston, Chicago, and Philadelphia. In 1954 the membership was 400 men. The club's building, erected in 1925, was designed by the architecture firm of Delano & Aldrich , which also designed

1156-498: 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.

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