[8] After completing preparatory studies at St. Paul's School in Concord, New Hampshire, he spent some time in England playing rugby.

[1] While at Columbia, he became friends with future governor of New York and President of the United States Theodore Roosevelt.

After graduating from Columbia, he began working for the brokerage firm of Leavitt & Davis, where he remained until 1886 when he formed William Fellowes Morgan & Co., which dissolved two years later.

[9] For many years, he lived in Short Hills, New Jersey, where he was involved in civic affairs and served as chairman of the Township Committee and as president of the Board of Education.

In politics, Morgan was a Progressive, which was popularly nicknamed the "Bull Moose Party" per its leader Theodore Roosevelt.

[9] On January 22, 1885, he was married to the tennis and golf player Emma Leavitt (1865–1956)[10] at St. Thomas Church in New York.

[10] An avid golfer and tennis player, Morgan was secretary and treasurer of the United States Golf Association.