Secretary of the Treasury Henry Morgenthau Jr. stated that Mellon had lived through "an epoch in the economic history of the nation, and his passing takes one of the most important industrial and financial figures of our time". [46] Harding paired the nomination of Mellon with that of Secretary of Commerce Herbert Hoover, who was distrusted by many of the same Senate Republicans who favored Mellon's candidacy. [16] The company would emerge as one of the most profitable ventures invested in by the Mellons, and in 1907 it was renamed as Alcoa. With Mellon's backing, Hoover won the Republican nomination on the first ballot of the convention, and he went on to defeat Al Smith in the 1928 presidential election. Government Administration. During his long period of office, Mellon cut taxes, enforced Prohibition, and presided over a period of such unprecedented financial prosperity that he was hailed as the greatest Treasury Secretary since Alexander Hamilton. Andrew Mellon, the son of the banker, Thomas Mellon, was born in Pittsburghin 1855. Mellon Foundation Distributes Groundbreaking $228.4 Million—the Largest Quarterly Grantmaking Total in the Foundation’s History. [99], Numerous financial institutions failed in the months prior to Roosevelt's inauguration, but Mellon National Bank, the Union Trust Company, and another Mellon banking operation, Mellbank Corporation, were all able to avoid closure. Soon after Andrew Mellon's death, his daughter, Ailsa Mellon Bruce, set up the Avalon Foundation, and his son, Paul Mellon, established the Old Dominion Foundation. Their bank was called T Melton & Sons, and it benefited significantly from western Pennsylvania becoming one of the wealthiest industrial regions in the country. [123] In the 1920s, while Mellon served as Secretary of the Treasury, Ailsa was courted by several influential men, including Otto Christian Archibald von Bismarck, Robert Horne, and Gelasio Caetani. Andrew Mellon was one of the most prominent financiers in American history. [77], Coolidge surprised many observers by announcing that he would not seek another term in August 1927. In 1924, Pittsburgh`s Andrew Mellon, who served as Treasury secretary under Presidents Warren G. Harding, Calvin Coolidge and Herbert Hoover, published “Taxation: The People`s Business,” a small but eloquent analysis of the principles of taxation. Like their father, both children were generous benefactors to many causes, and in June 1969, these two organizations were merged to form the Andrew W. Mellon Foundation in his memory. Andrew Mellon, who ran the company after his father died, also served as the US treasury secretary. Henry Clay Frick made coke. Andrew Mellon, Richard Mellon, and Frick drew up a new business arrangement in which the three of them jointly controlled the Union Trust Company, which in turn controlled Mellon National Bank. Unlike the progressives in his party, Mellon rejected the redistributive nature of the taxation system that had been left in place by the Wilson administration. In November 1921, Congress passed and Harding signed the Revenue Act of 1921, which raised personal tax exemptions and lowered the top marginal tax rate to 58%. [126] Mellon's nephew, Richard King Mellon, succeeded Andrew as the head of the Mellon financial empire. Goliath: The 100 Year War Between Monopoly Power and Democracy, Simon & Schuster, 2019, United States Ambassador to the United Kingdom, United States ambassador to the United Kingdom, "The Rise & Fall of America's Oldest Whiskey", "How Pennsylvania Rye Whiskey Lost Its Way", "Information about famous members of Freemasonry", "Andrew W. Mellon: Building a Banking Empire", "Wright Patman and the Impeachment of Andrew Mellon", "Was Andrew Mellon Really the Supply Sider That Conservatives Like to Believe", Andrew W. Mellon and the National Gallery, Pittsburgh Post-Gazette article on history of the Mellons and Mellon Financial, United States Secretaries of the Treasury, Ambassadors of the United States of America to the Court of St. James's, https://en.wikipedia.org/w/index.php?title=Andrew_Mellon&oldid=999131098, Ambassadors of the United States to the United Kingdom, Short description is different from Wikidata, Articles with unsourced statements from August 2018, Wikipedia articles with PLWABN identifiers, Wikipedia articles with RKDartists identifiers, Wikipedia articles with SNAC-ID identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 8 January 2021, at 17:06. Second, it claims that Anslinger's anti-pot crusade was on behalf of Pittsburgh banker Andrew Mellon, who supposedly was DuPont's "chief financial backer," … Mellon had little sympathy for the speculators who lost their money, and he was philosophically opposed to an interventionist economic policy designed to address the stock market crash. [110] Mellon was buried at Trinity Episcopal Church Cemetery, Upperville, Virginia. Carnegie Mellon University (CMU) is a private research university based in Pittsburgh, Pennsylvania.Founded in 1900 by Andrew Carnegie as the Carnegie Technical Schools, the university became the Carnegie Institute of Technology in 1912 and began granting four-year degrees. [94] Mellon left office when Hoover's term ended in March 1933, returning to private life after twelve years of government service. For more information, see our "News & Blog" area. "[89][90], Facing a large deficit, Mellon and Mills called for a return to the tax rates set by the Revenue Act of 1924, and also sought new taxes on automobiles, gasoline, and other items. [118] Seeking to hold divorce proceedings privately before a judge rather than publicly before a jury, in 1911 Mellon convinced the Pennsylvania legislature to amend a law that had required a jury trial in divorce proceedings. By the end of 1913, Mellon National Bank held more money in deposits than any other bank in Pittsburgh, and the second-largest bank in the region was controlled by Union Trust. Andrew Mellon was born on March 24, 1855, in Pittsburgh, Pa. Andrew W. Mellon (1921 - 1932) One of the major figures in the industrial and financial development of the Trans-Allegheny region, Andrew W. Mellon (1855 - 1937) was appointed Secretary of the Treasury by President Warren G. Harding in 1921, and he continued to serve under Presidents Calvin Coolidge and Herbert Hoover. Mellon returned to private life after Hoover's defeat in the 1932 presidential election by Franklin D. Roosevelt. [48] Through Richard and other business associates, Mellon continued to be involved with the major decisions of the Mellon business empire during his time in public service, and he occasionally lobbied congressmen on behalf of his businesses. [102], Even after leaving office, Mellon continued to be vilified by many in the public, and in 1933 Harvey O'Connor published a popular and unfavorable biography, Mellon's Millions. [18] Partly due to the difficult economic conditions caused by the onset of the Panic of 1893, in 1895 the Mellons sold their oil interests to Standard Oil. [95], Knox and Penrose both died in 1921, leaving a power vacuum in Pennsylvania Republican politics. [35] Mellon was deeply involved in the financing of World War I, as the Union Trust Company and other Mellon institutions provided millions of dollars in loans to the United Kingdom and France, and Mellon himself invested in Liberty bonds. [80] Along with Secretary of Agriculture James Wilson and Secretary of Labor James J. Davis, Mellon is one of only three cabinet members to serve in the same post under three consecutive presidents. Andrew Mellon, in full Andrew William Mellon, (born March 24, 1855, Pittsburgh, Pennsylvania, U.S.—died August 26, 1937, Southampton, New York), American financier, philanthropist, and secretary of the treasury (1921–32) who reformed the tax structure of the U.S. government in the 1920s. December 22, 2020. [113] Nora gave birth to a daughter, Ailsa, in 1901. [125] He later settled in Virginia, becoming a well-known philanthropist. In June 1924, Coolidge signed the Revenue Act of 1924, which contained the income tax rates of Garner's bill and also increased the estate tax. Mellon strongly approved of the party's conservative platform, and he served as a key fundraiser for Harding during the presidential campaign. [45], Mellon agreed to accept appointment as Secretary of the Treasury in February 1921, and his nomination was quickly confirmed by the United States Senate. Henry Clay Frick had Andrew and his father to thank for his wealth and, thus, fame. Sign up to stay informed about news and events at the Mellon Foundation. While numerous banks failed, Democrats won control of Congress in the 1930 mid-term elections. So I’m a bit of an outlier in my industry. [59], As the economy recovered from recession and began to experience the prosperity of the Roaring Twenties, Mellon emerged as one of the most renowned figures in the Harding administration. December 22, 2020. Financial and Business Talent When he was just 17 years-old, Andrew’s father set him up in the coal industry where he demonstrated his financial abilities turning it into a profitable business. [63] Their efforts were opposed by the coalition of Democrats and progressive Republicans that exercised effective control over the 68th Congress. Andrew also attended Western University (which was later renamed the University of Pittsburgh), but he never graduated. Since the turn of the century, he had been collecting paintings—initially in the conventional manner of the Pittsburgh plutocracy, but on a larger and more discerning scale after his move to Washington. View the profiles of professionals named Andrew Mellon on LinkedIn. In 1882 his father Alexander Mellon transferred ownership of Mellon Bank to Andrew Mellon. Statement by Secretary Steven T. Mnuchin on Passage of the Coronavirus Response and Relief Supplemental Appropriations Act. Mellon decided to use his personal fortune and art collection to establish a national art museum in Washington modeled after the National Gallery in London. Aside from banking reform, other New Deal policies, including regulations on utilities and coal mines and laws designed to promote labor unions, also affected Mellon's business empire. Along with Frick, Mellon gained control of the Pittsburgh National Bank of Commerce, a national bank that was authorized to print banknotes. Among the banks that failed was the Bank of Pittsburgh, the lone remaining major Pittsburgh bank not controlled by the Mellon family. COVID-19 Response, Press Releases. Mellon's paternal grandparents, both of whom were Ulster Scots, migrated to the United States from County Tyrone, Ireland, in 1818. Built by powerhouse business tycoons with names like Mellon, Westinghouse, Heinz and Frick, Pittsburgh’s Golden Age mansions tell an important story about the history of Pennsylvania’s Steel City. Owing in part to the high debts left over from the war, Mellon did not join with some conservatives in the party, who favored the virtual abolition of the income tax in favor of high tariff rates, excise taxes, a national sales tax, or some combination thereof. Through state party boss Matthew Quay, Mellon influenced legislators to place high tariffs on aluminum products in the McKinley Tariff of 1890. At 19, Andrew was now full-time at the bank. Andrew began working at his father's bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. Mellon dedicated his fortune to several favored charitable causes, including the University of Pittsburgh and what became Carnegie Mellon University. December 22, 2020. High costs of living and high living will come down. (RTTNews) - The Bank of New York Mellon Corp. (BK) reported a profit for fourth quarter that declined from last year.The company's earnings totaled $0.70 billion, or $0.79 per share. Mellon attended the 1920 Republican National Convention as a nominal supporter of Pennsylvania Governor William Cameron Sproul (Mellon hoped Senator Philander Knox would win the nomination), but the convention chose Senator Warren G. Harding of Ohio as the party's presidential nominee. December 14, 2020. [3] Thomas became a wealthy landowner and real estate speculator, and he and his wife had eight children, five of whom survived to adulthood. Mellon Institute for Industrial Research. held 70 percent of the stock in the still-private Gulf Oil Company, the largest company ever to … [98] Mellon's influence over state politics waned in the early 1930s, as the progressive allies of Governor Pinchot took control of the state Republican Party. [32] By the end of 1913, Mellon National Bank held more money in deposits than any other bank in Pittsburgh, and the Farmer's Deposit National Bank, which held the second-largest amount of deposits, was controlled by Mellon's Union Trust Company. [51] To Mellon's chagrin, his department was charged with enforcing Prohibition; he did not believe in teetotaling himself and viewed the law as unenforceable. Nonetheless, Mellon immediately began calling for cuts to the discount rate, which would reach two percent in mid-1930, and successfully urged Congress to pass a bill providing for temporary, across-the-board tax cuts. He rarely interested himself in the details of such businesses, but he acquired extensive holdings, which meant that by 1914 he was one of the richest men in the United States. Februar 1932 US-Finanzminister unter den Präsidenten Harding, Coolidge und Hoover.. Gemeinsam mit seinem Vater Thomas Mellon und seinem Bruder Richard B. Mellon baute Andrew William Mellon die T. Mellon & … In 1882, Thomas turned over full ownership of the bank to his son, but Thomas continued to be involved in the bank's activities. März 1921 bis zum 12. [116] Mellon and Nora eventually reconciled, and in 1907 she gave birth to a son, Paul. Again following Hoover's lead, Mellon presided over the creation of the National Credit Association, a voluntary initiative among the larger banks that was designed to assist failing institutions. [127], Emulating his father, Mellon eschewed philanthropy for much of his life, but in the early 1900s he began donating to local organizations such as the YMCA. Location. [131] In total it is estimated that Mellon donated over $43 million to the University of Pittsburgh.[132]. After Mellon returned to the United States in August 1931, he was confronted by another series of bank failures. Mellon enjoyed closer relations with President Coolidge than he had with President Harding, and Coolidge and Mellon shared similar views on most major issues, including on the necessity for further tax cuts. Following a boyhood in nineteenth-century Pittsburgh, during which he learned from his Scotch-Irish immigrant father the lessons … Andrew W. Mellon appears in the HBO drama series Boardwalk Empire, in the fifth, eighth and twelfth episodes of the third season, in his capacity as Secretary of the Treasury. Andrew Mellon, the fourth son and sixth child of Thomas and Sarah, was born in 1855. [12] In 1890, Thomas Mellon transferred his properties to Andrew, who would manage the properties on behalf of himself, his parents, and his brothers. Foundation. Mellon was founded in 1869 and was known for helping to finance the US steel industry. [34] He also served as a director of various other companies, including the Pennsylvania Railroad and the American Locomotive Company. Most of America's Gilded Age fortunes have dissipated over time. Andrew Mellon was born on March 24, 1855 in Pittsburgh, PA and died on August 26, 1937 in Southampton, NY. Portrait photograph of Andrew Mellon, 1924 The Mellon family is a wealthy and influential American family from Pittsburgh, Pennsylvania, whose members include one of the longest-serving U.S. Treasury Secretaries. "[74], Responsibility for foreign relations lay with the State Department rather than the Treasury Department, and the Benjamin Strong Jr. and other central bankers took the lead with regard to international monetary policy, but Mellon nonetheless exercised some influenced in foreign affairs. [136] In 1936, Mellon presented President Roosevelt with an offer to establish a national art museum to which Mellon would donate his art collection as well as an endowment, while the federal government would pay for the institution's upkeep. Additionally, the Revenue Act of 1934 and the Revenue Act of 1935 rescinded many of Mellon's tax policies and contained other provisions that were designed to increase taxation on top earners and corporations. In 1889, the dam broke, causing the Johnstown Flood, which killed 2,000 people and destroyed 1,600 homes. [61] William Allen White, a contemporary journalist, stated that "so completely did Andrew Mellon dominate the White House in the days when the Coolidge administration was at its zenith that it would be fair to call the administration the reign of Coolidge and Mellon. Several Republicans urged Mellon to run for president, but Mellon believed that he was too old to seek the presidency. At roughly the same time they were selling their oil concerns, Andrew and Richard invested in the Carborundum Company, a producer of silicon carbide. [122] Two years after the Lees' divorce in 1928, Nora Lee resumed the surname Mellon, at the request of her son, Paul. Andrew William Mellon (/ˈmɛlən/; March 24, 1855 – August 26, 1937), sometimes A.W., was an American banker, businessman, industrialist, philanthropist, art collector, and politician. [52] Aside from balancing the budget, Mellon's top priority was an overhaul of the federal tax code. The Mellons were Protestant immigrants from Northern Ireland who had settled in western Pennsylvania in 1818. View All Press Releases. Our deep industry ties combine with ground-breaking, innovative research to lead to new products that are useful, usable, and desirable. [54], The Revenue Act of 1918 had set a top marginal income tax rate of 73% and a corporate tax of approximately 10%. Coolidge signed the bill but simultaneously called for further tax cuts. As an astute businessman he is credited to have provided financial backing to industries in different fields such as oil, shipbuilding, construction, aluminum and steel, etc. [50], As Treasury Secretary, Mellon focused on balancing the budget and paying off World War I debts in the midst of the Depression of 1920–21; he was largely unconcerned with international affairs and economic matters such as the unemployment rate. [30], The Panic of 1907 devastated several companies based in Pittsburgh, ending a period of strong growth. A conservative Republican, Mellon favored policies that reduced taxation and the national debt in the aftermath of World War I. Mellon's father, Thomas Mellon, rose to prominence in Pittsburgh as a banker and attorney. In addition to cutting taxes on top earners, the act also raised the personal exemption for federal income taxes, abolished the gift tax, reduced the estate tax rate, and repealed a provision that had required the public disclosure of federal income tax returns. [108], Mellon was diagnosed with cancer in November 1936. Mellon also served as an alumni president[129] and trustee[130] of the University of Pittsburgh, and made several major donations to the school, including the land on which the Cathedral of Learning and Heinz Chapel were constructed. I love solving problems and finding the … [73] In 1928, Mellon stated that "in no other nation, and at no other time in the history of the world, have so many people enjoyed such a high degree of prosperity or maintained a standard of living comparable to that which prevails throughout this country today. The Andrew W. Mellon Foundation; Overview of Mellon Tax Cut Plans; Andrew W. Mellon and the National Gallery; Pittsburgh Post-Gazette article on history of the Mellons and Mellon Financial; Pittsburgh Post-Gazette series on Mellon's involvement in the oil industry and mid-east oil "Andrew Mellon". [63] Congress also rejected Mellon's proposed constitutional amendment that would have barred the issuance of tax-exempt securities and, over Coolidge's veto, authorized a bonus to World War I veterans. Sie entstand 1967 durch die Vereinigung des Carnegie Institute of Technology (gegründet im Jahre 1900 von Andrew Carnegie) und dem Mellon Institute of Industrial Research (gegründet 1917 von Richard Beatty Mellon). [24], In 1902, Mellon reorganized T. Mellon & Sons as the Mellon National Bank, a federally chartered National Bank. [39] In 1925, under pressure from prohibitionists, Mellon sold his share of the company to a New York grocer. The Andrew W. Mellon Memorial Fountain in Washington was created by Sidney Waugh and was dedicated in May 1952 by Harry S. A generous patron of the arts, he was ambassador to Britain (1932–33). Blaming the Great Depression on Andrew Mellon's "liquidationist thesis" is unfair. The … That same year, the Panic of 1873 devastated the local and national economy, wiping out a portion of the Mellon fortune. The cartoon figure in black top hat and tails with white mustache on the board game Monopoly is modeled after Mellon. [49] His fortune continued to grow, and at one point in the 1920s he paid more in federal income tax than any other individual save John Rockefeller and Henry Ford. Background Information Industries Background Information Andrew Mellon was also an American banker, businessman, industrialist, philanthropist,and art collector. Andrew Mellon, who established the Mellon Institute for Industrial Research and endowed the National Gallery of Art, died in 1937. https://www.thefamouspeople.com/profiles/andrew-william-mellon-706.php Though industry consolidation has stifled some of BNY Mellon Pershing’s clearing business, the custodian is bringing in new assets, particularly from RIAs. But owing to the Great Crash of 1929, combined with growing criticisms of his close business ties, Mellon lost the confidence of President Hoover, and early in 1932 he resigned from the Treasury, and was sent to Britain for a brief period as American Ambassador. [40] During the early 20th century, Mellon was dismayed by the rise of progressivism and the antitrust actions pursued by the presidential administrations of Theodore Roosevelt, William Howard Taft, and Woodrow Wilson. Mellon, Andrew William (1855–1937) US financier. [2] Thomas Mellon established a successful legal practice in Pittsburgh, and in 1843 he married Sarah Jane Negley, an heiress descended from some of the first settlers of Pittsburgh. Me… [22], By the late 1890s, Mellon had amassed a substantial fortune, but his wealth paled in comparison to that of better-known business leaders such as John D. [124] After attending Yale University and the University of Cambridge, Paul briefly worked at Mellon National Bank. Rockefeller. Haskell. Mellon visited McMullen's home of Hertford Castle in 1898 and 1899, and, after a period of courtship, Nora married Mellon in 1900. Andrew W. Mellon (1921 - 1932) Role of Treasury. Thomas’s growing confidence in Andrew coupled with his failing eyesight led him in 1882 to turn over T. Mellon & Sons to Andrew. By 1920, Mellon was little-known outside of banking circles, but his potential appointment to the cabinet received strong support from bankers and Pennsylvania Republican leaders like Knox, Senator Boies Penrose, and Governor Sproul. [67] Buoyed by the strong economy, and overcoming the scandals of the Harding years, Mellon won re-election by a decisive margin. [82] Mellon favored another interest rate increase in 1929, and in August 1929 the Federal Reserve Board raised the discount rate to six percent. Meanwhile, the booming economy fostered a $400 million budget surplus in 1926, and the country's national debt dropped from $24 billion in early 1921 to $19.6 billion at the end of fiscal year 1926. According to M. Susan Murnane, major reforms to the federal income tax in the aftermath of World War I were "inevitable", but the exact nature of the tax system in the 1920s was debated by conservatives and progressives within the Republican Party. [137] The National Gallery of Art opened in 1941 and continues to operate. The Andrew W. Mellon Foundation has awarded CLIR $2.01 million to extend Data Curation Fellowships in African American and African Studies.This funding will support current fellows whose work has been negatively affected by the global pandemic by enabling them to extend their time at host institutions by up to two additional years. Andrew W. Mellon belonged to a remarkable American generation which witnessed the creation and accumulation of individual fortunes in unprecedented abundance by such notables as Rockefeller, Ford, Carnegie, Morgan, and Frick. [143] Washington, D.C., also hosts the Andrew W. Mellon Auditorium and the Andrew Mellon Building. Sign up below to receive emails from The Andrew W Mellon Foundation. In 1882 Mellon became the owner and manager of the family banking firm, T. Mellon & Sons. [104] Mellon endured numerous attacks during these campaigns, and his unpopularity in Pittsburgh led him to spend most of his final years in Washington rather than his home town. [55] He hoped that tax reform would encourage high earners to move their savings from tax-exempt state and municipal bonds to taxable, higher yield industrial stocks. But among these figures, Mellon was unique in that he excelled in four fields of endeavor: as a businessman and banker; as a politician and statesman; as an art collector; and as a philanthropist. Andrew Mellon was an American industrialist and philanthropist who also served as the United States Secretary of the Treasury from 1921 to 1932. Head of Infrastructure and Funding Directorate Analysis at Department for Education. Current. Yet two centuries after Thomas Mellon arrived in America with his family, the Mellons are worth $12 billion. Congress responded by passing the Revenue Act of 1932, which included many of Treasury Department's proposals. Congress was looking for ways to cut the budget. Mills. [85] Despite the optimism of Hoover and Mellon, in late 1930 the economy went into a deep slump, as gross national product declined dramatically and numerous workers lost their jobs. Organizational Structure. [84], By mid-1930, many, including Mellon, believed that the economy had already experienced the worst effects of the stock market crash. Mellon's national reputation collapsed following the Wall Street Crash of 1929 and the onset of the Great Depression. , Mellon attended college, although he withdrew shortly before graduation strong growth by Waugh... Response and relief Supplemental Appropriations Act settlement, largely on Mellon 's top priority an. 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