Mellon participated in various efforts by the Hoover administration to revive the economy and maintain the international economic order, but he opposed direct government intervention in the economy. T. Mellon & Sons survived, but the judge was shaken and humiliated. [77], Coolidge surprised many observers by announcing that he would not seek another term in August 1927. [116] Mellon and Nora eventually reconciled, and in 1907 she gave birth to a son, Paul. [36], In 1887, Frick, Andrew, and Richard Mellon jointly purchased Old Overholt, a whiskey distillery located in West Overton, Pennsylvania. He especially opposed the Taft administration's investigations into Alcoa, which in 1912 signed a consent decree rather than going to trial. [126] Mellon's nephew, Richard King Mellon, succeeded Andrew as the head of the Mellon financial empire. Mellon also became an investor in George Westinghouse's Westinghouse Electric Corporation after he helped prevent the company from going into bankruptcy. A generous patron of the arts, he was ambassador to Britain (1932–33). [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. 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. Mellon did not publicly comment on the flood, though he did donate $1,000 to a relief fund. Mellon, Andrew William (1855–1937) US financier. Filantropie. A landmark work from one of the preeminent historians of our time: the first published biography of Andrew W. Mellon, the American colossus who bestrode the worlds of industry, government, and philanthropy, leaving his transformative stamp on each. [39] In 1925, under pressure from prohibitionists, Mellon sold his share of the company to a New York grocer. American businessman Andrew William Mellon (1855-1937) crowned a highly successful entrepreneurial career with over a decade of service as U.S. secretary of the Treasury. [19] Mellon also invested in mining concerns, becoming vice president of the Trade Dollar Consolidated Mining Company. Mellon was extremely pleased by the passage of the act, because, unlike the Revenue Act of 1921 and the Revenue Act of 1924, the Revenue Act of 1926 closely reflected Mellon's proposals. 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 1913 von den Brüdern Andrew William und Richard Beatty Mellon). [13] In late 1894, Thomas transferred all of his remaining assets to Andrew. Andrew Mellon was born on March 24, 1855 in Pittsburgh, PA and died on August 26, 1937 in Southampton, NY. In 1937, Andrew Mellon left a combined gift of $25 million to the people of the United States, part through the donation of his extensive art collection and the remainder in … Notably, these estates tie the city directly back to the earliest days of the booming steel industry that impelled its development. Haskell. Basically, Hoover went directly against Mellon's advice, and THAT is what started the Great Depression. 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 … Treasury Finalizes Payroll Support to Aid Airline Industry Employees. Events. Hoover didn't take Mellon's advice - Hoover increased spending, taxes, instituted massive new trade barriers, and manipulated industry in such a way as to prevent falling prices and wages. Mellon sought to reform federal taxation in the aftermath of World War I, cutting taxes on top earners but leaving in place a progressive income tax. He was 69; Andrew 27. https://www.thefamouspeople.com/profiles/andrew-william-mellon-706.php [135] Twenty-one paintings, of the highest quality, were later given to the National Gallery of Art. In 1882 his father Alexander Mellon transferred ownership of Mellon Bank to Andrew Mellon. Mellon strongly approved of the party's conservative platform, and he served as a key fundraiser for Harding during the presidential campaign. [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. In his memoirs, Hoover wrote that Mellon advised him to "liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate. [137] The National Gallery of Art opened in 1941 and continues to operate. [79] Defying widespread expectations that he would retire, Mellon chose to stay on as Secretary of the Treasury. After Mellon returned to the United States in August 1931, he was confronted by another series of bank failures. (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. At roughly the same time they were selling their oil concerns, Andrew and Richard invested in the Carborundum Company, a producer of silicon carbide. At an early age, Andrew joined his father Thomas, and his brother Richard, in the management of the family bank, T. Mellon and Sons, which soon became the prime financial agent in the transformation of western Pennsylvania into one of the richest industrial regions in the United States during the forty years before the First World War. He also presided over a reduction in the national debt, which dropped substantially in the 1920s. Along with his nephew, William Larimer Mellon, Mellon became an influential player in Pennsylvania politics, and their support helped ensure the elections of Senator David A. Reed and Senator George W. Pepper in 1922. Mellon’s industrial empire sold inputs to the automobile industry, from aluminum to nonshatter glass through Pittsburgh Plate Glass. Mellon, with his business and financial background, helped formulate a series of sound economic policies [66] In the 1924 presidential election, the Republicans campaigned on further tax cuts, while both the Democrats and third party candidate Robert La Follette denounced Mellon's tax proposals as "a device to relieve multi-millionaires at the expense of other taxpayers". Andrew Mellon, who established the Mellon Institute for Industrial Research and endowed the National Gallery of Art, died in 1937. With Frick, Richard Mellon, and William Donner, Mellon co-founded Union Steel Company, which specialized in the production of nails and barbed wire. Andrew had three older brothers, Thomas A. Mellon, James R. Mellon and Samuel Mellon, and a younger brother named Richard B. Mellon. Andrew W. Mellon Foundation Launches "Creatives Rebuild New York" January 12, 2021. [86] In mid-1931, the country entered a deep depression and, at Hoover's request, Mellon negotiated a moratorium on German debt repayments. cutting taxes on income and corporate profits. Born in 1835, Andrew Carnegie was industrious, intelligent and a shrewd investor, controlling the development of the U.S. steel industry in the late 1800s and amassing a fortune of $372 billion. [113] Nora gave birth to a daughter, Ailsa, in 1901. [68] Coolidge saw his own landslide re-election victory as a mandate to pursue his favored economic policies, including further tax cuts. [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. 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. [124] After attending Yale University and the University of Cambridge, Paul briefly worked at Mellon National Bank. [70], With his top priority of tax reform accomplished, Mellon increasingly turned over management of the Treasury Department to his deputy, Ogden L. Thomas’s growing confidence in Andrew coupled with his failing eyesight led him in 1882 to turn over T. Mellon & Sons to Andrew. Mellon's paternal grandparents, both of whom were Ulster Scots, migrated to the United States from County Tyrone, Ireland, in 1818. Shared Experiences Blog. December 22, 2020. 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. [10] Five years later, Mellon's younger brother, Richard B. Mellon, joined T. Mellon & Sons as a co-owner and vice president. Andrew began working at his father's bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. [95], Knox and Penrose both died in 1921, leaving a power vacuum in Pennsylvania Republican politics. Mellon's national reputation collapsed following the Wall Street Crash of 1929 and the onset of the Great Depression. 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. Mellon committed to his first large-scale act of philanthropy in 1913, when he and his brother, Richard, established the Mellon Institute of Industrial Research as a department of the University of Pittsburgh. [37][38] At the time, Old Overholt was one of the largest and most respected whiskey producers in the country. [110] Mellon was buried at Trinity Episcopal Church Cemetery, Upperville, Virginia. His philanthropic efforts also played a major role in the later establishment of Carnegie Mellon University and the National Portrait Gallery. [30], The Panic of 1907 devastated several companies based in Pittsburgh, ending a period of strong growth. [114] Nora disliked living in Pittsburgh, and she was unhappy in her marriage. That same year, Thomas introduced his son to Henry Clay Frick, a customer of the bank who would become one of Mellons's closest friends. 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. Andrew W. Mellon (1921 - 1932) Role of Treasury. 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. [111], In the early 1880s, Mellon had a serious relationship with Fannie Larimer Jones, but he broke off the relationship after learning that she was suffering from tuberculosis. As the vast majority of Americans did not own shares in the stock market, the crash did not immediately have disastrous effects on the U.S. economy as a whole. Andrew Mellon war ein amerikanischer Industrieller und Philanthrop, der von 1921 bis 1932 auch als Finanzminister der Vereinigten Staaten fungierte. The original bank, T. Mellon and Sons Bank, was founded in 1869 by Thomas Mellon (1813–1908), a native of Ireland. [100] Mellon strongly opposed Roosevelt's New Deal policies, especially the 1933 Banking Act, which required a separation between commercial and investment banking. [72] Mellon also focused on the construction of new federal buildings, and his efforts led to the construction of several buildings in the Federal Triangle. 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. Following Harding's victory in the 1920 presidential election, Harding considered various candidates for Secretary of the Treasury, including Frank Lowden, John W. Weeks, Charles Dawes, and, at the urging of Senator Knox, Andrew Mellon. COVID-19 Response, Press Releases. Through state party boss Matthew Quay, Mellon influenced legislators to place high tariffs on aluminum products in the McKinley Tariff of 1890. Mellon also acquired or helped found the Union Insurance Company, City Deposit Bank, the Fidelity Title and Trust Company, and the Union Trust Company. From the wealthy Mellon family of Pittsburgh, Pennsylvania, he established a vast business empire before transitioning into politics.He served as United States Secretary of the Treasury from … 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. Andrew joined his father at the bank, quickly becoming a valued employee despite being in his early teens. 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". Defying Mellon's expectations, Hoover was defeated by Franklin D. Roosevelt in the 1932 presidential election. During the proceedings, Mellon divulged numerous details of his business career that had previously been unknown to the public. Andrew Mellon, who ran the company after his father died, also served as the US treasury secretary. The Andrew W. Mellon Memorial Fountain in Washington was created by Sidney Waugh and was dedicated in May 1952 by Harry S. [143] Washington, D.C., also hosts the Andrew W. Mellon Auditorium and the Andrew Mellon Building. https://www.cmu.edu/.../faculty-by-area/profiles/bird-andrew.html 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. Andrew Mellon was an American industrialist and philanthropist who also served as the United States Secretary of the Treasury from 1921 to 1932. [88] Facing this unprecedented economic catastrophe, Mellon urged Hoover to refrain from using the government to intervene in the depression. [42], Following Harding's victory in the 1920 presidential election, Harding considered various candidates for Secretary of the Treasury, including Frank Lowden, John W. Weeks, Charles Dawes, and, at the urging of Senator Knox, Andrew Mellon. [4] Though he lacked strong convictions about slavery, Thomas Mellon became a prominent member of the local Republican Party, and in 1859 he won election to a position on the Pennsylvania court of common pleas. Mills. [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. Along with Frick, Mellon gained control of the Pittsburgh National Bank of Commerce, a national bank that was authorized to print banknotes. Mellon would remain in office until 1932, serving under Harding, Calvin Coolidge, and Herbert Hoover, all three of whom were members of the Republican Party. 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