Mellon, Andrew W.

Mellon, Andrew W.

▪ American financier and politician
in full  Andrew William Mellon  
born March 24, 1855, Pittsburgh, Pa., U.S.
died Aug. 26, 1937, Southampton, N.Y.
 American financier, philanthropist, and secretary of the Treasury (1921–32) who reformed the tax structure of the U.S. government in the 1920s. His benefactions made possible the building of the National Gallery of Art in Washington, D.C.

      After completing his studies at Western University (now the University of Pittsburgh), Mellon entered his father's banking house in 1874 and proved so capable that in 1882 his father transferred the bank's ownership to him. In the next three decades Mellon built up a financial-industrial empire by supplying capital for Pittsburgh-based corporations to expand in such fields as aluminum, steel, oil, coal, coke, and synthetic abrasives. Mellon's keen judgment of new technologies and potentially successful firms and entrepreneurs enabled him to help found the Aluminum Company of America (Alcoa) and the Gulf Oil Company. In alliance with Henry Clay Frick (Frick, Henry Clay), he helped found the Union Steel Company, which later merged with United States Steel Corporation. He and Frick were also the principal organizers (in 1889) of the Union Trust Company, which became Mellon's principal financial instrument and acquired his family's bank. By the early 1920s Mellon had become one of the richest men in the United States.

      Mellon was appointed to head the U.S. Treasury by President Warren G. Harding in 1921. In discussions concerning reduction of the national debt, which totaled $24,000,000,000 in 1920 as a result of World War I expenditures, Mellon held that continuance of the high wartime tax rates would discourage business expansion and hence reduce revenue. He also advocated reduction of the surtax rates on incomes. Largely through his efforts Congress repealed the excess-profits tax and gradually lowered the income tax rate until in 1926 the maximum surtax was reduced from 50 to 20 percent. Further reductions in tax rates were later made; by June 30, 1928, the national debt had fallen to $17,604,000,000. As chairman ex officio of the World War I foreign debt commission, Mellon also played a prominent part in formulating U.S. policy concerning the funding of war debts owed to the United States by foreign governments. Mellon's policies helped stimulate the American economic boom of the 1920s, and he continued to head the Treasury under presidents Calvin Coolidge and Herbert Hoover. His popularity declined after the Great Depression began in 1929, however, and in 1932 he resigned to serve as U.S. ambassador to England for a year.

      One of the nation's foremost art collectors, Mellon gave a collection valued at $25,000,000 to the U.S. government in 1937. Among other paintings, it contained Raphael's “Alba Madonna,” 23 Rembrandts, and 6 Vermeers. Mellon donated $15,000,000 to build the National Gallery of Art, opened in 1941, to house the collection.

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Universalium. 2010.

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  • Mellon, Andrew W(illiam) — born March 24, 1855, Pittsburgh, Pa., U.S. died Aug. 26, 1937, Southampton, N.Y. U.S. financier. He joined his father s banking house in 1874 and through the next three decades built up a financial empire by supplying capital for corporations in… …   Universalium

  • Mellon,Andrew William — Mel·lon (mĕlʹən), Andrew William. 1855 1937. American financier and public official who served as U.S. secretary of the treasury (1921 1932) and endowed the National Gallery of Art in Washington, D.C. * * * …   Universalium

  • Mellon, Andrew W(illiam) — (24 mar. 1855, Pittsburgh, Pa., EE.UU.–26 ago. 1937, Southampton, N.Y.). Financista estadounidense. Se incorporó a la empresa bancaria de su padre en 1874 y durante las tres décadas siguientes construyó un imperio financiero mediante el aporte de …   Enciclopedia Universal

  • Andrew W. Mellon — Andrew William Mellon 11th United States Ambassador to the United Kingdom In office 1932 – March 20, 1933 (approximate) President Herbert Hoover …   Wikipedia

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  • Mellon — may refer to: People Ailsa Mellon Bruce (1901–1969), daughter of Andrew William Mellon, philanthropist Alfred Mellon (1820 – 24 March 1867), British composer and conductor Andrew W. Mellon (1855–1937), one of the longest serving U.S. Treasury… …   Wikipedia

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  • Andrew Mellon — Porträt von A.W. Mellon im Finanzministerium Andrew William Mellon (* 24. März 1855 in Pittsburgh; † 27. August 1937 in Southampton[1]) war ein US amerikanischer Bankier und Philanthrop. Er war vom 4. März 1921 bis zum 12. Februar 1932 …   Deutsch Wikipedia

  • Andrew William Mellon — Porträt von A.W. Mellon im Finanzministerium Andrew William Mellon (* 24. März 1855 in Pittsburgh; † 27. August 1937 in Southampton[1]) war ein US amerikanischer Bankier und Philanthrop. Er war vom 4. März 1921 bis zum 12. Februar 1932 …   Deutsch Wikipedia

  • Mellon Financial Corporation — ▪ American bank       American bank holding company whose principal subsidiary, Mellon Bank, has been one of the largest regional banks in the country. Its headquarters are in Pittsburgh, Pennsylvania.       The original bank, T. Mellon and Sons… …   Universalium

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