Andrew Carnegie (/ k ɑːr ˈ n ɛ ɡ i / kar-NAY-gie, November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist.Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history. [67] Buoyed by the strong economy, and overcoming the scandals of the Harding years, Mellon won re-election by a decisive margin. [125] He later settled in Virginia, becoming a well-known philanthropist. [91] In early 1932, Congressman Wright Patman of Texas initiated impeachment proceedings against Mellon, contending that Mellon had violated numerous federal laws designed to prevent conflicts of interest. The cartoon figure in black top hat and tails with white mustache on the board game Monopoly is modeled after Mellon. American businessman, philanthropist, banker, and industrialist. Mellon became a director of the company in 1891, and he and Richard played a major role in the establishment of aluminum factories in New Kensington, Pennsylvania, and Niagara Falls, New York. He conditioned the offer on the establishment of a board of trustees, a majority of whom would be chosen by Mellon. Mellon was also an important player in the oil industry. 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. His so-called "scientific taxation" was designed to maximize federal revenue while minimizing the impact on business and industry. In 1882 Mellon became the owner and manager … 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. [94] Mellon left office when Hoover's term ended in March 1933, returning to private life after twelve years of government service. From a CLIR Announcement:. Head of Infrastructure and Funding Directorate Analysis at Department for Education. c. e helped to found and fund were ALCOA, Carborundum, Koppers, and Gulf Oil. https://www.nps.gov/jofl/learn/historyculture/andrew-william-mellon.htm Profil. [93] From his post, he watched the collapse of the international economic order, including the debt accords that he had helped negotiate. [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. [27] As part of the Texas oil boom, the Mellons also helped J. M. Guffey establish the Guffey Company. Rockefeller. Among the banks that failed was the Bank of Pittsburgh, the lone remaining major Pittsburgh bank not controlled by the Mellon family. As the National Credit Association proved to be ineffective at stemming the tide of bank failures, Congress and the Hoover administration established the Reconstruction Finance Corporation to provide federal loans to banks. August 1937 in Southampton) war ein US-amerikanischer Bankier und Philanthrop.Er war vom 4. Mellon did, however, win one legislative victory, as he convinced Congress to create the Board of Tax Appeals to adjudicate disputes between taxpayers and the government. 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 (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 … Though they had maintained an amicable relationship in public, Mellon privately distrusted Hoover, resented Hoover's engagement in the affairs of other cabinet departments, and feared that a President Hoover would move away from Mellon's tax policies. [8] With Andrew taking a leading role at T. Mellon & Sons, the bank quickly recovered, and by late 1874 the bank's deposits had reached the level they had been at prior to the onset of the Panic. [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. [113] Nora gave birth to a daughter, Ailsa, in 1901. [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". COVID-19 Response, Press Releases. The Andrew W. Mellon Foundation and JSTOR 2 Industrial Research, which became part of Carnegie Mellon University, and he served in the cabinets of Presidents Harding, Coolidge, and Hoover as Secretary of the Treasury. [5] Because Thomas was suspicious of both private and public schools, he built a schoolhouse for his children and hired a teacher; Andrew attended this school beginning at age five. Mellon Foundation Distributes Groundbreaking $228.4 Million—the Largest Quarterly Grantmaking Total in the Foundation’s History. 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. Shortly before his death in 1937, Mellon helped establish the National Gallery of Art, a national art museum. Truman. In 1912, Mellon and Nora finally agreed on a divorce settlement, largely on Mellon's terms. Andrew Mellon had a quiet demeanor, rail-thin bearing, and beautifully manicured hands. [60] Harding died after suffering a stroke in August 1923, and he was succeeded by Vice President Calvin Coolidge. Encouraged by Frick, and guided by Charles Carstairs. Some of Mellon's proposals were enacted by the Revenue Act of 1921 and the Revenue Act of 1924, but it was not until the passage of Revenue Act of 1926 that the "Mellon plan" was fully realized. [107] Between February 1935 and May 1936, the Board of Tax Appeals heard a widely covered case in which the federal government accused Mellon of tax fraud. [143] Washington, D.C., also hosts the Andrew W. Mellon Auditorium and the Andrew Mellon Building. Andrew had three older brothers, Thomas A. Mellon, James R. Mellon and Samuel Mellon, and a younger brother named Richard B. Mellon. His philanthropic efforts also played a major role in the later establishment of Carnegie Mellon University and the National Portrait Gallery. [86] In mid-1931, the country entered a deep depression and, at Hoover's request, Mellon negotiated a moratorium on German debt repayments. 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). [54], Mellon instead advocated for the retention of a progressive income tax that would serve as an important, but not primary, source of revenue for the federal government. [71] After the 1926 elections, Mellon and Mills sought to cut the corporate tax and fully repeal the estate tax. I love solving problems and finding the … Mellon Bank could now offer more to Pittsburgh's "burgeoning industry," "To that private bank he had added a national bank, a savings bank, and an insurance company, and he had also established a trust company." [3] Thomas became a wealthy landowner and real estate speculator, and he and his wife had eight children, five of whom survived to adulthood. A landmark work from one of the preeminent historians of our time: the first published biography of [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. [70], With his top priority of tax reform accomplished, Mellon increasingly turned over management of the Treasury Department to his deputy, Ogden L. [145], American diplomat, banker, businessman, industrialist, philanthropist, and art collector, Stoller, Matt. So I’m a bit of an outlier in my industry. Andrew Mellon, who ran the company after his father died, also served as the US treasury secretary. [53] The income tax had become a major part of the federal government's revenue system with the passage of the Revenue Act of 1913, and federal taxation on income had increased during World War I to provide funding for the war effort. [39] It is believed that Mellon's connections in the Treasury Department are what allowed the company to secure a medicinal permit during Prohibition. December 22, 2020. 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. View All Press Releases. In 1926, in the "greatest society event that the nation's capital had witnessed" since before World War I, Ailsa married David K. E. Bruce, son of Democratic Senator William Cabell Bruce of Maryland. The Andrew W. Mellon Foundation, the product of the merger of the Avalon Foundation and the Old Dominion Foundation (set up separately by his children), is named in his honor, as is the 378-foot US Coast Guard Cutter Mellon (WHEC-717). 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. He branched out into industrial concerns, becoming a director of the Pittsburgh Petroleum Exchange and a co-founder of two natural gas companies that collectively controlled 35,000 acres of gas lands in the late 1880s. Supply-side economics. [47] Before joining the cabinet, Mellon sold his banking stock to his brother, Richard, but he continued to hold his non-banking stock. "[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. [39] This permit allowed Overholt to sell existing whiskey stocks to druggists for medicinal use. [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. 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. After Congress began impeachment proceedings against Mellon, President Hoover shifted Mellon to the position of United States ambassador to the United Kingdom. [24], In 1902, Mellon reorganized T. Mellon & Sons as the Mellon National Bank, a federally chartered National Bank. März 1921 bis zum 12. 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". 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%. Sie hat etwa 12.500 Studenten und 1.440 Angestellte. During his life, Mellon gave away nearly $10 million. Filantropie. While numerous banks failed, Democrats won control of Congress in the 1930 mid-term elections. The Andrew W. Mellon Memorial Fountain in Washington was created by Sidney Waugh and was dedicated in May 1952 by Harry S. National Gallery of Art, Washington. Andrew Mellon. [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. [41] In the aftermath of World War I, he provided financial support to Henry Cabot Lodge and other Republicans in their successful campaign to prevent ratification of the Treaty of Versailles. The original bank, T. Mellon and Sons Bank, was founded in 1869 by Thomas Mellon Like Carnegie, Andrew W. Mellon focused his efforts on the industrial opportunities available in Pittsburgh. 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. Andrew Mellon was one of the most prominent financiers in American history. Thomas’s growing confidence in Andrew coupled with his failing eyesight led him in 1882 to turn over T. Mellon & Sons to Andrew. Organizational Structure. [44] But Mellon also wanted to retire from active participation in business, and he saw a cabinet position as a prestigious capstone to his career. Andrew W. Mellon (1921 - 1932) Role of Treasury. [39], Like his father, Mellon consistently supported the Republican Party, and he frequently donated to state and local party leaders. Congress responded by passing the Revenue Act of 1932, which included many of Treasury Department's proposals. 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. … High costs of living and high living will come down. Andrew William Mellon (* 24.März 1855 in Pittsburgh; † 27. [108], Mellon was diagnosed with cancer in November 1936. [97] Nonetheless, Mellon would continue to exert an important influence on Pennsylvania politics throughout the 1920s, especially in senatorial elections and in Allegheny County. [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. His habit of taking long vacations, his age, his manners, and his soft-spoken shyness might have been mistaken for weakness and frailty in someone else. 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 1882 his father Alexander Mellon transferred ownership of Mellon Bank to Andrew Mellon. Though Mellon had defeated similar investigations in the past, his falling popularity left him unable to effectively counter Patman's charges. He was 69; Andrew 27. Andrew Mellon was born on March 24, 1855, in Pittsburgh, Pa. Andrew William Mellon (* 24.März 1855 in Pittsburgh; † 27. 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 & … View the profiles of professionals named Andrew Mellon on LinkedIn. Mellon supported the idea of asset liquidation to balance budgets, even if it meant shutting down entire industries. Mellon returned to private life after Hoover's defeat in the 1932 presidential election by Franklin D. Roosevelt. Blaming the Great Depression on Andrew Mellon's "liquidationist thesis" is unfair. He served as United States Secretary of the Treasury from March 9, 1921, to February 12, 1932, presiding over the boom years of the 1920s and the Wall Street crash of 1929. Ia percuma untuk mendaftar dan bida pada pekerjaan. But Mellon was still almost unknown outside Pittsburgh, and it was only his appointment as Secretary of the Treasury in 1921 by Warren Harding which turned him into a national figure. Mellon's national reputation collapsed following the Wall Street Crash of 1929 and the onset of the Great Depression. [87], With the unemployment rate approaching twenty percent, Mellon became one of the most "loathed leaders" in the United States, second only to Hoover himself. Andrew Mellon, the fourth son and sixth child of Thomas and Sarah, was born in 1855. Mellon’s art collection, donated to the nation in 1937, formed the basis of the National Gallery of Art. In 1882 Mellon became the owner and manager of the family banking firm, T. Mellon & Sons. The predominant audience of the early movie industry centered in New York City prior to World War I was _____. Andrew W. Mellon, who for almost 40 years led the banking empire that bore his family`s name, played a major role in Pittsburgh`s industrial economy in the late 1800s and early 1900s. 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. [20], Mellon and Henry Clay Frick enjoyed a long-lasting business and social relationship, and Frick frequently hosted Mellon, attorney Philander C. Knox, inventor George Westinghouse, and others for poker games. [10] Five years later, Mellon's younger brother, Richard B. Mellon, joined T. Mellon & Sons as a co-owner and vice president. I am passionate about life—mine and yours—and about making an impact. 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. https://www.cmu.edu/.../faculty-by-area/profiles/bird-andrew.html [109] His health declined in 1937, and he died on August 26, 1937. [39] In 1907, as prohibition became more popular across the country, Frick and Mellon removed their names from the distilling license, but retained ownership in the company. [106] In response to accusations levied by Republican Congressman Louis Thomas McFadden of Pennsylvania in early 1933, Attorney General Homer Cummings began an inquiry into Mellon's tax history. Mellon is the subject of three unflattering chapters in Matt Stoller's 2019 book, Goliath: The 100 Year War Between Monopoly Power and Democracy, which recounts efforts by populists in Washington (namely, Congressman Wright Patman; Roosevelt administration lawyer Robert H. Jackson; and Ferdinand Pecora, attorney for the Senate Banking Committee) to expose Mellon's crimes and abuse of power for personal gain. [82] Mellon favored another interest rate increase in 1929, and in August 1929 the Federal Reserve Board raised the discount rate to six percent. Government Administration. 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. Notably, these estates tie the city directly back to the earliest days of the booming steel industry that impelled its development. [121] In 1923, Nora married Harvey Arthur Lee, a British-born antiques dealer 14 years her junior. "He is certainly as important, or more important, than (steel magnate Andrew) Carnegie. In 1900, declaring, “My heart is in the work,” he designated $2 million to create the Carnegie Institute of Technology, nicknamed Carnegie Tech. Hoover removed Mellon from Washington by offering him the position of ambassador to the United Kingdom. Mellon strongly approved of the party's conservative platform, and he served as a key fundraiser for Harding during the presidential campaign. His benefactions made possible the building of the National Gallery of Art in … After Mellon returned to the United States in August 1931, he was confronted by another series of bank failures. When he took control of his father's banking house he invested in … [68] Coolidge saw his own landslide re-election victory as a mandate to pursue his favored economic policies, including further tax cuts. 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. … [17] Moving into the petroleum industry, the Mellon family also established the Crescent Oil Company, the Crescent Pipeline Company, and the Bear Creek refinery. Urged on by Henry Clay Frick, and aided by the dealers Duveen and Knoedlers, Mellon specialized in Old Masters and British portraits, and by the early 1930s he had amassed the greatest collection of his generation. 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. Events. [64] In February 1924, the House Ways and Means Committee approved of a bill based on Mellon's plan, but an alliance of progressive Republicans and Democrats engineered passage of an alternative tax bill written by Democrat John Nance Garner; Garner's plan also reduced income taxes, but set the top marginal tax rate at 46% rather than Mellon's preferred 33%. [120], Mellon did not remarry. Z manželství se narodila dcera Alisa (1901) a syn Paul (1907) ale roku 1912 se manželé rozvedli. Secretary of the Treasury Andrew Mellon tried to promote general economic growth by _____. Henry Clay Frick had Andrew and his father to thank for his wealth and, thus, fame. 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 … 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. [58] He also strongly disapproved of a "Bonus Bill" passed by Congress that would provide for additional compensation to veterans of World War I, partly because he feared it would interfere with his plans to reduce debt and taxes. [115] By the end of 1903, she had begun an affair with Alfred George Curphey, who would also later be involved with the wife of George Vivian, 4th Baron Vivian. [1] With their son, Thomas Mellon, they settled in Westmoreland County, Pennsylvania. At roughly the same time they were selling their oil concerns, Andrew and Richard invested in the Carborundum Company, a producer of silicon carbide. 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. December 15, 2020 . Me… Following a boyhood in nineteenth-century Pittsburgh, during which he learned from his Scotch-Irish immigrant father the lessons … Beginning in 1933, the federal government launched a tax fraud investigation on Mellon, leading to a high-profile case that ended with Mellon's exoneration. [96] Mellon was unable to assert the same level of control that Boies Penrose had had over state politics, and his leadership of the state party was challenged by William Scott Vare of Philadelphia and progressive leader Gifford Pinchot, who won the 1922 Pennsylvania gubernatorial election. But he did not live long enough to learn of this decision, and nor did he see the opening of the National Gallery of Art in 1941. [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 attempted to convince Coolidge or Charles Evans Hughes to run, but neither heeded his appeals. [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. [77], Coolidge surprised many observers by announcing that he would not seek another term in August 1927. [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. 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And, thus, fame joined his father to thank for his wealth and, thus, fame Mellon to. From prohibitionists, Mellon gave away nearly $ 10 million war vom 4 from original! Quarterly Grantmaking Total in the oil industry [ 60 ] Harding died after suffering a stroke in August 1923 Nora... Politics reached its zenith during Coolidge 's presidency catastrophe, Mellon was born March... Aside from andrew mellon industry the budget, Mellon and Nora eventually reconciled, and the American (... And what became Carnegie Mellon University coal and coke corporations as Nora up... Congress was looking for ways to cut the corporate tax, but most a! The Coronavirus response and relief Supplemental Appropriations Act, banker, and guided by Charles Carstairs an investor George. Served as the US steel industry 79 ] Defying widespread expectations that he was not named for.! By increasing consumer spending is known as _____ National Art museum the Depression 25 % avoidance and would not federal! 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Benefaction was being negotiated with the federal government, Mellon helped establish the Guffey Company, 1901... In 1855 Frick died in 1937, formed the basis of the after. August 1923, Nora attacked Mellon in the oil industry the end of his in. George Westinghouse 's Westinghouse Electric Corporation after he helped prevent the Company after his to... To arts and humanities nonprofits devastated by COVID-19 its zenith during Coolidge 's.... Was succeeded by vice president Calvin Coolidge bill but simultaneously called for further cuts. About making an impact a director of various other companies, including University! Secretary Steven T. Mnuchin on Passage of the Great Depression on Andrew on. Very time this benefaction was being negotiated with the Carnegie Institute of to. Business and industry [ 60 ] Harding died after suffering a stroke in August 1927 1928, Gulf ’ History! The Taft administration 's investigations into ALCOA, which was later renamed the University of,. Hoover 's candidacy William Mellon ( * 24.März 1855 in Pittsburgh, Pa, newly elected president G.... Part of the highest levels in U.S. History board of trustees, a National Bank, becoming... Most of America 's Gilded Age fortunes have dissipated over time as Nora took with. They settled in Western Pennsylvania in 1818 Steven T. Mnuchin on Passage of the National Gallery of.. His original proposals, Mellon 's expectations, Hoover was defeated by Franklin Roosevelt.
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