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. 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. December 15, 2020 . During the Great Depression, with the US unemployment rate at almost 20%, Mellon became one of the most unpopular leaders in the United States after President Hoover. Current. [6], In 1869, after leaving his judicial position, Thomas Mellon established T. Mellon & Sons, a bank located in Pittsburgh. [82] Mellon favored another interest rate increase in 1929, and in August 1929 the Federal Reserve Board raised the discount rate to six percent. [29] The success of Mellon's financial empire and his varied investments made him, according to biographer David Cannadine, the "single most significant individual in the economic life and progress of western Pennsylvania" in the first decade of the 20th century. [36], In 1887, Frick, Andrew, and Richard Mellon jointly purchased Old Overholt, a whiskey distillery located in West Overton, Pennsylvania. 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. A landmark work from one of the preeminent historians of our time: the first published biography of Yet two centuries after Thomas Mellon arrived in America with his family, the Mellons are worth $12 billion. American businessman, philanthropist, banker, and industrialist. 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. [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. … [116] Mellon and Nora eventually reconciled, and in 1907 she gave birth to a son, Paul. 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. The conservative resistance to Hoover centered around Mellon, who controlled Pennsylvania's delegation at the 1928 Republican National Convention and was influential with Republicans throughout the country. When he took control of his father's banking house he invested in … Nora lived in Pittsburgh for several years before eventually settling in the Hudson Valley, and the two children alternated living with either parent. [117] In order to avoid a public scandal, Andrew reluctantly agreed to a separation in 1909. 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. The Monuments Project: Expanding the American Story (Event Video) December 2020. 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. [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. His so-called "scientific taxation" was designed to maximize federal revenue while minimizing the impact on business and industry. After this experience, Mellon refrained from courting women for several years. [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. At 19, Andrew was now full-time at the bank. 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. At roughly the same time they were selling their oil concerns, Andrew and Richard invested in the Carborundum Company, a producer of silicon carbide. [52] Aside from balancing the budget, Mellon's top priority was an overhaul of the federal tax code. 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. [126] Mellon's nephew, Richard King Mellon, succeeded Andrew as the head of the Mellon financial empire. 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. With Frick, Richard Mellon, and William Donner, Mellon co-founded Union Steel Company, which specialized in the production of nails and barbed wire. [95], Knox and Penrose both died in 1921, leaving a power vacuum in Pennsylvania Republican politics. [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. [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. The Secretary. Mellon's national reputation collapsed following the Wall Street Crash of 1929 and the onset of the Great Depression. [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 doing so you agree to our, Send me information about (check as many as apply), Andrew W. Mellon, portrait by Oswald Birley, Conflicts of Interest and Disclosure Policy, Equal Opportunity and Anti-Harassment Policy, Third-Party Reports of Misconduct or Misuse of Foundation Funds, Mellon Mays Undergraduate Fellowship Program, Call for Proposals: The Future of Higher Learning in Prison, Call for Proposals to Community-Based Archives, Grant Modifications and Matching Payments. [47] Before joining the cabinet, Mellon sold his banking stock to his brother, Richard, but he continued to hold his non-banking stock. [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. [54] The central tenet of Mellon's tax plan was a reduction of the surtax, a progressive tax that affected only high-income earners. In 1882 his father Alexander Mellon transferred ownership of Mellon Bank to Andrew Mellon. [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. Unlike most members of the industrial elite of his generation, Mellon attended college, although he withdrew shortly before graduation. In the alternate history/time travel story "A Slip in Time" by S. M. Stirling,[144] featuring a history in which the First World War was avoided and the Austro-Hungarian Empire survived, Andrew Mellon was the President of the United States in 1926. Die Carnegie Mellon University, kurz CMU, ist eine private Forschungsuniversität in Pittsburgh, Pennsylvania. Notably, these estates tie the city directly back to the earliest days of the booming steel industry that impelled its development. [93] From his post, he watched the collapse of the international economic order, including the debt accords that he had helped negotiate. Mellon's paternal grandparents, both of whom were Ulster Scots, migrated to the United States from County Tyrone, Ireland, in 1818. 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." 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. Andrew Mellon war ein amerikanischer Industrieller und Philanthrop, der von 1921 bis 1932 auch als Finanzminister der Vereinigten Staaten fungierte. [122] Two years after the Lees' divorce in 1928, Nora Lee resumed the surname Mellon, at the request of her son, Paul. Mellon attempted to convince Coolidge or Charles Evans Hughes to run, but neither heeded his appeals. Andrew began working at his father's bank, T. Mellon & Sons, in the early 1870s, eventually becoming the leading figure in the institution. [39] It is believed that Mellon's connections in the Treasury Department are what allowed the company to secure a medicinal permit during Prohibition. "He is certainly as important, or more important, than (steel magnate Andrew) Carnegie. Gulf Oil, as one of the seven sister international oil companies, became the crown jewel of the Mellon empire. Andrew Mellon, who established the Mellon Institute for Industrial Research and endowed the National Gallery of Art, died in 1937. Andrew William Mellon (/ˈmɛlən/; March 24, 1855 – August 26, 1937), sometimes A.W., was an American banker, businessman, industrialist, philanthropist, art collector, and politician. Profil. The cartoon figure in black top hat and tails with white mustache on the board game Monopoly is modeled after Mellon. The Revenue Act of 1928 did indeed cut the corporate tax, but the estate tax was left unchanged. While numerous banks failed, Democrats won control of Congress in the 1930 mid-term elections. During his life, Mellon gave away nearly $10 million. Mellon Institute of Industrial Research. 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). 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. [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. [83] In October 1929, the New York Stock Exchange suffered the worst crash in its history in what was called "Black Tuesday". 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. In 1882 Mellon became the owner and manager … Mellon supported the idea of asset liquidation to balance budgets, even if it meant shutting down entire industries. Remarks by Counselor to the Secretary Carter Burwell at the Washington Institute. 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. Foundation. [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. Andrew Mellon was the Secretary of the Treasury of the United States from 1921 to 1932. After Mellon returned to the United States in August 1931, he was confronted by another series of bank failures. View the profiles of professionals named Andrew Mellon on LinkedIn. Blaming the Great Depression on Andrew Mellon's "liquidationist thesis" is unfair. [56] Though much of the tax plan that he proposed had been developed by former Wilson administration officials Russell Cornell Leffingwell and Seymour Parker Gilbert, the press generally referred to it as the "Mellon Plan". Mellon Financial. https://www.nps.gov/jofl/learn/historyculture/andrew-william-mellon.htm "[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. [76] After the adoption of the Dawes Plan, Mellon reached debt settlements with several other European countries. Andrew W. Mellon Foundation Launches "Creatives Rebuild New York" January 12, 2021. Andrew Mellon was an extraordinary judge of entrepreneurial talent, and among the many companies he helped to found and fund were ALCOA, Carborundum, Koppers, and Gulf Oil. 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. [57] Because it differed from his original proposals, Mellon was displeased by the bill. Events. "[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. [112] In 1898, while traveling with Frick and Frick's wife to Europe, Mellon met Nora McMullen, a nineteen-year-old Englishwoman of Ulster Scots ancestry. Mellon began collecting art in the mid-to-late 1890s. 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. With an infusion of capital from Union Trust, Mellon underwrote the capitalization of National Glass and several other companies. Mellon believed that economic recessions, such as those that had occurred in 1873 and 1907, were a necessary part of the business cycle because they purged the economy. Shared Experiences Blog. 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. [citation needed], Secretary Mellon had helped persuade the Federal Reserve Board to lower interest rates in 1921 and 1924; lower interest rates contributed to a booming economy, but they also encouraged stock market speculation. Statement by Secretary Steven T. Mnuchin on Passage of the Coronavirus Response and Relief Supplemental Appropriations Act. Responding to the growing emphasis on naval power in the aftermath of the Spanish–American War, Mellon and Frick also became major shareholders in the New York Shipbuilding Corporation. [37][38] At the time, Old Overholt was one of the largest and most respected whiskey producers in the country. Defying Mellon's expectations, Hoover was defeated by Franklin D. Roosevelt in the 1932 presidential election. [145], American diplomat, banker, businessman, industrialist, philanthropist, and art collector, Stoller, Matt. Mellon investments helped launch the aluminum, coke, and carborundum industries; by the 1920s, he paid the third-highest income tax in the United States. history. Though Mellon had defeated similar investigations in the past, his falling popularity left him unable to effectively counter Patman's charges. COVID-19 Response, Press Releases. [43] 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. Cari pekerjaan yang berkaitan dengan Andrew w mellon industry atau upah di pasaran bebas terbesar di dunia dengan pekerjaan 19 m +. [27] As part of the Texas oil boom, the Mellons also helped J. M. Guffey establish the Guffey Company. Sign up to stay informed about news and events at the Mellon Foundation. 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". Ia percuma untuk mendaftar dan bida pada pekerjaan. 1886 übergab Thomas Mellon die Führung des Unternehmens an Andrew. After protracted negotiations, the United States and France agreed to the Mellon-Berenger Agreement, which reduced France's debt and set terms for repayment. [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 W. Mellon Foundation Launches "Creatives Rebuild New York" January 12, 2021. [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. 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. [28] The Mellons later removed Guffey as the head of his company, and in 1907 they reorganized the Guffey Company as Gulf Oil and installed William Larimer Mellon Sr. (a son of Andrew Mellon's older brother, James Ross Mellon) as the head of Gulf Oil. Its headquarters are in Pittsburgh, Pennsylvania. Mellon did not publicly comment on the flood, though he did donate $1,000 to a relief fund. [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. One of his four sons, Andrew W. Mellon (1855–1937), joined the business in 1874 and proved so capable that the elder … Head of Infrastructure and Funding Directorate Analysis at Department for Education. 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). Andrew Mellon had a quiet demeanor, rail-thin bearing, and beautifully manicured hands. Location. 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. Mellon Foundation Distributes Groundbreaking $228.4 Million—the Largest Quarterly Grantmaking Total in the Foundation’s History. [121] In 1923, Nora married Harvey Arthur Lee, a British-born antiques dealer 14 years her junior. In the aftermath of the flood, Knox led a legal defense that successfully argued that the club bore no legal responsibility for the flood. [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. His character is played by Carnegie Mellon alumnus James Cromwell. [120], Mellon did not remarry. In 1882, Thomas turned over full ownership of the bank to his son, but Thomas continued to be involved in the bank's activities. In 1882 Mellon became the owner and manager of the family banking firm, T. Mellon & Sons. Find a Grave. 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," … 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. [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. [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. 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. 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. By 1894, the Mellon family's vertically integrated companies produced ten percent of the oil exported by the United States. Born in 1855, he was a banker and venture capitalist who held investments in 300 companies during his lifetime, including the Aluminum Company of America, or Alcoa, the chemical company Koppers, the Carborundum Company, and Westinghouse Electric. Andrew Mellon, who ran the company after his father died, also served as the US treasury secretary. Events. Remarks and Statements. Mellon strongly approved of the party's conservative platform, and he served as a key fundraiser for Harding during the presidential campaign. He inherited a fortune which he increased through industrial investment and banking, and was secretary of the treasury under three presidents (1921–32). Mellon also became an investor in George Westinghouse's Westinghouse Electric Corporation after he helped prevent the company from going into bankruptcy. Melloninvested capital in aluminum, steel, oil, coal and coke corporations. Andrew joined his father at the bank, quickly becoming a valued employee despite being in his early teens. [131] In total it is estimated that Mellon donated over $43 million to the University of Pittsburgh.[132]. … 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. 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. In 1882 his father Alexander Mellon transferred ownership of Mellon Bank to Andrew Mellon. Mellon was founded in 1869 and was known for helping to finance the US steel industry. [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. [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. [39] In 1925, under pressure from prohibitionists, Mellon sold his share of the company to a New York grocer. [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. Sign up below to receive emails from The Andrew W Mellon Foundation. [15], In 1889, Mellon agreed to loan $25,000 to the Pittsburgh Reduction Company, a fledgling operation seeking to become the first successful industrial producer of aluminum. Encouraged by Frick, and guided by Charles Carstairs. In 1923, Mellon and British Chancellor of the Exchequer Stanley Baldwin negotiated an agreement in which Britain promised to pay off the debts over a 62-year period. [139], Mellon was initiated to the Scottish Rite Freemasonry,[140][141] till he raised the 33rd and highest degree.[142]. 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. held 70 percent of the stock in the still-private Gulf Oil Company, the largest company ever to … To enter it, Mellon had battled the wealthiest man alive, John D. Rockefeller. From the wealthy Mellon family of Pittsburgh, Pennsylvania, he established a vast business empire before transitioning into politics. The predominant audience of the early movie industry centered in New York City prior to World War I was _____. 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. As the economy declined, so did Mellon's popularity, which was further damaged by his opposition to another bonus bill for veterans. 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. With a keen focus on cost-cutting and organization, Carnegie was often regarded as a ruthless robber baron, though he eventually withdrew from business to devote himself to donating money to various philanthropic causes. In 1889, the dam broke, causing the Johnstown Flood, which killed 2,000 people and destroyed 1,600 homes. [9], Mellon's role at T. Mellon & Sons continued to grow after 1873, and in 1876 he was given power of attorney to direct the operations of the bank. Newspapers across the country took note of his death. Filantropie. [3] Thomas became a wealthy landowner and real estate speculator, and he and his wife had eight children, five of whom survived to adulthood. Among the banks that failed was the Bank of Pittsburgh, the lone remaining major Pittsburgh bank not controlled by the Mellon family. 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. [60] Harding died after suffering a stroke in August 1923, and he was succeeded by Vice President Calvin Coolidge. 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". [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. [78] In the months before the 1928 Republican Convention, Mellon maintained his neutrality in the presidential race, but with no compelling alternative Republican candidate willing to run, Mellon finally threw his support behind Hoover. Andrew Mellon, the son of the banker, Thomas Mellon, was born in Pittsburghin 1855. März 1921 bis zum 12. Mellon's influence in state and national politics reached its zenith during Coolidge's presidency. December 14, 2020. [23] In the late 1890s, the Union Trust Company emerged for the first time as one of Mellon's most important and profitable holdings after Mellon broadened the company's activities to include commercial banking. Defying widespread expectations that he was confronted by another series of Bank failures ]. By COVID-19 avoid a public scandal, Andrew W. Mellon Foundation Distributes Groundbreaking $ 228.4 Million—the Largest Grantmaking... Washington by offering him the position of ambassador to Britain ( 1932–33.... 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Businessman, andrew mellon industry, banker, businessman, industrialist, philanthropist, banker, businessman,,... But it was hardly the end of Mellon Bank to Andrew Mellon convinced Congress create... Estimated that Mellon donated over $ 43 million to arts and humanities nonprofits devastated COVID-19! Lived in Pittsburgh, the Standard steel Car Company, was created in partnership with three former steel... Of Technology to form Carnegie Mellon University and the two children alternated living with either parent lower... One of the industrial opportunities available in Pittsburgh, the Union Trust Company later of... Did Mellon 's nephew, Richard King Mellon, president Hoover shifted Mellon to run, but the tax! Life, Mellon gained control of the Trade Dollar Consolidated mining Company health declined in.... Progressive Republicans that exercised effective control over the 68th Congress Nora attacked Mellon in McKinley! Children alternated living with either parent of Treasury this experience, Mellon attended college, he... Both died in 1921, leaving a power vacuum in Pennsylvania Republican..