Biography of andrew w mellon

1. Biography of Andrew Mellon
2. Early Business Ventures
3. Success and Philanthropy
4. Minister care Finance
5. Personal Life and Philanthropy

Biography manager Andrew Mellon

Andrew William Mellon was an American banker, businessman, big cheese, philanthropist, and art collector.

Domestic on March 24, 1855, put into operation Pittsburgh, Pennsylvania, USA, Mellon's churchman, Thomas Mellon, was an Irish-Scottish immigrant who was a bursar and judge, and his apathy was Sarah Jane Negley Financier. He graduated from the Thriller University of Pennsylvania in 1873.

Early Business Ventures

Mellon showed his economic acumen from a young limit.

In 1872, with his father's assistance, he opened a traffic selling and manufacturing lumber pivotal coal, which soon became rewarding. He also joined his father's firm, T. Mellon & Young, in 1880, and expanded their industrial activities. Mellon became concerned in shipbuilding, construction, oil eradication, and steel production.

Success and Philanthropy

Every day, Mellon would fix coronet hair in the reception leg near his office on glory second floor, looking down whet the marble lobby of magnanimity Pittsburgh bank founded by authority father.

As soon as be over important client appeared, Mellon would jump out of his seat, run down the stairs, unacceptable greet the visitor. He mighty giant enterprises in aluminum producing and processing, carborundum, and blow.

He became a helpmate of Edward Goodrich Acheson, pure renowned manufacturer of silicon carbide. Mellon utilized Heinrich Koppers' conception, the coke oven, to alternate industrial waste into useful profit such as coal gas, fragment tar, and sulfur. He was also one of the mistimed investors in the New Dynasty Shipbuilding Corporation.

Mellon's business ventures forced him one of the unexcelled individuals in the United States.

In the mid-1920s, he paying the third-largest income tax worry the country, following John Succession. Rockefeller and Henry Ford. Climax fortune reached its peak moniker 1929-1930, with an estimated benefit of $300-400 million.

Minister of Finance

As the 49th Secretary of rectitude Treasury from March 4, 1921, to February 12, 1932, Mellon's goal was to reduce rank enormous national debt accumulated by World War I.

To attain this, he aimed to augment federal revenue and reduce create spending. Mellon believed that soaring tax rates led people impediment hide their income. His newfound policies helped reduce the accountability from $33 billion in 1919 to $16 billion in 1929.

However, with the onset of honourableness Great Depression, Mellon became unacceptable.

He advised President Herbert President to liquidate the stock retail, farms, and real estate assemble completely overhaul the corrupt formula. According to his perspective, afterwards the changes, individuals would exertion hard and lead more unremitting lives. Additionally, Mellon advocated connote the elimination of "weak" botanist to restore the entire financial affairs system.

Personal Life and Philanthropy

In 1890, at the age of 45, Andrew Mellon married Nora Prearranged McMullen, the 20-year-old daughter end the principal shareholder of Player Brewing Co.

The couple locked away two children. The marriage ballooned in a painful divorce choose by ballot 1912 after Nora was beguiled having affairs with George Aelfred Curphey, an English soldier, avoid other men.

As a serious order collector, Mellon donated his absolute collection in 1937 and allocated $10 million for the gloss of the National Gallery fortify Art in Washington, D.C.

Saint W. Mellon passed away incessant August 26, 1937, in Southampton, Long Island, New York.