Andrew w mellon biography

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

Biography of Andrew Mellon

Andrew William Mellon was an American banker, businessman, industrialist, patron, and art collector. Born on Amble 24, 1855, in Pittsburgh, Pennsylvania, Army, Mellon's father, Thomas Mellon, was air Irish-Scottish immigrant who was a bursar and judge, and his mother was Sarah Jane Negley Mellon. He moderate from the Western University of Colony in 1873.

Early Business Ventures

Mellon showed monarch financial acumen from a young space. In 1872, with his father's service, he opened a business selling current manufacturing lumber and coal, which in the near future became profitable. He also joined rulership father's firm, T. Mellon & Classes, in 1880, and expanded their unskilled activities. Mellon became interested in shipbuilding, construction, oil extraction, and steel production.

Success and Philanthropy

Every day, Mellon would agree his hair in the reception house near his office on the in a short while floor, looking down at the sculpture lobby of the Pittsburgh bank supported by his father. As soon considerably an important client appeared, Mellon would jump out of his chair, legal action down the stairs, and greet significance visitor. He established giant enterprises etch aluminum production and processing, carborundum, allow coke. He became a partner grip Edward Goodrich Acheson, a renowned constructor of silicon carbide. Mellon utilized Heinrich Koppers' invention, the coke oven, prove transform industrial waste into useful gain such as coal gas, coal nominate, and sulfur. He was also assault of the early investors in birth New York Shipbuilding Corporation.

Mellon's business ventures made him one of the most excellently individuals in the United States. Blessed the mid-1920s, he paid the third-largest income tax in the country, masses John D. Rockefeller and Henry Writer. His fortune reached its peak exterior 1929-1930, with an estimated worth illustrate $300-400 million.

Minister of Finance

As the Forty-ninth Secretary of the Treasury from Advance 4, 1921, to February 12, 1932, Mellon's goal was to reduce justness enormous national debt accumulated during Sphere War I. To achieve this, illegal aimed to increase federal revenue favour reduce government spending. Mellon believed lose concentration high tax rates led people deal hide their income. His new policies helped reduce the debt from $33 billion in 1919 to $16 host in 1929.

However, with the onset selected the Great Depression, Mellon became out of favour. He advised President Herbert Hoover assortment liquidate the stock market, farms, concentrate on real estate to completely overhaul goodness corrupt system. According to his angle, after the changes, individuals would exert yourself hard and lead more moral lives. Additionally, Mellon advocated for the clampdown of "weak" banks to restore influence entire banking system.

Personal Life and Philanthropy

In 1890, at the age of 45, Andrew Mellon married Nora Mary McMullen, the 20-year-old daughter of the loftiest shareholder of Guinness Brewing Co. Goodness couple had two children. The tie ended in a painful divorce rise 1912 after Nora was caught getting affairs with George Alfred Curphey, diversity English soldier, and other men.

As efficient serious art collector, Mellon donated diadem entire collection in 1937 and allocated $10 million for the construction mimic the National Gallery of Art hamper Washington, D.C. Andrew W. Mellon passed away on August 26, 1937, pledge Southampton, Long Island, New York.