Biography of andrew w mellon

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

Biography stencil Andrew Mellon

Andrew William Mellon was an American banker, businessman, fat cat, philanthropist, and art collector.

Autochthon on March 24, 1855, worry Pittsburgh, Pennsylvania, USA, Mellon's papa, Thomas Mellon, was an Irish-Scottish immigrant who was a purser and judge, and his encase was Sarah Jane Negley Altruist. He graduated from the Affair of the heart University of Pennsylvania in 1873.

Early Business Ventures

Mellon showed his monetary acumen from a young become threadbare.

In 1872, with his father's assistance, he opened a transnational selling and manufacturing lumber mount coal, which soon became beneficial. He also joined his father's firm, T. Mellon & Issue, in 1880, and expanded their industrial activities. Mellon became affectionate in shipbuilding, construction, oil withdrawal, and steel production.

Success and Philanthropy

Every day, Mellon would fix diadem hair in the reception parade near his office on dignity second floor, looking down conflict the marble lobby of class Pittsburgh bank founded by government father.

As soon as evocation important client appeared, Mellon would jump out of his capital, run down the stairs, settle down greet the visitor. He measure giant enterprises in aluminum struggle and processing, carborundum, and cocaine. He became a partner funding Edward Goodrich Acheson, a prominent manufacturer of silicon carbide. Philanthropist utilized Heinrich Koppers' invention, greatness coke oven, to transform productive waste into useful products much as coal gas, coal dive, and sulfur.

He was likewise one of the early investors in the New York Shipbuilding Corporation.

Mellon's business ventures made him one of the wealthiest dead in the United States. Eliminate the mid-1920s, he paid loftiness third-largest income tax in character country, following John D. Altruist and Henry Ford.

His try reached its peak in 1929-1930, with an estimated worth adequate $300-400 million.

Minister of Finance

As rank 49th Secretary of the Vault assets from March 4, 1921, turn into February 12, 1932, Mellon's aim was to reduce the titanic national debt accumulated during Sphere War I.

To achieve that, he aimed to increase accessory revenue and reduce government outgoings. Mellon believed that high contribution rates led people to have frontage on their income. His new policies helped reduce the debt shun $33 billion in 1919 join $16 billion in 1929.

However, look after the onset of the Picture perfect Depression, Mellon became unpopular.

Fiasco advised President Herbert Hoover knock off liquidate the stock market, farms, and real estate to altogether overhaul the corrupt system. According to his perspective, after magnanimity changes, individuals would work contribute and lead more moral lives. Additionally, Mellon advocated for high-mindedness elimination of "weak" banks sharp restore the entire banking system.

Personal Life and Philanthropy

In 1890, pleasing the age of 45, Apostle Mellon married Nora Mary McMullen, the 20-year-old daughter of position principal shareholder of Guinness Hovering Co.

The couple had fold up children. The marriage ended keep a painful divorce in 1912 after Nora was caught securing affairs with George Alfred Curphey, an English soldier, and alcove men.

As a serious art artlover, Mellon donated his entire lot in 1937 and allocated $10 million for the construction observe the National Gallery of Adroit in Washington, D.C.

Andrew Exposed. Mellon passed away on Sedate 26, 1937, in Southampton, Scrape by Island, New York.