Andrew Mellon, an American industrialist and philanthropist, made a significant impact on both the business and political landscapes of his time. Serving as the United States Secretary of the Treasury from 1921 to 1932, Mellon’s astute business sense and financial backing played a crucial role in the success of various industries, including oil, shipbuilding, construction, aluminum, and steel. From a young age, Mellon displayed remarkable business acumen, working alongside his father and leading their company to unprecedented success. His investments in growth-oriented industries and support for industrialists like Charles Martin Hall and Heinrich Koppers propelled him to become one of the wealthiest individuals in the US during the 1920s. Mellon’s passion for politics was equally notable, and his philanthropic endeavors in the fields of art and science showcased his generous nature.
Quick Facts
- Also Known As: Andrew W. Mellon
- Died At Age: 82
- Family:
- Spouse/Ex-: Nora Mary McMullen
- Father: Thomas Mellon
- Mother: Sarah Jane Negley Mellon
- Siblings: Richard B. Mellon
- Children: Ailsa, Paul
- Born Country: United States
- Philanthropists
- Steel
- Died on: August 27, 1937
- Place of Death: Southampton, New York, United States
- U.S. State: Pennsylvania
- City: Pittsburgh, Pennsylvania
- More Facts:
- Education: University of Pittsburgh
Childhood & Early Life
Andrew Mellon was born on 24 March 1855 to Thomas Alexander Mellon and Sarah Jane Negley. His father was a successful banker and lawyer in Pittsburgh. Andrew was the fourth among his parents’ five sons. From a young age, he displayed signs of his financial abilities, which would later make him a great industrialist. He enrolled at the Western University of Pennsylvania (now the University of Pittsburgh), but left before completing his studies to start a business with his brother, Richard.
Career
With the help of their father, Andrew and Richard started a lumber and coal business in 1872. Their venture became profitable, impressing their father. A few years later, they joined their father’s banking firm, T. Mellon & Sons, in 1880. Andrew’s business skills were evident, and he soon took ownership of the bank. In 1889, he helped establish the Union Trust Company and the Union Savings Bank of Pittsburgh as subsidiary firms. Encouraged by the success of his financial ventures, Andrew began investing in other sectors such as oil, steel, aluminum, shipbuilding, and construction. He acquired large holdings in companies like the American Locomotive Company, the Gulf Oil Company, and the Pittsburgh Coal Company. He also financed the Aluminum Company of America (Alcoa), which became the world’s third-largest producer of aluminum. Additionally, he helped Heinrich Koppers in founding H. Koppers Company, an industry centered around coke ovens.
Andrew Mellon became incredibly successful as a financier and was counted among the wealthiest people in America by the 1920s. He served as the Secretary of the Treasury from 1921 to 1932, appointed by President Warren G. Harding. Mellon’s experience as a banker helped him successfully implement tax system revisions and the creation of a federal budget system. He played a key role in drafting the Mellon-Berenger Agreement in 1926, which set the amount of French debts to the United States arising from loans during World War I. However, his popularity declined after the Great Depression, and he resigned in 1932.
Awards & Achievements
Andrew Mellon was featured on the cover of Time Magazine twice, in July 1923 and May 1928.
Personal Life & Legacy
Andrew Mellon remained a bachelor for a long time, focusing all his attention on building his fortunes. He married Nora Mary McMullen, an English woman, in 1900 when he was 45 years old. The couple had two children, but their marriage ended in a bitter divorce in 1912. Mellon did not remarry. Throughout his life, he was an active philanthropist. Along with his brother, he established the Mellon Institute of Industrial Research as a department of the University of Pittsburgh, which is now part of Carnegie Mellon University. He donated generously to support art and research causes. Mellon was also a prominent art collector and donated a collection valued at $25 million to the U.S. government in 1937. He also donated $15 million to build the National Gallery of Art to house the collection. Andrew Mellon passed away on 26 August 1937 at the age of 82.