Word: andrews
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Dates: during 1930-1939
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Ostensible purpose of the Board of Tax Appeals hearings which began last week in a courtroom of Pittsburgh's new Federal Building was to determine whether Andrew William Mellon owed the Government $3,075,103 in back income taxes & penalty, or whether the Government owed the onetime (1921-32) Secretary of the Treasury a $139,045 refund. But in effect it was a trial of two great reputations at the bar of public opinion. One reputation seemed bound to emerge incalculably damaged. Mr. Mellon, as an Old Deal statesman, stood to be convicted of a deliberate, contemptible attempt...
...private holding company, Coalesced Co. is an interesting family treasure chest which Government counsel asserted to be nothing but a tax-dodging device. Its voting but non-dividend-paying common stock is shared equally by Son Paul Mellon and Daughter Ailsa Mellon Bruce. Its dividend-paying preferred stock Papa Andrew kept for himself...
Just before taking office in March 1921 Andrew Mellon turned over to his late Brother Richard his 3,300 shares in Union Trust. In return he took his brother's note for $10,500,000 at 5½% interest, approximately the amount of Union Trust's dividends. Never did Brother Richard attempt to pay off the principal of his note. And as Union Trust's dividends jumped through the prosperous 1920's Brother Richard's interest payments rose with them, until finally the original 5½% had become 8%. In 1930 Brother Richard transferred...
Then there is the chap who, like so many of these dangerous foreigners, hails from Pittsburgh. His Koppers Construction Company has taught the Soviets how to build coke ovens. His name is Andrew Mellon...
Federal Courtroom, Pittsburgh, Feb. 20--The long-hidden personal wealth of Andrew W. Mellon was revealed today as more than $97,000,000 (M), not including the other millions which he holds in such huge corporations as the Aluminum Company of America and the Gulf Refining Company...