Word: mellone
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Dates: during 1930-1939
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...heard scarcely ten feet away. The three men on the bench leaned forward, hands cupped behind ears. Soon the news of the witness' appearance was buzzing over Pittsburgh. Spectators began to flow in. Within an hour the courtroom was jammed with citizens eager to hear Andrew William Mellon defend himself in person against the U. S. Government's charge that he is a liar, cheat and fraud...
...previous weeks of the Board of Tax Appeals' hearing on the onetime Secretary of the Treasury's 1931 income tax return, the Government's two chief charges against Mr. Mellon had been exhaustively aired. One charge concerned his alleged failure to report $5,000,000 of income. In 1900 Mr. Mellon and his late Bother Richard put up $75,000 apiece to help two young engineers, Howard Hale McClintic and Charles Donnell Marshall, start a steel fabricating company. The Government contends that in the complex reorganization deal by which rich & potent McClintic-Marshall Construction Co. passed...
...Mellon's five-day appearance on the stand last week was devoted to discussion of the Government's other charge: that he established large losses by fraudulent security sales, chiefly to his own family holding companies (TIME, March 4 & 11). On the first day the old Pittsburgh financier was his usual painfully shy self. But on the second day he perked up, grew garrulous, cracked mild jokes. Coached by his famed chief counsel, smart little Frank J. Hogan of Washington, he seemed actually to enjoy reminiscing publicly over his rise to power, sketching a portrait of himself...
...Mellon, thundered Government counsel, deliberately sold stocks at a loss in 1931 for the sole purpose of reducing his income...
Certainly he had, replied Mr. Mellon. It would have been "stupid" to do otherwise. But only conscience and patriotism had made him pay any tax at all. "I could have, at the time," countered he, "selected enough losses to offset any or all taxes that might have been due. But I felt I still had an income and ought to pay a substantial tax. So I sold Pittsburgh Coal largely to adjust the figure and reach an amount that would be in my mind a justifiable and fair...