Word: mellone
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...years ago that the parents of Thomas Mellon, then five years old, sailed from Londonderry for the U.S. To celebrate the anniversary, the family gave $250,000 to the Scotch-Irish Trust of Ulster to buy the old dwelling from its latter-day owner (who had thriftily converted it to a farm building for hay storage and pigs). Then they invited 400 guests, including Northern Ireland's Prime Minister Terence O'Neill, to a gala housewarming. The natives were delighted. Long envious of the outpouring of American sentimentality for the boozy, poetic republic to the south...
Joint Account. As superfamilies go, the Mellons are remarkably unknown to the public. Thomas Mellon, the paterfamilias, worked his way to a law degree at the Western University of Pennsylvania (now the University of Pittsburgh) by doing odd jobs and tutoring less apt students. Soon after hanging out his shingle, he concluded that there was more money to be made in investment than in litigation. In 1870, he opened his own bank, T. Mellon & Sons. Tall, thin and austere as a Grant Wood painting, he wore high starched collars when lesser men had long since moved to sack suits...
...sons, Richard B. and, most conspicuously, Andrew W., who really built the Mellon fortune (which by conservative estimate now totals at least $3 billion and perhaps a good deal more). "Andrew Mellon was possibly the most brilliant businessman whom our society has produced," wrote FORTUNE'S Charles J. V. Murphy recently. "He was a banker who understood corporations and an investor who understood men." The two brothers were so close that they ran a joint bank account for as long as they were both alive. The brothers' philosophy: Bet on a man with an idea, taking a share...
...from Bombay. Despite their pervasive presence in U.S. business, the family so shunned the limelight that President-elect Warren G. Harding had to ask, "Who is Mellon?" when Andrew W. was recommended to him for the job of Secretary of the Treasury. "Uncle Andy" served from 1921 to 1932, but he will probably be better remembered as the collector who gave the nation a $50 million art collection and a building (now the National Gallery of Art) to house...
...gathering last week was characteristic of a great family that has all the money it will ever need. One young Mellon flew in from Bombay, where he had been hunting tigers, and will shortly return to his real job of collecting wild animals in Kenya. Dr. Matthew T. Mellon, a retired art-history professor who, at 71, is the eldest male in the U.S. branch of the family, stayed with the Duke of Abercorn - which is more than his grandparents ever did. Dr. Mellon has not been in Pittsburgh for years; he has houses in Jamaica, Kitzbuhel and Manhattan...