Word: mellone
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...least idea where to find them. All he has is a president (himself), a plan (the St. John's idea, with variations)-and $4,500,000. This tidy endowment came from the Old Dominion Foundation, set up five years ago by young aluminum heir Paul Mellon, who enrolled in St. John's at 33, when he already had degrees from Yale and Cambridge. St. John's itself has only a $130,000 endowment...
Chief administrative officer of the new bank will be Frank R. Denton, who caught the eye of Andrew W. Mellon in 1929, when Denton was the youngest (24) bank examiner in the U.S. He proved himself as chief of the Mellbank Corp., a holding corporation for 18 Mellon-controlled Pennsylvania banks, and later as president of the Mellon Securities Corp...
...commissioned a colonel, rose to brigadier general in the Army Service Forces. There he won the Distinguished Service Medal, was given much of the credit for buying textiles for the Army so skillfully that rationing of civilian clothing was averted. He got out of the Army shortly after Dick Mellon, 47, who had also served as a colonel and also won a D.S.M. Dick Mellon had some ideas about a new job for Denton and the vast Mellon interests...
First Dick Mellon consolidated the Mellon Indemnity Corp. and General Reinsurance Corp. of New York to centralize the Mellon insurance interests. Then he set up T. Mellon & Sons, top policy group for all the Mellon clan. Actually it was a third generation team to coordinate and plan family financial strategy, like the first generation team of T. Mellon & Sons (Judge Thomas Mellon and Sons Thomas and James) which founded the Mellon dynasty...
Next step was to merge Mellon Securities with the First Boston Corp. (TIME, July 8)-a move which would free Denton for his new job. By these moves, the Mellons will broaden their interests in the investment field, end the competition in Pittsburgh between the two Mellon controlled banks, develop a top strategy group to run their empire. They were not pulling in their financial horns. Their contraction was only to expand further. Now streamlined, and with $1,200,000,000 in resources in their new bank alone, they are ready to step out into new investment fields. As Dick...