Word: mellons
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Dates: during 1920-1929
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...What Mr. Mellon's purpose was in this (for him) extraordinary remark, remained a mystery. Perhaps he wanted to let Senators McKellar, Couzens et al. know, in a delicate way, that the Secretary of the Treasury was still quite sure of himself. Or, perhaps again, he wanted to bolster the Federal Reserve Board's campaign against stock speculation loans. Or, perhaps a third time, there was a connection between the statement and the condition of U. S. Government bonds. The Treasury's quarterly financing of March 15 had been barely oversubscribed despite an interest rate...
...political wisdom of the new policy is obvious. It robs the anti-Mellon group in the Senate of their most tangible excuse for attacks on Mr. Mellon, of which the real motives have been partisanship and personal bitterness. Michigan's Senator Couzens, a stout Republican, yet long Mr.Mellon's bitterest antagonist, admitted the order was "an advance" and twitted the Secretary on his changed position...
...Mellon's next notable act was to issue a statement which, had the Congress been in session, must have raised the roof of the Capitol. Said Mr. Mellon: "This is a good time for the prudent investor to buy bonds. ... It is easier to pick out sound bonds than sound stocks" (see BUSINESS...
...many of them are reduced to flabby incompetence. They journey across the U. S. from Hollywood to "fix things up" personally at the Treasury Department. That grey classic building, they have found, affords a new and unusual background for "still" pictures of themselves on business bent. Last year Secretary Mellon's department had the honor of professional calls from Mary Pickford, Douglas Fairbanks, Richard Barthelmess...
Last week the U. S. paid its 1928 income tax. And as has invariably been the case under the Mellon regime, it was seen that the Treasury had underestimated its revenue expectations. Tax payments ran high enough last week for Fiscal officials to talk of a $50,000,000 surplus...