Word: mellons
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Dates: during 1930-1939
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...When Mr. Mellon took over the Treasury Department for President Harding in 1921, few citizens outside of Pennsylvania had ever even heard his name. Gradually they learned that only the Rockefellers and the Fords were richer than their Secretary of the Treasury; that he had made his wealth in aluminum, steel, coal, oil, banks; that he invested his profits in the finest of old masters; that personally he was a shy, modest man with a quiet charm. When he started to reduce the Public Debt, with a consequent reduction in taxation, enthusiastic G.O. Partisans tagged him with the silly title...
...seemed the last thing the New Dealers wanted to grant him. Mr. Hoover vanished from the scene to Palo Alto. Mr. Stimson went inconspicuously back to his Manhattan law practice. Mr. Wilbur once more became active president of Leland Stanford. All the Hoover Cabinet was politically forgotten-except Mr. Mellon. For years the Democrats had yipped about his administration of the Treasury...
Last March, with a premature blare of headlines, Attorney General Homer Stillé Cummings announced that he was going to prove that Mr. Mellon, while Secretary of the Treasury, had been guilty of tax crookery (TIME, March 19, et seq.). It was alleged that Mr. Mellon had cheated the Government out of $716,000 worth of income taxes in 1931 by fake stock transfers and bogus losses. Two months later the case was brought before a Federal Grand Jury in Pittsburgh. The jury refused to indict its rich fellow-citizen...
...personal feud between Homer Cummings and Andrew Mellon is of long standing. On behalf of various clients, the Stamford, Conn. law firm of Cummings & Lockwood has, since 1925, pressed one damage suit after another against Aluminum Co. of America. No sooner had the Pittsburgh jury dismissed the case against him than Mr. Mellon turned around and filed a petition with the Board of Tax Appeals for $130,045 which he claimed he had overpaid on his 1931 tax return. In September the Board published its reply, in which was discerned the fine Connecticut hand of Homer Cummings. It revived...
Last week Mr. Mellon formally replied to the Board. He did not mince words either. Specifically the Board had charged that in 1931 Mr. Mellon had "sold" big blocks of his securities to Pittsburgh's Union Trust Co., on whose board sat Mr. Mellon's late brother Richard and his nephews William and Richard. In effect, Mr. Mellon was accused of selling stock to himself to establish a tax loss. This Mr. Mellon bitterly denied, calling the latest complaint "impertinent, scandalous and improper...