Word: mellons
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Dates: during 1930-1939
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George F. Baker and William Ziegler Jr., are Founder Members. Associates include such men as J. Pierpont Morgan '89, Vincent Astor, Cornelius N. Bliss '97, Cyrus H. K. Curtis, George Eastman, Francis Lee Higginson '00, Otto H. Kahn, Andrew W. Mellon Hon. '26, John J. Raskob, Jesse Isidor Straus '93, and Owen D. Young Hon. '24. The entire membership now number about 200; the remaining 50 of the complete enrolment will be filled from time to time in the future
...loudly debated question in Washington last week. The Treasury was heading into Deficit No. 2, estimated at $1,500,000,000 (TIME, Sept. 14). Its efforts to finance the Government through the Depression by borrowing took a turn for the worse.* Secretary Mellon had already declared for a broader tax base than the levy on incomes. While President Hoover continued to keep his mind open, two of the most important Republican fiscal leaders of Congress came forward with plans for the Treasury to tax its way out of trouble at the next session...
Senator David Aiken Reed of Pennsylvania is a member of the Senate Finance Committee. He is considered Secretary Mellon's mouthpiece on Capitol Hill. Senator Reed contended that the income tax is outmoded, that a general tax of ½ of 1% should be applied to all retail sales...
...represented almost one-half of the entire world's gold stock ($11,262,000,000). Yet the U. S. Treasury, poor amid riches, had to go out into the money market again as a borrower on a scale larger than at any one time since the War. Secretary Mellon called for offers on an $800,000,000 bond issue to mature in 24 years, and $300,000,000 worth of one-year Treasury certificates. The bonds paid 3%. lowest rate since the War. The certificates went for 1⅛%, another post-War low. Despite the low interest rates...
...strongly suspect Secretary Stimson of borrowing his "bathtub" analogy- from Secretary Mellon's experience with the bathtubs of the old Bull Hotel in Cambridge, England. I recently stayed there and largely failed to solve the intricacies of the 18-inch brass and rubber stoppers with the thumb screw attachment in the same three tubs which Mr. Mellon used, and of which the Dull Hotel is justly proud (TIME, Aug. 3). There seems to be no way to manipulate to prevent a slow but steady drain. But the Hull Hotel is one of the best and most comfortable hotels...