Word: mellons
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Dates: during 1930-1939
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...Bacharach was the veterans' hero, Secretary of the Treasury Mellon logically became their villain last week when he wrote a strong public letter objecting to this bonus legislation. The gist of his argument was that the Treasury could not stand the financial strain. Predicting a $500,000,000 deficit next July (last estimate: $350,000,000), he declared the measure created "a potential liability of $1,720,000,000"-that is, if all veterans borrowed to the limit. The Treasury, he explained, had some $772,000,000 securities in a sinking fund reserve to pay off the bonus...
...Mellon letter clearly foreshadowed a Hoover veto. But upon Congress it acted as no deterrent. Speaker Longworth pronounced the Bacharach bill "sane, sensible and conservative" and "one guess as good as another" on its cost. Secretary Mellon was loudly flayed for painting too gloomy a picture, was reminded that his dire prediction about the effects of the original Bonus act in 1924 had never materialized. The Ways & Means Committee in its report on H. R. 17054 argued that "there is no way to determine accurately just what the cost 'will be." Against Secretary Mellon's "potential liability...
Last week Andrew William Mellon again unsheathed a sharp economic sword against Soviet Russia. He forbade any lumber or any pulpwood from four great areas of North Russia to enter...
...Mellon was in the offices of Pottstown Iron Co., of which he was a director. Two young engineers working for the Shiffier Bridge Co. came to see him with the idea of getting his backing and setting up in business for them selves. Taller of the two was lanky Howard H. McClintic. Much shorter was Charles D. Marshall. Mr. Mellon heard their case and was silent. Iron and Steel had not yet definitely settled into its corporate departments, the financier reflected. Finally he consented. A company was formed and the new team of McClintic-Marshall entered the business of taking...
...Bethlehem the deal (accomplished by issuing treasury stock and notes) means an assured outlet for structural steel. It also means that the Mellon interests, now represented on the McClintic-Marshall board by Richard Beatty Mellon, will become relatively big Bethlehem stockholders, as occurred in Pullman when it acquired Standard Steel Car Corp. No small thing is a Mellon connection. Mr. McClintic and Mr. Marshall invested in the Koppers Co., have never missed a Koppers contract. McClintic-Marshall also owns securities in Aluminum Co., gets Aluminum's business. To Pittsburgh, the deal means the passing of another close family corporation...