Multiplying Millions of World’s Richest Family

Sun (Auckland), Volume III, Issue 744, 17 August 1929, Page 20

Multiplying Millions of World’s Richest Family

H

AS there not been a mistake in naming the Mellon family of New York? In the light of recent events the name would be more Appropriately spelt “Mil-

lions.” It is calculated, states a New York writer, that the family fortune has increased by 300,000,000 dollars (or £60,000,000) in two stocks alone since the beginning of this year. Financiers who are informed of

; the holdings of Mr. Andrew W. Mellon, j j (who has been United States Secre- j tary of the Treasury or “Chancellor of

the Exchequer” since 1921) and of his brothers say that the family virtually controls both the Aluminium Company of America and the Gulf Oil Corporation, as well as many other prosperous and valuable properties, including the Mellon Bank. Appreciation in the total stock of the Gulf Oil since January has been 210,000,000 dollars; and the Mellon family holds 90 per cent, of it. On . this basis the Mellon share of appreciation would be 189,000,000 dollars. In the same period the increase in value of the common stock of the Aluminium Company of America has been 191,000,000 dollars (say £39,000,000). Rise In Stock Values Published statistics have it that 60 per cent, of the Aluminium common stock is owned by the board of directors and by Mr. Andrew W. Mellon and Mrs. Maria T. Hunt. Sixty per cent, of the 191,000,000 dollars increase would give a profit of 114,000,000 dollars to this group, and the share of this latter figure belonging to the Mellon family would probably carry their total appreciation well toward the 300,000,000 dollars which the financiers have estimated. Mr. W. L. Mellon is president of Gulf Oil Corporation; and R. B. Mellon is a director. The latter is also a director of the Aluminium Company.

Mr. Andrew W. Mellon has long been called “one of the four richest men in the world.” With recent vast accessions of wealth, both to himself and his relatives, there ueed be little hesitation in setting down the Mellons as the richest family in the world.