Thomas Mellon facts for kids
Quick facts for kids
Thomas Mellon
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| Born | February 3, 1813 |
| Died | February 3, 1908 (aged 95) Pittsburgh, Pennsylvania U.S.
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| Alma mater | University of Pittsburgh |
| Occupation | Banker, businessman, judge, lawyer |
| Spouse(s) | Sarah Jane Negley |
| Children | 8, including Andrew and Richard |
| Parent(s) | Andrew Mellon Rebecca Wauchob |
Thomas Mellon (born February 3, 1813 – died February 3, 1908) was an important American banker, businessman, judge, and lawyer. He is best known for starting Mellon Bank. He was also the head of the powerful Mellon family in Pittsburgh.
Contents
Thomas Mellon's Early Life
Thomas Mellon was born on February 3, 1813, in Ireland. His parents, Andrew Mellon and Rebecca Wauchob, were farmers. Their old family home is now part of the Ulster American Folk Park Museum. Thomas's family had moved to Ireland from Scotland and Holland in the mid-1600s.
In 1816, Thomas's grandfather, Archibald Mellon, moved to the United States. He settled in Westmoreland County, Pennsylvania. Thomas's parents and family followed two years later.
Inspiration and Education
When Thomas was ten, he saw the large house of rich landowners Jacob and Barbara Ann Negley. He was amazed by its beauty and size. At age fourteen, he read The Autobiography of Benjamin Franklin. Franklin's story of starting poor and becoming successful really inspired him.
Thomas decided he did not want to be a farmer. In October 1834, he enrolled at the University of Pittsburgh. It was then called the Western University of Pennsylvania. He graduated from the university in 1837.
Thomas Mellon's Career Journey
After college, Thomas Mellon started working in a law office in Pittsburgh. He became a clerk for the Allegheny County prothonotary. A prothonotary is a chief clerk in some courts. On December 15, 1838, he became a lawyer himself. He then opened his own law firm, focusing on civil cases.
Marriage and Judicial Role
On August 22, 1843, Thomas married Sarah Jane Negley. She was the daughter of Jacob and Barbara Negley. Thomas then had a long and successful career as a lawyer in Pittsburgh. In 1859, he was chosen to be an assistant judge. He began his ten-year job as a judge on December 1.
Starting Mellon Bank
Thomas Mellon was very smart with his money from his law work. He bought many properties in downtown Pittsburgh. In late 1869, he decided to stop being a judge. Instead of going back to law, he chose to open a bank.
On January 2, 1870, he opened the T. Mellon & Sons' Bank. He started it with his sons, Andrew W. and Richard B.. Above the bank's front door, he placed a statue of Benjamin Franklin. Franklin was the person who had inspired him so much.
Overcoming Challenges
Thomas Mellon almost lost all his wealth during the Panic of 1873. This was a time when the economy was very bad. Many banks in Pittsburgh failed. But Thomas Mellon's bank survived. He was then in a good position to do well when the economy improved.
He made smart investments. He bought more land in downtown Pittsburgh and coal fields. In 1871, he loaned $10,000 to Henry Clay Frick. This money helped Frick provide coke for Andrew Carnegie's steel mills.
Later Ventures and Retirement
In 1877, Thomas Mellon helped pay for the Ligonier Valley Railroad. In 1878, he bought land near the railroad. He started a picnic park there called Idlewild. Other land he owned in the Ligonier Valley is now the Rolling Rock Club.
On January 5, 1882, Thomas Mellon stopped managing the bank every day. He gave control to his 26-year-old son, Andrew. With Andrew and Richard in charge, Mellon Bank became one of the biggest banks in the country. Thomas gave most of his other property to his sons on February 3, 1890.
Thomas Mellon passed away on his 95th birthday, February 3, 1908. He died at his home in East Liberty. His wife lived for about another year after him. Thomas Mellon and his wife Sarah are buried in Pittsburgh's Allegheny Cemetery.
Mellon Family and Interests
Thomas Mellon was a Presbyterian. He supported the East Liberty Presbyterian Church. The land for this church was originally given by the Negley family.
He had a "country house" where he loved to grow fruit trees and other plants. He also enjoyed the poems of Robert Burns and learning about the history of Ireland.
Thomas and Sarah Mellon had eight children. Five of them lived to be adults:
- Thomas Alexander Mellon (born 1844)
- James Ross Mellon (born 1846)
- Sarah Emma Mellon (died as a child)
- Annie Rebecca Mellon (died as a child)
- Samuel Selwyn Mellon (died 1862, at age 9)
- Andrew William Mellon (born 1855)
- Richard Beatty Mellon (born 1858)
- George Negley Mellon (born 1860, died 1887)
Thomas Mellon taught his sons about business from a young age. By age 21, his son Tom and his son Jim had earned about $100,000. They did this by running a nursery, a lumber yard, and a construction supply business. Andrew managed a theater when he was only 17. Because they were so well prepared, the Mellon family became one of the richest and most important business families in the United States by the time Thomas Mellon died in 1908.
Images for kids
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Thomas Mellon, founder of Mellon Bank
