Also found in: Dictionary, Thesaurus, Wikipedia.
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.



one of the oldest financial groups in the USA, dominated by a family. An especially large role in the creation of the Mellons’ enormous fortune was played by the banker Andrew Mellon (1855-1937), who gained control of a large part of the US aluminum industry. The company he created, the Aluminum Company of America (ALCOA), became one of the largest American monopolies. From March 1921 to February 1932, Andrew Mellon served as secretary of the treasury. The group shares control of its industrial and financial empire with the very rich Pitcairn and Heinz families and with one of the country’s largest investment banks, the First Boston Corporation. Assets controlled at the end of the 1960’s totaled more than $25 billion. The total fortune of the members of the Mellon family was estimated at between $1.6 billion and $2.8 billion.

In addition to ALCOA, which produces 35 percent of the aluminum in the USA and about 20 percent in the capitalist world, the Mellon group owns the Gulf Oil Corporation (the seventh largest oil company in the capitalist world in sales), the major military-industrial concern Westinghouse Electric Corporation (which produces electronic apparatus, equipment for atomic power plants, nuclear weapons, and atomic submarines), and a number of steel and machine-building firms.

The Mellon group fills US government orders for aluminum, steel, and oil for military purposes. At the end of the 1960’s 10 percent of ALCOA’s output was being used for the development of the aerospace industry.

The Mellon Bank, a commercial bank with assets of $7.4 billion (1972), and the investment bank First Boston Corporation serve as the group’s credit and financial base. After World War II the group’s financial base was expanded when it gained control of the insurance companies General Reinsurance Corporation and National Union Fire Insurance Company.

The Mellon family owns a large part of a number of major industrial and financial corporations: 55 percent of the stock of ALCOA, more than 70 percent of Gulf Oil, and 20 percent of the First Boston Corporation. Through joint control of stock, the Mellon group is closely associated with the Rockefellers, the Cleveland financial group, and the California financial group. The Mellons have large economic, commercial, and financial interests in the Middle East, Latin America, Western Europe, and Australia.


Men’shikov, S. M. Millionery i menedzhery. Moscow, 1965.
Krupneishie monopolii mira. Moscow, 1968.
Zhukov, E. F. Strakhovye monopolii v ekonomike SShA. Moscow, 1971.
Landberg, F. Bogachi i sverkhbogachi. Moscow, 1971. (Translated from English.)


The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
As its new custodian, BNY Mellon will offer a complex cross-business bundle of services, including: custody, collateral management, performance measurement and liquidity services--all of which will target Microsoft's corporate cash portfolio needs.
He said, "As Chairman of BNY Mellon Pennsylvania, I look forward to engaging with the Pittsburgh business community as an advocate for our business and employees in the region." He has extensive experience leading business development activities in financial services.
We want our customers in Montenegro to recognize in Mellon a partner that is always there to help them realize their business strategies and plans in the most efficient and cost effective manner,” commented Stefanos Karapetsis, General Manager of Mellon Serbia and Executive Director of Mellon Group of Companies.
BNY Mellon and Shanghai Leadbank Asset Management declined to comment, while Western Securities did not respond to the paper's requests for comment.
pressures that it faces along with its affiliate, CIBC Mellon Global
Mellon Securities was responsible for executing orders on behalf of Mellon Investor Services (MIS), an administrator and transfer agent, but routinely deprived many among MIS's 700+ plan clients of best execution by executing their orders at stale or inferior prices -- often outside the US National Best Bid and Offer (NBBO) -- in cross trades that gave better prices to hedge fund clients.
BNY Mellon Global Markets' currency hedge administration service was launched using BNY Mellon's proprietary iHedge platform to provide passive currency overlay strategies and share class hedging programmes to global institutional investors.
Tim Keaney, Chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said: "This transaction expands our capabilities and market share in one of the world's largest fund markets, positioning BNY Mellon at the forefront among securities servicing providers in Germany and creating a strong platform for growth across our businesses."
A generation after Mellon wrote those words we are inclined to forget that British art did not then enjoy the comparatively exalted position that it now occupies alongside the art of other European nations.
When Carnegie Mellon officials initially discussed a program in Australia, Don Marinelli, director of the Entertainment Technology Center (covering CMU's Pittsburgh and Australia campuses), says he "was adamant in stating that ETC-Adelaide had to be a genuine extension of ETC-Pittsburgh and not a lesser 'foreign campus,' per se."
"The building's premier location, as well as the stability of Mellon's investment grade credit, presents us with a tremendous opportunity to reposition the asset and capitalize on an improving Fort Lee sub-market," said David Welsh, Normandy's managing principal.