The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-04-30
MELLON SECOND
AMONG RICH MEN
cnNr1Nrrn rRoM pAGE oNE.

CONTINUED FROM PAGE ONE.
rivals the wealth of the Rockefol-
ltrs. And Senator Reed has read
into the record the following impos-
ing category OF his financial inter-
ests
The American Locomotive com
Iany. capital S5O,0O0,000.
The Aluminium Company of Amer
Ia Coften called the trust"), cap
hal $2O,O00,000; controlling five sub
salaries with capital combined
Of 20,000,000.
The American Metal company,
upital S25,000,000; a holding con-
urn for twelve companies with a
Ombined capital of $4,000 900.
The Baltimore Car and Foundry
company, capital $1,500.000.
The Carborundum company, capi-
tai s. 100000.
The Gulf Oil corporation, capital
$4,000, 900, controlling nine sub
diaries with combined capital of
$4,000 900.
Banks and trust companies capi-
tallzed AT S33,500,0O0 and with de
Ioslis aggregating nearly half bill
lion.
Pennsylvania railroad, with to-
tai capital of S440,O00,000
or course the holder of a single
share of stock in the Pennsylvania
could be listed in n pinch as asso-
cated with an enterprise in the
haf-billion- -dollar\ class; but IL is
commonly supposed that Mr. Mel
Ions block is very large. SO are
his holdings, it is said, in the other
corporations Senator Reed named.
Senator Watson of Georgia was so
aroused and shocked by this show
ing that he demanded to know
whether the secretary of the treas
try was above the law. He raked
up forgotten statute passed in
1883 which provided that no person
could be appointed to this post (nor
10 any of several others) who was
directly or indirectly concerned or
Interested in carrying on the busi-
ness OF trade or commerce." 1t was
stipulated that offenders should be
subject TO a fine of $4,000, removed
from office and Interpretation for
any other federal post.
Senator Watson reminded his col
leagues that General Grant, as pres
ident had appointed a, T. Stewart,
the New York merchant, to be Sec
retary of the treasury, and that
when the general, who knew little
kot law, found out about the old
yslatute he asked the senate, which
mad already approved the choice, to
declare Mr.. Stewart exempt from its
operation, but that when it became
Gear the senate would do no such
thlng Mr.. Stewart resigned, and
George S. Boutwell, was appointed
ana confirmed for the post.
:. Not long before this happened
Mr, Stewart had given his annual
income as more than four million.
" Is worth noting in this connection
mat he paid only little more than
fiO0, 600 income taNes--ciVil war
axcs The tax on such an income
nowadays would be nearly two and
half millions.
The senate did not seem TO take
Very seriously Senator Watson's de-
scrlption of Secretary Mellon as IAN
lmpudent criminal" Neither did
PresdeGt Harding seem TO hear his
demand that Mr.. Melons resigna-
done about IL. The treasury de-
partment, on the contrary, went
Nong iust as though nothing had
hppened.
The Mellon Fortune.
But what about the Mellon for
une? Assuming that Senator Reed
spoke by the book when he de-
Srlbed the secrctarys interests,
what about the income from these
vast holdings?
SO far as the taxable income Is
eoheerned. 1t is possible to arrive
with some certainty from the
atet statistics available from the
commissioner of internal revenue.
these cover the year 1919, and show
st but one person in Pennsylvania
sa1 on an income between two
suu three millions, and none OF a
Sser income. Mr.. Mellon, before
TOOK office, was Pittsburgh
,'nker. II is fair to 1%~suulc that hr
ths richest Pennsylvania and
"S' hls taxable income that year