New Britain herald., 1929-11-13
MELLON BECOMES
 SHATTERED IDOL
Denial Of Retirement Is Followed
 by Stock Market Crash

Washington, Nov. 13 - It's a sad world and at the moment nothing in it seems much sadder than the case of Uncle Andrew Mellon, the second or third richest man in the world.
 To goodness knows how many flattened stock market speculators Uncle Mellon has suddenly become a fallen idol. There vas, you may re- call, suspicion rife in the land that as long as Uncle Mellon re- maincd in charge of the national finances nothing could happen 10 business and the stock market but bigger profits and better prices. ments and bad days on the eX- change were frequently attributed to the most recent reports that he was going to resign.
 Suddenly MT. Hoover stamped down on those annoying reports with the public announcement that Uncle Mellon would serve out his four-year term as secretary of the treasury. The explanation was that this announcement would serve to make Wall Street happy and en- courage investors. After that, every thing was supposed to be rosy in the world of commerce and finance.
 And Then It Happened - After that, as a matter of fact, came the deluge. within a fort night after the country had been treasured about Uncle Mellon the stock market plunged into the grandest series of crashes in it's history. It couldn't have been any worse had the secretary been sum- marily fired. Of course you cant blame it on "the greatest secretary of the treasury since Hamilton" but it does seem to have punctured what might be called the Mellon myth.
 Uncle Mellon remains a remark able man for all that. He is going to serve 12 years at the head of the treasury, breaking all records. And the stranGeSt part of it is that in the last eight years he has been subjected to a stcadier and more vigorous stream of criticism than any other cabinet member who can be recalled. The Mellon critics never let up. There is little of which he hasn't been accused. Various at temps have been made to force him out. And yet here he is, still active in his 18th year and holding onto his dearly beloved job like grim death.
 MT. Hoover, there is every good reason to believe, had expected Uncle Mellon to resign within q year after satisfaction of his play full ambition to serve under three presidents. All the boys 'close to Hoover," on and off the White House payroll, scmed to agree about that. They were pretty well agreed as to whom Hoover had picked to succeed him. As time went on, however, some began to express the fear that Uncle Mellon might forget.
 -NoN OIlI SUI lS ltidL lIt SuIl = denly grew very sour about these constant rumors of his impending resignation and went right over to the White House about it. And that the president hastily assured him that nothing was further from the presidential mind than the hope that he would quit. Because, after all, Uncle Mellon is a very power full person and it would not do MT. Hoover the last bit of good to have him walk out in a huff. It might even have seriously dis turbed the stock market. So Mn Hoover announced to the world that Mir. Mellon was in until 1883.
 Another current eXplanation-and perhaps a more likely one--is that, as Mir Hoover began 10 override his policies and push him farther and farther into the background, Uncle Mellon began 10 freeze him. He missed some cabinet meetings and sat silent and grim at others. Thus he got Mir. Hoover to worrying until the president decided the best thing to do was to make that announce ment.
 Up to that time it looked as if Mellon had kept his job but lost all his tail feathers. Hoover had been boldly snubbing him. Mellon had dcfied many senators for years with his policy of secrecy for tax re- funds. After ten days in office Hoover stood Mellon on his head by declaring policy of publicity. Mellon declared against appoint mcnt of Robert IT. Lucas as Com- missioner of internal revenue and Hoover promptly appointed Lucas. Mellon said one thing about the i'm possibility of tax reduction and Hoover said another. Mellon said France would be given more time to pay her S400, 100000 debt due last summer and Hoover said it couldn't be done, Mellon rccom- mcnded ono man to be assistant