Book General Admission

success in america

After a successful career in law, Thomas Mellon establishes the Mellon Bank. Dr Patrick Fitzgerald traces Thomas Mellon's financial success.

From Land to Law

After some years of education, Thomas was admitted to the bar in 1839, and opened his own law office in Pittsburgh shortly thereafter. Within the first year, he had achieved his five-year goal of accumulating a surplus of 1500 dollars. With his earnings, he bought a house on Penn Street and lived there with his parents prior to his marriage in 1843. 

He became a judge in 1859, after a long career in law during which time he also invested his money in property and businesses. Towards the end of the 19th century, Pittsburgh was an industrial city, and Thomas had invested in coal. 

Towards the end of his term as a judge, he chose not to stand for re-election, wishing instead to focus on industry and on stewarding his eldest two sons through their first years of adulthood as they were leaving education. He retired from law in 1869.

When at liberty, after my judicial term expired, I began to cast about for a new vocation...in view of the condition of the times, and the position it might afford for some of my younger sons, I concluded to open a banking house.

Thomas Mellon

Thomas Mellon and His Times

Building the Bank

The establishment of the Mellon Bank was the cumulation of Thomas's professional life. 

Image
The exterior of a bank, with a large sign above the door reading 'T. Mellon & Sons, Private Bankers'

The connections he had made, the knowledge he had accumulated, and the money he had invested - along with a desire to set his sons up well in business - led him to choose banking.

In 1870, Mellon established the bank on Smithfield Street. It was a successful venture, and he expanded in a nearby location in 1871. In the mid-1870s, the U.S. experienced an economic depression which caused some trouble in its day to day running. However, the family weathered the depression, and enjoyed continued success as the economy recovered.

Endings and Beginnings

In 1874, Thomas's son, James, visited Europe with his wife, and returned to the Mellon Homestead at Thomas's request. They returned with photographs of the cottage and the surrounding land, and Thomas found his childhood memories to be accurate. It was this event that sparked his desire to return to Ireland.