Owen D. Young
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Owen D. Young (October 27 1874 - July 11 1962) was an American industrialist, businessman, lawyer and diplomat at the Second Reparations Conference (SRC) in 1929, as a member of the German Reparations International Commission.
He is best known for his SRC diplomacy and for founding the Radio Corporation of America. Young founded RCA as a subsidiary of GE in 1919; he became its first chairman and continued in that position until 1929.
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[edit] Biography
Owen D. Young was born in 1874 in Stark, Herkimer County, New York. St. Lawrence University graduate in 1894; he completed the three-year law course in two years, at Boston University, graduation from law school cum laude in 1896. After graduation he became a partner at a Boston law office, involved in litigation cases against major companies.
Through a successful litigation case against his company he came to the attention of Charles Coffin, the first president of General Electric, who invited him to become the company's Chief Counsel. In 1919, at the request of the government, he created the Radio Corporation of America (RCA), to combat threatened foreign control of America's struggling radio industry. He became its inaugural chairman and served in that position until 1929.
He became GE's president in 1922 and then in the same year was appointed chairman, serving in that position until 1939. In 1928, he was also appointed to the board of trustees of the Rockefeller Foundation, under a major reorganization of that institution, serving on that board also up to 1939.
Under his guidance GE shifted into the extensive manufacturing of home electrical appliances, establishing the company as a leader in this field and speeding the mass electrification of farms, factories and transportation systems within the US.
Young's participation in President Woodrow Wilson's Second Industrial Conference following World War I marked the beginning of his counseling of five U.S. presidents. In 1924, he coauthored the Dawes Plan, which provided for a reduction in the annual amount of German reparations.
In the late 1920s investments fell, and Germany again defaulted on its payments. In 1929 a new international body met to consider a program for the final release of German obligations; Young acted as chairman. Germany's total reparations were reduced and spread over 59 annual payments.
After establishing this "Young Plan", Young was named Time Magazine's Man of the Year in 1929. Unfortunately, the Young Plan collapsed with the coming of the Great Depression.
In 1932, he was a candidate for the Democratic Presidential nomination which went to Franklin Roosevelt instead.
[edit] Young and education
In 1930, he built the Van Hornesville Central School in his hometown to consolidate all the same rural schools in the area. In 1963, it was renamed Owen D. Young Central School in his honor. Long active in education, Young was a trustee of St. Lawrence University from 1912 to 1934, serving as president of the board the last 10 years.
In 1939 he retired to the family farm, where he began dairy farming. More than 20 colleges awarded him honorary degrees. Long interested in education, he was a member of the New York State Board of Regents, governing body of New York's educational system, until 1946. Then, New York Governor Thomas E. Dewey called upon him to head the state commission that laid the groundwork for the State University of New York system. Although the commission represented a wide range of views and opinions, Young achieved a surprising unanimity that resulted in a report containing recommendations adopted by the legislature.
[edit] Family
In 1898 he married Josephine Sheldon Edmonds (April 21 1870 - June 25 1935), an 1896 Radcliffe College graduate, who bore him five children:
- Charles Jacob Young (December 17, 1899 - 1987)
- John Young (August 13, 1902 - 1926)
- Josephine Young (February 16, 1907 - 1990)
- Speculative fiction author as Josephine Young Case
- Philip Young (May 9, 1910 - 1987)
- Chairman, Civil Service Commission (1953-1957)
- Richard Young (June 23, 1919 - )
In February 1937, following the death of his first wife, he married Louise Powis Clark (1887 - 19??); she was a widow with three children.
[edit] See also
[edit] References
- Tarbell, Ida M. (1932). Owen D. Young: A new type of industrial leader. Macmillan Company. ISBN 0-518-19069-2.
- Case, Josephine Young (1982). Owen D. Young and American enterprise: A biography. D.R. Godine. ISBN 0-87923-360-5.
- Szladits, Lola L. (1974). Owen D. Young. Readex Books. ISBN 0-87104-253-3.
[edit] External links
- Biography of Owen D. Young on the GE website
- Global Banking: The Bank For International Settlements (BIS) An October, 2005 study on the influence of Young in the formation of the BIS.
| Persondata | |
|---|---|
| NAME | Young, Owen D. |
| ALTERNATIVE NAMES | |
| SHORT DESCRIPTION | Businessman |
| DATE OF BIRTH | October 27 1874 |
| PLACE OF BIRTH | Van Hornesville, New York |
| DATE OF DEATH | July 11 1962 |
| PLACE OF DEATH | |
