Information about Owen D. Young

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.

Biography

Owen D. Young was born in 1874 in Stark, Herkimer County, New York. An 1894 graduate of St. Lawrence University, he completed the three-year law course at Boston University in two years, graduating cum laude in 1896. After graduation he became a partner at a Boston law office, and was involved in litigation cases against major companies.

Through a successful litigation case against his company, in 1913 he came to the attention of Charles A. Coffin, the first president of General Electric, who invited him to become the company's Chief Counsel. He became GE's president in 1922 and then in the same year was appointed chairman, serving in that position until 1939. Under his guidance and teaming with president Gerard Swope, 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.

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, helping to establish America's lead in the burgeoning technology of radio.

In the mid-1920s he helped found the National Broadcasting Company {NBC). In 1928, he was 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.

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.

Young was also instrumental in plans for a state university system in New York.

In 1932, he was a candidate for the Democratic Presidential nomination which went to Franklin Roosevelt instead.

Young and education

In 1930, he built the Van Hornesville Central School in his hometown to consolidate all the small 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.

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) (killed in a motor accident),
• Josephine Young (February 16, 1907 - 1990), who became an author of Speculative fiction, writing as Josephine Young Case
• Philip Young (May 9, 1910 - 1987), who became Chairman of the Civil Service Commission (1953-1957)
• Richard Young (June 23, 1919 - )

Following the death of his first wife in February 1937, he married Louise Powis Clark (1887 - 19??), a widow with three children.

See also

• GE
• RCA
• Young Plan
• Rockefeller Foundation

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. 

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

Preceded by Charles A. Coffin	Chairman of General Electric 1922 – 1940	Succeeded by Philip D. Reed
Preceded by Philip D. Reed	Chairman of General Electric 1942 – 1945	Succeeded by Philip D. Reed
Preceded by Walter Chrysler	Time's Man of the Year 1929	Succeeded by Mahatma Gandhi