Eugene Meyer (financier) facts for kids

Quick facts for kids Eugene Meyer
1st President of the World Bank Group
In office June 18, 1946 – December 18, 1946
Preceded by	Position established
Succeeded by	John J. McCloy
5th Chairman of the Federal Reserve
In office September 16, 1930 – May 10, 1933
President	Herbert Hoover Franklin D. Roosevelt
Preceded by	Roy A. Young
Succeeded by	Eugene Robert Black
Member of the Federal Reserve Board
In office September 16, 1930 – May 10, 1933
President	Herbert Hoover Franklin D. Roosevelt
Preceded by	Edmund Platt
Succeeded by	Eugene Robert Black
Personal details
Born	Eugene Isaac Meyer (1875-10-31)October 31, 1875 Los Angeles, California, U.S.
Died	July 17, 1959(1959-07-17) (aged 83) Washington, D.C.
Political party	Republican
Spouses	Agnes Ernst ​ ​ (m. 1910)​
Children	5, including Florence and Katharine
Parents	Marc Eugene Meyer Harriet Newmark
Relatives	Joseph Newmark (grandfather)
Education	Yale University (BA)
Occupation	Banker, businessman, financier, newspaper publisher

Eugene Isaac Meyer (born October 31, 1875 – died July 17, 1959) was an important American businessman. He worked as a banker, investor, and even published a newspaper. He held several key roles in the U.S. government. From 1930 to 1933, he was the 5th chairman of the Federal Reserve, which is like the central bank of the United States.

Later, from 1933 to 1946, Meyer owned and published The Washington Post newspaper. His family continued to own the paper for many years. In 1946, he became the very first president of the World Bank Group, an international organization that helps countries develop. His daughter, Katharine Graham, later took over The Washington Post in 1963 and led it until her death in 2001.

Early Life and Education

Eugene Meyer was born in Los Angeles, California. His family had a long history of leaders and rabbis. He was one of eight children born to Harriet (née Newmark) and Marc Eugene Meyer. His mother's father was Joseph Newmark. Eugene grew up in San Francisco. He first attended the University of California, Berkeley, but then transferred to Yale University. He earned his bachelor's degree from Yale in 1895.

Career Highlights

Banking and Finance

After college, Meyer started working for a company called Lazard Frères. His father was a partner there. However, Eugene left in 1901 to start his own business ventures. He became a very successful investor. He even owned a special membership on the New York Stock Exchange, which allowed him to buy and sell stocks. In 1910, he married Agnes Elizabeth Ernst. They had five children, including Katharine Graham and Florence Meyer. By the time he was 40, in 1915, he was a very wealthy man.

In 1920, Meyer helped create a large chemical company called Allied Chemical & Dye Corporation. This company later became part of Honeywell.

Leading the Federal Reserve

During World War I, Eugene Meyer went to Washington, D.C., to help the government. He worked for a token salary of "a dollar a year." He became the head of the War Finance Corporation, which helped fund the war effort. Later, in 1927, President Calvin Coolidge appointed him chairman of the Federal Farm Loan Board.

In 1930, President Herbert Hoover chose Meyer to be the chairman of the Board of Governors of the Federal Reserve. This was a very important role, especially during the Great Depression. In 1932, he also took on the role of chief of the new Reconstruction Finance Corporation. This organization was created to help businesses by giving them loans. After Franklin D. Roosevelt became president, Meyer resigned from his Fed position in May 1933.

Newspaper Publishing

The Washington Post

In 1929, Eugene Meyer tried to buy The Washington Post newspaper, but his offer was not accepted. However, in June 1933, he finally bought the paper at an auction for $825,000. The newspaper was struggling financially at the time. Meyer had just left his job as Fed chairman and had no experience in publishing. But he was determined to make the Post successful.

For a few weeks, no one knew who had bought the paper. It was finally announced on June 13 that Eugene Meyer was the new owner. He promised to make the Post a better newspaper and to run it independently. He wanted to show that he bought it on his own, not for any specific group or political party. Other newspapers were happy that the Post would continue to report the news from the nation's capital.

Meyer was a Republican. He did not agree with President Franklin D. Roosevelt's New Deal policies. This viewpoint was sometimes seen in the Post's articles and opinions. Over the next 20 years, Meyer invested a lot of his own money into the paper. He focused on making it a high-quality newspaper. By the 1950s, The Washington Post was finally making a profit. It became known for its good reporting and important editorials. As the publisher, Meyer sometimes helped with stories. For example, his friendship with a British ambassador helped the Post get an exclusive story about a royal event involving Edward VIII.

World Bank Leadership

After World War II, in June 1946, U.S. President Harry S. Truman appointed Eugene Meyer as the first head of the World Bank. Meyer was 70 years old at the time. He then appointed his son-in-law, Phil Graham, to be the publisher of the Post. After six months at the World Bank, Meyer returned to the Post. He served as chairman of the Washington Post Company until he passed away in 1959.

Personal Life

Eugene Meyer had an older sister named Florence Meyer Blumenthal. She was known for creating a charity called the Franco-American Florence Blumenthal Foundation. This foundation gave out awards to artists. His brother, Edgar J. Meyer, sadly died when the RMS Titanic sank.

Eugene Meyer passed away on July 17, 1959, at the age of 83. He died at George Washington University Hospital in Washington, D.C., where he was being treated for heart problems and cancer.

Legacy

In 1963, an elementary school in Washington, D.C., was named Eugene Meyer Elementary School in his honor. The school closed in 2008.