Owen D. Young facts for kids
Quick facts for kids
Owen D. Young
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Young in 1924
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Owen D. Young
October 27, 1874 |
| Died | July 11, 1962 (aged 87) |
| Nationality | American |
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Owen D. Young (born October 27, 1874 – died July 11, 1962) was an important American businessman, lawyer, and diplomat. He helped lead big companies like General Electric. He is most famous for starting the Radio Corporation of America (RCA). He also played a key role in international talks about Germany's payments after World War I.
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Early Life and Family
Owen D. Young was born on October 27, 1874. He grew up on a small farm in Van Hornesville, New York. His parents, Jacob Smith Young and Ida Brandow, worked on the farm owned by his grandfather. Owen was their only child. His parents were very happy when he was born.
The 'D' in his name doesn't stand for anything special. It was just added to make his name sound nicer.
A Young Student
Owen started school in 1881 when he was six years old. He loved books and studying. His teacher, Menzo McEwan, helped him for many years. This teacher later encouraged Owen to go to East Springfield Academy. This was a secondary school his family could afford.
The school was not close to his home. This meant Owen had to leave the farm, where his help was needed. But his parents strongly supported his education. They even mortgaged their farm later to send him to college.
His Family Life
Owen married Josephine Sheldon Edmonds (1870–1935) on June 13, 1898. They had five children together. After Josephine passed away in 1937, he married Louise Powis Clark (1887–1965). She was a widow with three children.
Owen Young's Children
- Charles Jacob Young (1899–1987), who became a scientist and inventor at RCA.
- John Young (1902–1926), who sadly died in a train accident.
- Josephine Young (1907–1990), who became a poet and novelist.
- Philip Young (1910–1987), who became a dean at Columbia Business School. He also served as a U.S. Ambassador to the Netherlands.
- Richard Young (1919–2011), who became a lawyer and law professor.
Education and Early Career
Owen really enjoyed his time at East Springfield Academy. It was a small school for both boys and girls. He made friends there who he kept for his whole life. He even tried to go to all the school reunions.
After East Springfield, Owen went to St. Lawrence University. This was a small college that needed both money and students. Owen was a good student. It was still expensive, but the college president convinced his parents to let him attend.
At St. Lawrence, Owen grew a lot as a person. He learned more about his faith and his studies. He graduated from St. Lawrence University in 1894. Then, he went to Boston University for law school. He finished a three-year law course in just two years, graduating with honors in 1896.
After law school, he joined a law firm in Boston. Ten years later, he became a partner there. They worked on legal cases for big companies. While in college, he also met his future wife, Josephine Sheldon Edmonds.
A Career in Business and Diplomacy
Owen Young became well-known for his legal work. In 1912, he was invited to become the Chief Counsel for General Electric (GE). He moved to Schenectady, New York, for this job. In 1922, he became GE's president. Later that same year, he was named the first chairman of GE. He stayed in this role until 1939.
Under his leadership, GE started making many home electrical appliances. This made GE a leader in the field. It also helped bring electricity to many homes, farms, and factories across the U.S.
Founding RCA
In 1919, the U.S. government asked Owen Young for help. They wanted to make sure America had a strong radio industry. So, he created the Radio Corporation of America (RCA). This company helped America become a leader in radio technology. RCA grew to be the biggest radio company in the world. Young was its chairman until 1929.
International Diplomacy
Owen Young also advised five U.S. presidents. After World War I, he helped create the Dawes Plan in 1924. This plan aimed to reduce the amount of money Germany had to pay to other countries for war damages. These payments were called "reparations."
Later, in 1929, Germany struggled to make its payments again. A new international group met to find a solution. Owen Young was chosen to lead this group. They created the "Young Plan." This plan further reduced Germany's total payments and spread them out over 59 years. Because of his work on this plan, Young was named Time Magazine's Man of the Year in 1929. However, the Young Plan faced challenges when the Great Depression began.
Young also helped plan a state university system for New York. In 1932, some people thought he might run for president as a Democrat.
Retirement and Legacy
In 1930, Owen Young built the Van Hornesville Central School in his hometown. This school brought together many small rural schools in the area. In 1963, it was renamed Owen D. Young Central School in his honor.
He was very involved in education for many years. He was a trustee at St. Lawrence University from 1912 to 1934. The main library at the university is named after him.
In 1939, he retired and moved back to his family farm. He started dairy farming there. Owen D. Young passed away on July 11, 1962, at his winter home in Florida.
More than 20 colleges gave him honorary degrees. He was also a member of the Board of Regents of the University of the State of New York, which oversees New York's education system. He helped create the plan for the State University of New York system. He was recognized for his business achievements, being inducted into the Junior Achievement U.S. Business Hall of Fame in 1981 and the Consumer Technology Hall of Fame in 2019.
