Owen D. Young

Owen D. Young was a prominent American industrialist, lawyer, and diplomat. He played a major role in shaping both American business and international relations. Young is best remembered for creating the Young Plan to settle Germany's World War I debts. He also helped found the Radio Corporation of America (RCA).

His work spanned many different fields, from electrical manufacturing to global diplomacy. He even advised five different United States presidents during his long career.

Young's journey began on a small farmhouse in Van Hornesville, New York. He was born on October 27, 1874, to Jacob Smith Young and Ida Brandow. His family had a long history in America, arriving from the Palatinate in Germany in 1750.

As a child, Owen showed a strong interest in books and studying. His parents supported his education even when it was difficult. They eventually mortgaged their farm to pay for his studies at St. Lawrence University. He graduated from that university in 1894 and later from Boston University in 1896.

After finishing his law studies, Young entered the world of business. He first worked with a law firm in Boston, handling cases for large companies. In 1912, he became the Chief Counsel for General Electric (GE) in Schenectady, New York.

He rose through the ranks to become GE's president in 1922. He also served as the company's chairman until 1939. Under his leadership, GE helped bring electricity to many farms, factories, and transportation systems.

In 1919, Young helped create the Radio Corporation of America (RCA). The United States government requested this to protect the American radio industry. At the time, there was a fear of English control over radio communications. Young served as the first chairman of RCA until 1929. This helped establish America as a leader in new radio technology. RCA eventually became the largest radio company in the world.

In 1932, RCA was separated into a different traded company.

Young was also a very important figure in international diplomacy. Following World War I, he helped write the Dawes Plan in 1924. This plan was designed to reduce the annual reparations Germany had to pay. Later, he chaired a new international body to settle these obligations once and for all. This resulted in the Young Plan, which spread Germany's debt over 59 annual payments. His success in this role was so significant that Time Magazine named him Man of the Year in 1929. However, the plan eventually collapsed due to the Great Depression.

Beyond business and politics, Young was deeply committed to education. He served as a trustee for St. Lawrence University for many years. He also helped build a central school in his hometown of Van Hornesville in 1930. This school helped combine several small rural schools into one system. Later, he worked with the New York Governor to help create the State University of New York system. He was a member of the New York State Board of Regents until 1946. His efforts helped build a strong foundation for many students in the state.

Owen Young's life was marked by many connections to important institutions. He was a member of the American Philosophical Society and the American Academy of Arts and Sciences. He also served on the board of the Rockefeller Foundation from 1928 to 1939. After retiring from business in 1939, he returned to his family farm to practice dairy farming. He died in Florida on July 11, 1962. His legacy lives on through the many schools and companies he helped shape.