OWEN D. YOUNG - TYPED LETTER SIGNED 06/03/1929 - HFSID 76117

OWEN D. YOUNG
Replies to a letter from a journalist who won a Pulitzer for his reporting on Young's negotiations.
Typed Letter signed: "Owen D. Young", 1p, 8x8. No place, 1929 June 3. On letterhead of Committee of Experts (1929), American Group to Leland Stowe, New York Herald Tribune, Paris. In full: "I cannot let your letter of May 30th go unacknowledged, even through Mr. Crocker tells me you do not expect a reply. I appreciate what you say in your first paragraph, and I can assure you personally that your second and qualifying paragraph will never come up to embarrass you. Very sincerely yours". Owen D. Young (1874-1962) became Chief Counsel of General Electric in 1913. When GE created a new subsidiary, the Radio Corporation of America (RCA), Young became its first chairman (1919-1929). In 1922 he assumed control of the parent corporation as GE's President and Chairman (through 1939). The world economy of the 1920s was beset with the twin problems of World War I debts (from the Allied Powers to the US) and reparations (from Germany to Allied nations). These problems were major sources of economic instability and political tension. In 1929, the Young Plan for scaled back reparations earned Owen Young Time Magazine's Man of the Year designation. (Unfortunately, the Plan collapsed with the onset of the Great Depression.) Young was a candidate for the Democratic Presidential nomination in 1932. In 1946, Young came out of retirement to head a commission established by New York Governor Thomas E. Dewey's to plan what became the State University of New York system. The Committee of Experts negotiated the 1929 revision of the international system of reparations payments ("the Young Plan"). Leland Stowe (1899-1994) won a Pulitzer Prize in 1930 for his coverage of these negotiations. Mailing folds. Staple holes in upper left corner. Overall, fine condition.