Otto Young

Otto Young was born on December 20, 1844, in Elberfeld, Prussia. While working a temporary job on a dock, Young decided to follow his mother to the United States. He boarded the SS Great Eastern, arriving in New York City. There, he noticed a particularly successful toy store on Broadway. He purchased a supply of toys from a wholesaler and peddled them on the street. After a week, he had saved up enough money to return to his mother. She encouraged him to attend a school, where he studied for eight months. Young then ran away and took a job as a clerk of a cigar store in New York City. ==Career==

In the early 1860s, Young used his savings from the cigar store to found a jewelry house. The store was very successful and he sold it in 1867 to establish a new store, intending to open it elsewhere in New York. In the meantime, however, he did some work for another New York trading house. This work took him to Chicago, Illinois in 1871 during the Great Chicago Fire. Young saw potential in the regrowth of the city and established a wholesale jewelry house the next year as Otto Young & Co. In 1886, Young purchased a half interest in The Fair Store, a department store founded by Ernst J. Lehman, upon its incorporation. The store's value quintupled from $200,000 to $1 million by 1890. By 1901, the company employed over 3,000 people. Young was also on the board of directors of the First National Bank of Chicago and the Chicago City Railway. ==Personal life==

, the Otto Young estate in Lake Geneva, Wisconsin In 1867, Young married Ann Elizabeth Murphy. In 1901, his Renaissance Revival mansion, known as Younglands, was completed in Lake Geneva, Wisconsin. • Cecile Selma Young (1875–1935), who married Lawrence Heyworth and Josip Korwin. He was a member of the Union League Club of Chicago. He enjoyed collecting rugs, and his Persian collection in Lake Geneva was thought to be worth over $150,000. He was thought to be worth about $20 million at the time of his death; $460,000 was donated to charity in his will, mainly to the Home for Incurables. Legacy In his son's memory, Young funded an addition to the Chicago Home for Incurables. ==References==