how did james cash penney achieve his goals

WyoHistory.org welcomes the support of the following sponsors. (Ellison is one of only three African-American Chief Executive Officers of aFortune500 company as of this writing.) It was not uncommon at that time for managers to earn $3050,000, ten to fifteen times the average American family wage. Continued rapid expansion required an easier organizational form. Doug McInnis writes about science, business, and history from his base in Casper, Wyo. Coral Gables: University of Miami Press, 1976. p. 393. The cookie is used to store the user consent for the cookies in the category "Performance". [2], After graduation from Hamilton High School, Penney intended to attend college with the hopes of becoming a lawyer. ." In 1898, James Cash Penney was working in a Golden Rule Store, part of a small chain of dry goods stores. Website for the city of Kemmerer, Wyoming. He opened his own location in 1902. In 1940, during a visit to a store in Des Moines, Iowa, he trained a young Sam Walton on how to wrap packages with a minimal amount of paper and ribbon. But he wrote a hometown Missouri bank and got the same loan at 6%. Updates? [2], In 1898, James Cash Penney Jr. began working for a small chain of stores in the western United States called the Golden Rule stores. Who owns JCPenney? Outside his business, his interests mirrored his upbringing religion, education, and agriculture. For J.C. Penney, Poor Results Are Better than Abysmal Results. The young couple lived above the store, using shoe boxes for chairs and packing cases for tables. But Penney wrote back that he would do everything in his power to get the store next door open, as it would draw more traffic and keep the Golden Rule honest. In 2012 revenue at the company he built was $13 billion. Jim wasnt happy, but went along with his fathers wishes. Visit Business Insiders homepage for more stories. Even in 1927, when the company ceased operating as a partnership and sold its stock publicly, managers were given stock in the company, and eventually all employees were included in profit-sharing plans. Penneys influence stemmed in part from his longevity. But he now had the time to serve in broader ways. In 2013, Johnson, perhaps the mastermind that so many feared, was fired and Ackman left the board of directors. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. [12] She was badly hurt in 1928 when she fell from a horse at their estate in White Plains. Penney was involved with the founding of the University of Miami and served on its Board of Trustees from 1926 to 1930. Kemmerer boomed to a population of 2,000. The town had sprung up seemingly overnight after coal was discovered in 1897, and had 1,000 residents by the time Penney arrived. how did james cash penney achieve his goals. James Cash Penney, Jr., was born September 16, 1875, near Hamilton, Missouri, to the Reverend James C. Penney and his wife, Fanny. JCPenney Is Permanently Closing 15 More Stores This article was originally published on 6/4/2020. But tragedy marked his life. lynn ann searcy. Analytical cookies are used to understand how visitors interact with the website. Uncategorized. For the department store he founded, see. In high school, he was a mediocre student but an outstanding orator, delivering uplifting messages about patriotism, Christianity, and the merits of hard work to his fellow students. New York: Garland Publishing, 1993. Writing home for his $300 in savings, he bought a butcher shop in nearby Longmont. JCPenney Once Had A Cash Only Policy It wasn't until 1958 that JCPenney allowed credit sales. James Cash Penney was an American entrepreneur and founder of The J. C. Penney Company. Most of the quotes in the article come from a compilation of his writings entitledLines of A Layman: The Golden Rule in Everyday Living. To earn money he purchased a pig, fattened it, and sold it for a profit, then bought others. They travelled the world with their now five children of diverse ages. Entrepreneurship, Innovation, and Job Creation, Social Capital and the Independent Sector, Rexburg, IdahoPenney Neighbors and Woidemann, Lewiston, IdahoPenney Neighbors and Brown, Moscow, IdahoPenney Neighbors and Coffey. But Jim deferred, saying Ogden was too big, that he preferred smaller towns where he could know all his customers and their needs. Productivity. In his book Penney wrote: "The ethical means by which my business associates and I have made money is more important than the fact that we have achieved business success. Wilmington, Delaware 19801 The banks called in his loans and his collateral including Florida real estate, the value of which was also devastated. [CDATA[ He almost turned to drink, but his strong faith enabled him to resist. Former industry leaders Montgomery Ward and F. W. Woolworth are long gone. His father, James Cash Penney Sr., was a minister and civic leader who ran unsuccessfully for Congress on a populist ticket in 1894. In 1959 alone, at the age of eighty-four, he attended fifty-nine store openings, made a hundred speeches, spent two hundred days on the road travelling sixty thousand miles, and appeared on twenty-seven radio and television programs. A man of strong Christian beliefs and upright morals, Reverend Penney later repeatedly ran for office on Populist tickets: he never won. New products were advertised each week. After bringing back Myron Ullman, whom the board had fired when they brought in Johnson, the ship began to right itself. Despite Penney opening the companys books and sharing everything, and despite enthusiasm on the part of the other companies owners, the Penney company ultimately decided it could best preserve its unique sharing culture by remaining independent. The store opened at 7 a.m. except Sundays, when they opened late at 8 a.m. Ellison provided his employees the tools to change and set goals for them. The foundation was restructured in 1999 as the Penney Family Fund, and is no longer affiliated with J. C. Penney Co., Inc., or its corporate giving program. The Cult of Celebrity in the Church of Christ, What I Saw at the National Conservatism Conference. Meanwhile, the chains practice of providing quality at affordable price helped to bring in cash-strapped customers. This cookie is set by GDPR Cookie Consent plugin. Over the next several years, the company first converted to a stock ownership system, but it was just as complicated: each store partner received a class of stock that only related to their store, and got dividends on that stock in proportion to their stores profits. (192468), American retail company, founded in 1902 by James Cash Penney and today engaged in marketing apparel, home furnishings, jewelry, cosmetics, and cookware. He died on February 12, 1971, at the age of 95, as the founder of the nation's second-largest department store behind Sears. JCPenney is starting the new year with a post-Chapter 11 restart, new owners, new financing and soon will have a new CEO. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney did not want to accept mining company scrip or credit. J. C. Penney had a somewhat unusual attitude toward competition. She had survived a failed marriage, but Jim married the divorcee he loved even knowing others might not approve. The company was like the retail version of the Marines: tough to get in, brothers for life. Both achieved their goals by setting up an ambitious strategy to secure new paths of growth. Gale Encyclopedia of U.S. Economic History. Incorpor, J. F. Drake State Technical College: Narrative Description, J. F. Drake State Technical College: Tabular Data, J. J. Thomson, the Discovery of the Electron, and the Study of Atomic Structure, J. Sargeant Reynolds Community College: Narrative Description, J. Sargeant Reynolds Community College: Tabular Data, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/penney-james-cash. Penneys store was successful because his customers liked the merchandise and good service. ", In later life Penney, who now had the financial means to do what he pleased, operated cattle farms, became involved with charitable and religious endeavors, and pursued frequent public speaking engagements. That's what helped bring James Cash Penney to town. Water was drawn from a nearby well and hauled up to their rooms by bucket and rope. The Penneys learned the names of all their customers, even if they only came to town once or twice a year. But throughout this period, he never stopped preaching and writing, espousing his belief in human nature, in Christianity, and in his many J. C. Penney partners. Each store became a mother store to others. JCPenney was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney. (February 23, 2023). While every effort has been made to follow citation style rules, there may be some discrepancies. The chef at his main client, a local hotel, expected a kickback of one bottle of bourbon a week. Schultz succeeded in turning a tiny regional operation into a national coffeehouse chain while Rousseau was a chemical engineer who designed the first commercial penicillin plant. Me! My real business is I own 50 brands, Shaq explained. He wrote a column for the magazine, and made endless speeches across the country espousing his ideas of thrift, hard work, right living, and ethical business. He worked hard, learning the inventory and doing whatever tasks needed to be done, no matter how humbling. Let us know if you have suggestions to improve this article (requires login). Madame CJ Walker was an early entrepreneur in the beauty industry that today garners billions of dollars . Less than 5% of applicants made the grade. You miss the mark unless you call to the attention of every man or woman that comes into the store that many (of our) lines have been priced lower than they have ever been, he wrote. 911 [][FROMNATURE] 150mlAge t Used with thanks. James Cash Penney, Jr., was born September 16, 1875, near Hamilton, Missouri, to the Reverend James C. Penney and his wife, Fanny. JCPenney was started by James Cash Penney in 1902 as a single store in a Wyoming coal mining town. Recovering substantial wealthand buying more Penney stock in his old agehe never stopped writing, never stopped making speeches. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. It read: Serve the publicto its ultimate satisfaction. Wal-Mart is now the worlds largest corporation. In 1922, the company's oldest active private brand, Big Mac work clothes, was launched. By the 1920s, J. C. Penney was worth perhaps $40 million, over $500 million today. The volunteers donate more than 150 hours per month of their time. Casper Chapter, Wyoming Archaeological Society, June Frison chapter, Wyoming Archeological Society. Updated February 2023. When Sams arrived in town for a final interview, some locals told him Penney was an honest man but a hard man to work for. When the senior clerk came back to work, Tom Callahan kept Jim on. James Cash Penney, founder of the J. C. Penney Department store chain, left an estate worth about $35million it was dis closed yesterday, with the filing of his will in probate at Sur rogate Court. The stores founder was James Cash Penney, a Missourian born in 1875 who had moved west after his doctor suggested his health would benefit from the regions drier climate. While store closure decisions are never easy, our store optimization strategy is intended to better position JCPenney to drive sustainable, profitable growth and included plans to close up to 200 stores in phases throughout 2020, the company said in its statement to the outlet. Some of this land became Penney Farms. 1600 Cantrell Road He has extensively researched the Alt-Right. But Earl Sams not only earned Jims confidence, but later went on to follow Penney as president of the company and head of day-to-day operations for almost thirty years. By 1929 the J. C. Penney company was so highly regarded that both Sears and Wards tried to merge with it to obtain their retail and buying expertise and improve their own chains. Perhaps most importantly, there were several Golden Rule Stores around Colorado owned by various partners (including relatives), and they pooled their purchases on the semi-annual buying trips to Kansas City, St. Louis, and New York. [24], In 1960 Penney teamed up with the University of Missouri to establish the Penney-Missouri Awards to recognize excellence in Women's Page journalism, hoping to improve the sections where his stores most often advertised. husband sarah gadon; difference between federal government and unitary government brainly; echo provider payments login; James Cash Penney was wise when he preferred the idea of opening a store in Kemmererm, Wyoming because he knew that it was a small town with about 1,000 residents. Starting with his first store initially called the Golden Rule Stores in 1902, there are now over 1000 JCPenney department stores across the United States and Puerto Rico. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The first store, named The Golden Rule, set the standard by which we have operated for over a century to treat others as we would like to be treated. In 1909, he moved the companys headquarters to Salt Lake City. This may have less to do with deviation from the Golden Rule than its inability to keep pace with a changing market. The JC Penney Company, long among the worlds largest department store chains, traces its roots to a one-room shop in a small Wyoming coal-mining town. All employees took part in profit-sharing. The Great Leaders Series: James Cash Penney, Founder of J.C. Penney. Penneys greatest passion, outside Christianity, was his desire to help Americas farmers, whom he had long understood and empathized with. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The stores traded in dry goods grain, flour, beans; anything that wouldnt spoil. He was also one of the first entrepreneurs to use corporate profit sharing to encourage employees to have a stake in the company's success. That decision cost him dearly when the Depression struck. Perhaps, when all the dust settles, J. C. Penney the company will go on to another 115 years of life. He founded the J. C. Penney Company, a nationwide chain of stores that sells a wide variety of products. Penney also wrote his own story inFifty Years with the Golden Rule: A Spiritual AutobiographyandView from the Ninth Decade: Jottings from a Merchants Daybook. Little Rock, Arkansas 72201 Proudly powered by WordPress | His first two wives died, leaving him to raise three sons. He arrived in Denver, then booming from mining on one side and farming on the other. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. Gale Encyclopedia of U.S. Economic History. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. But again, fate befell him: she died suddenly in 1923. Penney's tuberculosis caused him to venture west to Longmont, Colorado. John Hale of J. M. Hale and Brother hired Penney at $25 for the remainder of the year, an average of only $2. The name Golden Rule was suggested by Alices father. He perpetually visited stores where he waited on customers and worked the shelvesand spoke at managers conventions to inspire and encourage his partners. Mary gave birth to their son before her death of unspecified medical issues:[3], In 1926, Penney married Caroline Marie Autenrieth (18951992). Legends about him abound: that he would not hire someone who salted his food before trying it, because that meant he was pessimistic; that his executives had to leave tips when they lunched together, as he did not believe in tipping. He died in 1971. After hearing the hymn God Will Take Care of You (written by Civilla Durfee Martin) being sung at a service in the hospitals chapel, Penney became a born-again Christian. Mourdoukoutas, Panos. 709 East South Temple In 1898, James Cash Penney began working for a small chain of stores in the western United States called the Golden Rule stores. He was such an enterprising worker that the pair of owners . Later his father ordered him to sell his pigs before they were ready for a top price because they were objectionable to the neighbors, so he turned to growing and selling watermelons. He could foresee the day when his Golden Rule Stores, still co-operating with a larger buying syndicate of similarly named stores throughout the West, would number twenty-five, or even fifty. Detroit: The Gale Group, 1998, s.v. A believer in learning and experimentation, he started Penney Farms in Northern Florida, a massive 120,000-acre effort to try new experimental farming methods. The company was incorporated under the new name, J. C. Penney Company. Enter your email address to subscribe and receive our newsletter and updates on new publications. Why did Penney choose to open a store in Kemmerer, Wyoming? Massive efforts were required to find the right men for the chain as it grew through one hundred stores. James Cash Penney started his first retail store in 1902 in Kemmerer, Wyoming, a small mining town. But profit sharing meant corporate executives could earn more, and store managers much more. It would take almost a decade to achieve the goals outlined in the J.C. Penney stores positioning statement, issued in 1982. . "Henry Simler, 78, Is Dead on Coast", United Nations Technical Mission at Delhi, "J. C. Penney of Store Chain Dies; Built Business on 'Golden Rule', "J. C. Penney Papers A Guide to the Collection", "J.C. Penney Family and Philanthropies", "An American original, Sam Walton embodies the entrepreneurial spirit and epitomizes the American Dream", "Mrs. J.C. Penney Badly Hurt as Horse Trips; Thrown While Riding on Westchester Estate", "J. C. PENNEY JR.; Son of Merchant Had Introduced Gliding in This Country", "Caroline A. Penney, A Philanthropist, 96", "Mary Frances Wagley, dedicated educator and the first woman to join the MIT Corporation, dies at 93", "MISS MARY PENNEY WED TO PHYSICIAN; Daughter of Stores' Founder Bride of Philip F. Wagley in Christ Episcopal, Rye", "Carol Penney Guyer, 72; Philanthropist, Daughter of Retailer", "500 HONOR PENNEY ON 80TH BIRTHDAY; Attend Lawn Party at Home of Merchant Hoover and Baruch Send Messages", "J. C. Penney's Estate Is Estimated at $35Million", "Wasatch Lodge #1 F&AM - Freemasons of Salt Lake City, Utah James "JC" Penny", "Barnes, Alfred Edward, (3 June 188123 Oct. 1956)", "Penney Family Fund profile at Common Counsel Foundation website", "National Association of Extension 4-H Agents", http://chevychasehistory.pastperfectonline.com/archive/EE2BD7B9-1AEA-49DE-9C73-166308492710, "Two American Entrepreneurs: Madam C. J. Walker and J.C. Penney", https://en.wikipedia.org/w/index.php?title=James_Cash_Penney&oldid=1134479391, The J. C. Penney Conference Center at the. The large income allowed him to be heavily involved in many philanthropic causes during the 1920s. Mr. James Cash Penney may have begun his career as a failed Missouri butcher (via Business Insider ), but when he moved to Wyoming to start a store he called The Golden Rule, he met with such success that he became a household name at least, from 1914 onwards, when the store chain he began was renamed in his honor. I have found that unselfishness pays because it tends to engender unselfishness. He brought in good men willing to work from all over the United States, and funded everything. Accessed March 30, 2011 at, The photos of Kemmerer, and the Second Golden Rule Store there, are from. The manager wrote headquarters pleading for them to get the landlord to deny the lease to the competitor. His personal websites aretherightswriter.comandRevBenJohnson.com. And above all else, cooperatingwith headquarters, with the other Golden Rule Stores, and within their own communities. In 1916, he began to expand the chain east of the Mississippi and during the 1920s, the Penney company expanded nationwide, with 120 stores in 1920 (mostly still in the west). (Reuters) - J.C. Penney Co Inc has a colorful history as one of America's most recognizable department store chains, but a failure to counter the shift to online shopping hammered its business in. Jim was relentless. The cookies is used to store the user consent for the cookies in the category "Necessary". The stores net worth had risen from $500 to $50,000 in the ten years since its 1889 founding. After much debate, Jim convinced them to open the next store, his store, in Kemmerer, Wyoming, in the heart of a growing coal district. . How did James Cash Penney achieve his goals? The couple had been inspired by Toms mother, Celia, who operated a very successful low-price store in Chillicothe, Illinois, after moving from Missouri. Corrections? He often visited his birthplace, Hamilton, Missouri, where he helped build the school and library. Please refer to the appropriate style manual or other sources if you have any questions. His views are his own. The company had sizeable cash reserves and no long-term debt. Theme: Envo Blog. With many observers not believing in the future of the company, the stock in recent months hit an all-time low of under $3 per share, valuing the company at less than one billion dollars. During the Great Depression, he lost much of his fortune when he took out loans to finance his charitable activities. But this was just the beginning. //]]>. When presented with the opportunity, he bought out his aging senior partners. By selling dry goods, notions, shoes, and clothing at fair prices, the Callahans Golden Rule Store in Longmont had prospered. Jim could not tolerate the unfair practice and immediately quit. Regardless of what may befall J.C. Penney in the years to come, the fact that the . In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open. Penney first stopped in Longmont, Colo., where he opened a butcher shop in 1898. In the 1920s, mail-order giants Sears, Roebuck and Montgomery Ward began to open stores across the United States, selling many of the same soft goods the Golden Rule Stores sold. It diversified broadly into drug stores, discount stores, a mail-order catalog, and European retailing. His work ethic caught the eye of the chains owners, who dispatched him to manage their Evanston, Wyo., store in 1899. (704) 377-4251 In 1926, he tried marriage for the third time, this time to Caroline Autenrieth, twenty years his junior. By 1917, the chain had nearly 200 stores; by 1928, there were more than 1,000. Then, copy and paste the text into your bibliography or works cited list. 3. He had an estate in the Hudson Valley north of New York City. His father, James Cash Penney Sr., was a minister and civic leader who ran unsuccessfully for Congress on a populist ticket in 1894. Central accountants and buyers were put in place. This cookie is set by GDPR Cookie Consent plugin. Employ, American Stores Company We have a good future for a man who is capable and not afraid of work.. At the age of twenty-nine, J. C. Penney was well on to his way to becoming a wealthy man. This was his parents' way of teaching him the value of money and self-reliance. J.C. Penney: Merchant Prince. Penney was buried in Woodlawn Cemetery in the Bronx, New York City, not far from the grave of fellow retail entrepreneur, F. W. Woolworth. Penney invested his whole savings$500and had to borrow $1,500 to be the third partner, with Callahan and Johnson, in the Kemmerer store. He cut back on financing theChristian Herald. The objective is to raise the skills and self-esteem of the students. "Penney, James Cash In 1902, owners Guy Johnson and Thomas Callahan, impressed by his work ethic and salesmanship, offered him a one-third partnership in a new store he would open. Fortunemagazine ran full stories on the company in the September 1950, July 1967, and March 1, 2016 issues. He was quickly employed by T.M. In both World Wars, employees who had gone to war continued to receive partial salaries from the company. James Cash Penney Jr. was born on a farm near Hamilton, Missouri, on September 16, 1875. His father, a farmer, served as an unpaid preacher for a fundamentalist sect known as Primitive Baptists. On December 26, 1970, Penney fell and fractured his hip. Still, each manager decided what was carried in his store because he knew his customers and decided how to price each item for his market and his competition. From US 30, follow US 189 or US 30 Alt into downtown Kemmerer. Over 20% of them were past or present presidents of their Chambers of Commerce. He was soon promoted to first manthe top sales clerk. Additionally, he married and found living in a healthier environment stimulated his goals, ambitions, and imagination. Penney refusedand his business closed. J. C. Penney remained extremely active in the affairs of the company, but he and the others at the top were far from autocratic. we achieve what we get ready . However, his father's untimely death forced a change in plans, and Penney was forced to take a job as a store clerk to help support the family. This faith and his financial arrangements with store managers worked profoundly well. But most of the buyers and all the key executives were former store managers or had store experience. The following years store openings indicate how many good men Penney had found, trained, nourished, and (like his mentors) financed into partnerships: Opening eight stores in 1910 and eight in 1911 was exceeded by twelve openings of 1912. Vous tes ici : Accueil. More than 100 years later, the companys Winning Together Principles were guiding employees at all levels, perpetuating a principle-centered business with values that extend far beyond the basic task of generating profits. We also use third-party cookies that help us analyze and understand how you use this website. Fax: (501) 376-591, Galeries Lafayette S.A. At age 8, young Jim was told he would have to start buying his own clothes and earning his own money. The Reverend Dr. Norman Vincent Peale delivered the eulogy at the funeral. How did James Cash Penney achieve his goals? He increasingly realized that he wanted to own his own store. It has been a monument to one of the great merchants of American history, and may continue to be so. J.C. Penney, in full James Cash Penney, (born Sept. 16, 1875, Hamilton, Mo., U.S.died Feb. 12, 1971, New York, N.Y.), merchant who established one of the largest chains of department stores in the United States. James Cash Penney Jr. (September 16, 1875 February 12, 1971) was an American businessman and entrepreneur who founded the JCPenney stores in 1902. Penney had hoped to attend college when he graduated from high school in 1893, but his parents could not afford to send him. He suggested Jim move west where the air was clearer and drier. Web site: http://www.belk., Dillard Department Stores Inc Without that failure, he may never have left the meat counter. 2. Penney and his partners dreamed of a thousand stores (achieved in 1928). Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. By age eight James Penney was forced to earn money to buy his own clothes. Sears, Roebuck is in even rougher shape than Penneys, with sales declining rapidly. Tebeau, Charlton W. The University of Miami. See also: Chain Store, Mail-Order House, Retail Industry. Penney stocked quality products at fair prices for mining and farm families. Necessary cookies are absolutely essential for the website to function properly. The Acton Institute for the Study of Religion and Liberty is an ecumenical, nonprofit research organization that promotes the benefits of free enterprise to religious communities, business people, students and educators. The museum is located at 722 JC Penny Drive, Kemmerer, WY. His father, James Cash Penney Sr., was a minister and civic leader who ran unsuccessfully for Congress on a populist ticket in 1894. on the UP line northwest to Montpelier, Idaho. He insisted on stocking quality goods at a fair price and accepted only cashto keep his customers out of debt. James Cash Penney Self, Giving, Effort 18 Copy quote A merchant who approaches business with the idea of serving the public well has nothing to fear from the competition. The JC Penney Company was born. They have either lost confidence that you can help or concluded you do not care. It seems to me so; business is therefore as much religious as it is secular., He encouraged everyone to meditate on great principles, which have persisted for thousands of years simply because their truth is unassailable. These include great Proverbs, the Golden Rule, the Decalogue, the Sermon on the Mount, and the testimony of men who have sought their way to the rare privilege of doing what they most wanted to do.. Beasley, Norman. Mu;ltiple answers have been given - he DID tithe 10% and this is factual. Golden Rule prices were often 2550% below those of other merchants, but the stores always offered good, dependable quality merchandise and the latest fashions. A Chain of Good Men Penney stocked quality products at fair prices for mining and farm families. Penney had hoped to attend college when he graduated from high school in 1893, but his parents could not afford to send him.

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