James Cash Penney

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This article is about James Cash Penney, an American businessman. For the department store he founded, see J.C. Penney.

James Cash Penney
Born	September 16, 1875(1875-09-16) Hamilton, Missouri, United States
Died	February 12, 1971 (age 95)

James Cash Penney (born September 16, 1875 in Hamilton, Missouri, USA – died February 12, 1971 in New York City, USA) was a businessman and entrepreneur. In 1902, he founded the J.C. Penney stores.

After graduating from high school in Hamilton, Missouri, Penney went to work for a local dry goods merchant, then continued in that line of work after moving to Longmont Colorado for health reasons. In 1898, he began working in a small chain called the Golden Rule stores, and in 1902, the owners, Guy Johnson and Thomas Callahan, offered him a one-third partnership in a new store he would open. He invested $2000 and moved to Kemmerer, Wyoming to open a store there. He participated in opening two more stores, and when Callahan and Johnson dissolved their partnership in 1907 he purchased full interest in all three stores. Penny hired Earl C. Sams as his first salesman in charge of running the Kemmerer store. Sams was quickly promoted to a management position and within a year he and Penney were partnering to open a new location in Eureka, Utah.

By 1912, there were 34 stores in the Rocky Mountain States. In 1913, the company was incorporated under the new name, J. C. Penney Company . In 1916, he began to expand the chain east of the Mississippi and during the 1920s, the Penney stores expanded nationwide, with 120 stores in 1920 (mostly still in the west) and 1400 stores by 1929.

Penney relinquished daily operating management of the company in 1917 to Sams, but remained as chairman of the board until 1946, and after that as honorary chairman until his death in 1971.

Penney was a member of the Alpha Gamma Rho fraternity.

Penney was a life-long Freemason, being Initiated into Wasatch Lodge No. 1 Free and Accepted Masons of Utah, on the 18th of April, 1911. ^[1]^[2]

1 Financial crisis
2 Affiliations
3 Commemoration
4 References
5 External links

[edit] Financial crisis

By 1924, Penney was earning an income of more than $1.5 million dollars annually.^[3] The large income allowed Penney to be heavily involved in many philanthropic causes during the 1920s. Most of this work was halted when the stock market crash of 1929 and the Great Depression left Penney in financial ruin. During this period Mr. Penney was able to borrow against his cash value life insurance policies to meet day-to-day payroll expenses for the stores.

The financial setbacks took a toll on his health. Penney checked himself into the Battle Creek Sanitarium, where he was treated. After hearing the hymn "God Will Take Care of You" (written by Civilla Durfee Martin) being sung a service in the hospital’s chapel, Penney became a born-again Christian.^[4]

Penney later recovered financially and continued his involvement in numerous charitable works in the 1930s and 1940s. Penney founded the James C. Penney Foundation in 1954 which is now known as the Penney Family Fund.

[edit] Affiliations

During the depression Penney teamed with Thomas J. Watson, President and Founder of IBM; Arthur Godfrey, the radio and TV personality; and Norman Vincent Peale, a minister, inspirational speaker, and author of The Power of Positive Thinking to form the fist board of 40Plus, an organization that helps unemployed managers and executives.