Cash Was King: James Cash Penney
Missouri-born James Cash Penney was the 7th of 12 children born, in 1875, to James Sr. --a farmer and Baptist minister--and his wife Mary. As a child, when he wasn’t attending school, James worked on the family farm. His father stressed the value of money and by the time James was eight years old, he was expected to pay for his own clothing. Penney began his work in retail at J. M. Hale and Brothers dry good store, shortly after he graduated from high school. Before long, he was trained as a salesman. In 1902, James Cash Penney opened his first store named Golden Rule for the credo by which Penney lived and did business. His business and personal philosophy paid off : By 1912, there were 34 Golden Rule stores across the country. In 1913, the name was changed to the J.C. Penney Co. and the company headquarters were relocated to NYC. Penney died at the age of 95, on February 12, 1971, in New York’s Columbia Presbyterian Hospital. His funeral service took place several ...