03/07/2017
James C. Penney
Founder of the J. C. Penney Co., Inc., the world's largest department store chain, with more than 1700 stores in all 48 states, doing an annual sales of over one billion dollars. Born Sept. 16, 1875 in Hamilton, Mo.
A graduate of Hamilton (Mo.) High School, he attended in 1949 the Masonic cornerstone laying of a new high school building at Hamilton, for which he and his sister gave more than half of the $250,000 cost. He holds honorary doctorates from eleven colleges and universities. He founded the J. C. Penney Co. in 1902, and is now honorary chairman of the board. Known as "the Golden Rule merchant," he quit using the word "employee," and called each of his 90,000 workers an "associate," giving each a share in the profits in addition to a salary.
After the 1929 stock market crash, Penney lost his fortune, and wound up beaten and despondent, at 56, in a sanitarium, but proved that his method was sound by borrowing money and staging a comeback in which he recouped his fortune. Penney has influenced great numbers of young people through his business operations, Christian youth movements, and by talks, articles, and letters. His own comeback from the depths of financial and mental depression was made possible by a sudden and dramatic rekindling of Christian faith within him.
He received his degrees in Wasatch Lodge No. 1, Salt Lake City, Utah, April 28, May 19, and June 2, 1911. In 1955 he became a dual member of United Services Lodge No. 1118, New York City. He is a member of Utah Chapter No. 1, R.A.M., Utah Council No. 1, R. & S.M., and Utah Commandery No. 1, K.T., all of Salt Lake City. He has contributed generously to the Masonic temple of that city. He received the 32° AASR (SJ) in Utah Consistory No. 1, April 23, 1936, KCCH, Oct. 24, 1941, and 33°, Oct. 16, 1945. He has addressed many Masonic groups. In April, 1958 he was presented the gold distinguished service award by the General Grand Chapter, Royal Arch Masons, at Kansas City, Missouri.