The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1928-07-12
]. PENNEY co.
|BUYSLEADER STOCK
Continued From Page One)

I
from Third street to the location
of The Leader on Main street.
The j. C. Penney Co. became
identified with Sank Centre bust
ness in June, 1927, when they
purchased the chain of Sd stores
belonging to the Jones Co., A. j.
Lies, formerly of St. Cloud, who
had been assistant manager Of the
Penney store at Washington Court
House, Ohio, for some time, was
transferred to the management of
the Sank Centre store last fall :.
Mr.. Bernier came a little later
from the st. Cloud store, and is
assistant to Mr.. Lease. Both are
high type young business men.
In this age of chain store de-
velopment, the growth of the J. &c.
Penney Company from one small
unit in 1902, doing total gross
volume of $28,898, in it's first year
to an organization of 1872 stores at
the close of 1927 doing business
of $151, 957,865, in that year, fur
nishes typical example Of how
chain store system may expand.
In April 1902, j. C. Penney
opened the Golden Rule store at
Kemmerer, Wyo., with a cash in
vestment of $500. An additional
$1,000 was obtained through a
note but inasmuch as this note was
paid out of the earnings of the
store, the original capital invest
ment in cash may be taken as $500.
In the first year the cash capital
was turned over 81 times.
In 1927 it was turned over 300,-
900 times. This is the largest
growth in turnover of invested cap
ital in an equal period in the his
tory of retail merchandising in
this country.
The largest growth in any one
single year in these five came in
1927 when lat stores were open
ed.
During 1927 the Jones stores in
the Pacific Northwest were &C
quired by J. C.. Penney Company
the stores totaling Sc. The Col
den Rule Mercantile Company, OPP
Grating with headquarters at Ogden,
Utah was also acquired, but the
20 stores purchased did not come
under the direct j. C. Penney
Company management until jan
uary 1, 1928.
Expansion this year is at the
rate established in 1927 with store
1000 opening in Beloit, Kan, in
April of this year. Store units up
to 1925 are already scheduled for
opening this year.
Mr.. J. G.. Penney, who remained
as directing head of the Company
up to January 1st, 1917, resigned
from the presidency on that date
and was elected chairman of the
board of directors. Earl c. Sans,
who started with Mr.. Penney in
Kemmerer, Wyo., in 1907 and who
had passed through various execu-
tive offices of the company was at
that time elected president.
The executive growth of the
company has been almost entirely
confined to the elevation of men
who started as clerks, working their
way through as managers and then
the heads of the separate store
groups. $50
Mr.. Sans managed his first
store at Eureka, Utah, Mr.. G. H:
Bushell, 1st vice-president started
in the offices of the company at
Salt Lake City, in 1911, Mr.. J. M:
Mcdonald, End vice-president and
merchandise manager was first
made store manager in Centralia,
Washington.
Mr.. J. 1. H. Herbert started in
the first office of the company in
Salt Lake City in 1911. MIR. D.
G. Mcdonald started with the
company in 1913 in the Kellogg,
Idaho store. Mr.. Roy H. OFT and
Mr.. Lew v. Day both started with
the company in the spring of 1912,
Mr.. OFT in the Price, Utah store
and Mr.. Day in the Wenatchee,
Wash. store. Mr.. G. H. Croker
began with the company as recent
ly as July 1920 while Mr.. l.. A.
BANNER started with the organi-
cation the same year it establish
ed a centralized New York office.