When J. C. (for James Cash) Penney started out in 1902 in the small mining town of Kemmerer, Wyo., he had one store, a $2,000 stake in it (most of it borrowed), and high hopes for his new, cash-on-the-barrelhead business. Last week 75-year-old Jim Penney, founder of the 1,612-store J. C. Penney Co. chain (TIME, June 20, 1949), third largest general merchandise retail business in the U.S., made a sentimental journey back to Wyoming for his first store's 49th anniversary.
After reminiscent greetings and handshakes, Jim Penney went right to work at...
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