Corporations: Changes for a Penney

Of the 300 stockholders at the annual meeting of the J. C. Penney Co. in Manhattan last week none displayed more understandable satisfaction with the proceedings than the company's biggest individual stockholder: semi-retired Founder James Cash Penney, 89, who holds 258,018 shares worth $19.4 million. The 1,676-store chain reported that it passed $2 billion in sales last year for the first time, gained 9.9% in the first quarter of 1965, and expects a full year rise of from 4% to 6%. The irony is that this has been accomplished by reversing most of the guidelines that Founder Penney had followed...

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