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Show J. C. Pennney Co. Buys Twenty Stores' i Announcement was made to by-M. by-M. II. Pool, manager of the Iwa! J. (J. IVimey Co. stoie of the purchase: f the g.vongv stores operated by tae! Golden Kale Mercantile Company by' the J. C. Penney Company. The j latter organization owns and operates ! 885 stores throughout the country, j The deal involving the consolidation I of the Golden Rule Mercantile Co., j with the J. C. Penney company is the largest of its kind ever put through i in this section and involves a con-j sideration of more than S2,000,000 ac- cording to a statement made bv E. M. ! Tower, Vice-president of the Golden ' it'.ile Mercantile company and one of t lie largest stockholders in that or-1 i anization. Negotiations were completed in New York City on October 4th, with the J. C. Penney company represented by Earl S. Sams, President, after two years' consideration of the policies governing the change. The stores involved will start operation op-eration under the J. C. Penney company com-pany name on January 1, 1923. Tins consolidation will bring together to-gether two well known store organizations organiza-tions which started from a common origin a little over a quarter of a century ago. At that time, J. C. Penney went to work as a salesman in a store operated operat-ed at Evanston, Wyoming, by Mr. Guy Johnson. Also working for Mr. Johnson at the same time was a man by the name of R. W. Stevens. As these two men grew in experience experi-ence with the store, they were taken into partnership and allawed to purchase pur-chase interests in other stores opened open-ed by Mr. Johnson's company, which later became the Golden Rule Mer-i Mer-i cantile company. In 1902, Mr. Penney went to Kem-merer, Kem-merer, Wyoming, and Mr. Johnson's ! partners consented to sell to him their interests in the small store which became be-came the "mother store" of the present pres-ent J. C. Penney company system. The Golden Rule Mercantile company, com-pany, under the guidance of Mr. Johnson and Mr. Stevens, continued , its development of stores in Utah, Nevada, Montana, Wyoming, and California. With the growth of the Golden Rule Mercantile company, headquarters headquart-ers were moved to Ogden, Utah, where they are at present located. Mr. Stevens ultimately became president of the Golden Rule Mercantile Mer-cantile company.' Mr. J. C. Penney, in addition to the attention which he devotes to the J. C. Penney company, is nationally known for his purebred cattle projects pro-jects and for his practical working interests in agriculture |