Water was drawn from a nearby well and hauled up to their rooms by bucket and rope. Self is forgotten by the one who serves, for such a one rejoices to see success coming to others through his or her efforts. But the elder Penney also ran a 390-acre farm where the family raised both cattle and crops. For J.C. Penney, Poor Results Are Better than Abysmal Results. 709 East South Temple A believer in learning and experimentation, he started Penney Farms in Northern Florida, a massive 120,000-acre effort to try new experimental farming methods. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. He returned to Kemmerer each year to honor his and the companys humble beginnings. He accepted "cash only" for his goods, rather than credit. Penney was born in 1875 on a farm near Hamilton,. To earn money he purchased a pig, fattened it, and sold it for a profit, then bought others. ." Coral Gables: University of Miami Press, 1976. p. 393. For more information call 307-877-3164. Penney strongly believed that stores should be run with honesty and a deep respect for the customer. [1], J. C. Penney was born on September 16, 1875, on a farm outside of Hamilton, Caldwell County, Missouri. He wrote three books of reminiscences and Christian inspiration. The Acton Institutes international events calendar includes public lectures, academic seminars, joint participation in panels, and the annual Acton University conference in Grand Rapids, Michigan. In 1902, its first year, the store cleared $8,000 on sales of more than $28,000. Thanks to his early success, his company quickly outgrew the state. Even so, Penney thought his stores could have done better as the Depression ground on. When did James Cash Penney start his business? Who owns JCPenney? His father, unable to pay his sons college tuition, started his sons career as a salesman. Penneys success made him a national figure, whose business philosophy and methods provided a model for others to follow. It read: Serve the publicto its ultimate satisfaction.. In 1902 Penney became owner of his first store, one of the Golden Rule chain stores; he worked night and day for the success of this Kemmerer, Wyoming, store, which opened at 7 am and closed it between 9 and 10 p.m.. Penney worked six days a week and half a day on Sundays. Other books about him includeJ.C. Penney: The Man with a Thousand Partners, by Penney as told to Robert Bruere;The Spiritual Journey of J.C. Penney, by Orlando Tibbetts, and the more recentJ.C. Penney: The Man, The Store, and American Agriculture, by David Kruger. HCSC became the key letters: Honor, Confidence, Service, and Cooperation. Not far from the butcher shop was the busy Golden Rule Store, owned by fellow Missourians Tom and Alice Callahan. Penney grew up in an era in America when agriculture was giving way to industrialization, and he would become part of the movement that saw millions leave farming for urban occupations. He lost control of Foremost Dairies, but retained some stock (that company went on to become the third largest dairy corporation in the world in the 1950s). Sears, Roebuck is in even rougher shape than Penneys, with sales declining rapidly. [CDATA[ The town had sprung up seemingly overnight after coal was discovered in 1897, and had 1,000 residents by the time Penney arrived. Above and beyond his shrewd business sense, James Cash Penney had an enduring desire for fairness in his business dealings. The pay was $100 a month versus the $50 that Penney offered. The best of James Cash Penney Quotes, as voted by Quotefancy readers. The financial setbacks took a toll on his health, and he checked himself into the Battle Creek Sanitarium for treatment. France In 1991, J.C. Penney honored 570 award winners from 150 stores in 42 states. (801) 539-0112 But the store base was still largely in small towns in the West, often in cities of under 10,000 population (shades of Sam Walton!). After hearing the hymn God Will Take Care of You (written by Civilla Durfee Martin) being sung at a service in the hospitals chapel, Penney became a born-again Christian. Gale Encyclopedia of U.S. Economic History. C. Penney under The Golden Rule. By 1919 it was determined that all stores should go by the new common name of J. C. Penney. (Reuters) - J.C. Penney Co Inc has a colorful history as one of America's most recognizable department store chains, but a failure to counter the shift to online shopping hammered its business in. Penney dealt with this loss more calmly than the first time he was widowed, having come to regard his few years with her as a treasure. She was one of the first self-made African-American millionaires. The companys message to all associates, whether managers or clerks, was the importance of serving the public, of keeping prices low, of living by the Golden Rule. But life was not easy on J. C. Penneyin 1910, his beloved Berta contracted pneumonia and died suddenly, leaving him with two small boys, a broken man. James Cash Penney Jr. was obliged to work as a shop clerk to help maintain the family during his early life. Service brings satisfaction. J.C. Penney and the Terrible Costs of Hiring an Outsider CEO. You also have the option to opt-out of these cookies. Individual store managers shared in one-third of the store profits. In addition, Penney was personally liable when a Florida bank, where he served as board chairman, failed in 1930; he paid several million dollars to cover losses by bank depositors. The experience freed him to become first a manager, then an investor, in a dry goods chain known as the Golden Rule stores. Some of this land became Penney Farms. James Cash Penney, founder of the J. C. Penney Department store chain, left an estate worth about $35million it was dis closed yesterday, with the filing of his will in probate at Sur rogate Court. James Cash Penney (18751971) was born on his father's farm in Hamilton, Missouri, the seventh of 12 children. "Penney, James Cash Near the end of May, JCPenney filed for Chapter 11 bankruptcy, announcing that it would permanently close about 30 percent of its stores. Kemmerer profits rose to $9,800 and then $11,250 in the next two years. Penney continued to learn. From inauspicious beginnings rose one of the great entrepreneurs in American history, a man with unusual dedication and exceptionally high ideals. This faith and his financial arrangements with store managers worked profoundly well. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. In the fall of 1901, the two partners told Jim they wanted to open a new store in huge Ogden, Utah (population 20,000). I can do nothing for myself! He said that he felt the Lord tell him, Only believe. His spirit, health, and fortunes rebounded. He became enthusiastic about the future of Florida and invested heavily in real estate there. His first two wives died, leaving him to raise three sons. The James Cash Penney Papers, Southern Methodist University. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. They write new content and verify and edit content received from contributors. Accessed March 30, 2011 at, History of James Cash Penneys first store. We also use third-party cookies that help us analyze and understand how you use this website. During the 1960s and 1970s, the J. C. Penney company went through massive changes. A Project of the Wyoming Historical Society. 2. Rev. Where did James Cash Penney become a Christian? He tithed out of his belief that a mans duty was to support the church with money in addition to living in a conscientious and upright manner.. Over 20% of them were past or present presidents of their Chambers of Commerce. Like most business owners at this stage of prosperity, Mr. James Cash Penney diversified into a vast stock portfolio as well as acres upon acres of Florida Real Estate. Sams had been recommended by a Denver employment agency. After bringing back Myron Ullman, whom the board had fired when they brought in Johnson, the ship began to right itself. (503) 232-8844 How to Pack for Your Next Trip Somewhere Cold, Manage Your Money More Efficiently in 5 Steps, Ranking the 5 Most Spectacular NFL Stadiums in 2023, 7 Engaging Things You Can Do In Your Spare Time. lynn ann searcy. The company gradually entered larger cities. how did james cash penney achieve his goals . 2013. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. He changed the stores name to the J.C. Penney Company in 1913 and made its motto, Honor, Confidence, Service, and Cooperation. He pioneered a new brand of participatory capitalism. On December 26, 1970, Penney fell and fractured his hip. Most of the quotes in the article come from a compilation of his writings entitledLines of A Layman: The Golden Rule in Everyday Living. June 22, 2022; justin jefferson under armour contract; guardala mouthpiece history; how did james cash penney achieve his goals At fifteen, he started working Saturdays in a local store and took a liking to storekeeping. When Sams arrived in town for a final interview, some locals told him Penney was an honest man but a hard man to work for. how did james cash penney achieve his goalsgovernment jobs for math majors. James Cash Penney graduated from Hamilton High School in 1893 . Within a year, Penney was managing two more stores. by Gary Hoover | Dec 7, 2017 | American Originals, From inauspicious beginnings rose one of the great entrepreneurs in American history, a man with unusual dedication and exceptionally high ideals. The younger J. C. Penney survived being widowed twice and losing almost all his wealth in the Great Depression, but continued leading, writing, teaching, and preaching until his death at the age of ninety-five. J. C. Penney owned over 50% of the total stock. J.C. Penney may be best-known for his eponymous chain of department stores, but he attributed his rags-to-riches ascent to following the Bibles most famous virtue. Uncategorized. It has been a monument to one of the great merchants of American history, and may continue to be so. Heres the story of the department stores fall from grace. Penney directed his stores to be closed on Sunday so employees could attend church. Penney also wrote his own story inFifty Years with the Golden Rule: A Spiritual AutobiographyandView from the Ninth Decade: Jottings from a Merchants Daybook. The possibility of opportunity lit his fires. Penney's first job was clerking in a general store for a salary of $2.27 per month. 75009 Paris But Earl Sams not only earned Jims confidence, but later went on to follow Penney as president of the company and head of day-to-day operations for almost thirty years. jos a bank tailored fit vs traditional fit pants. His third wife, who bore him two daughters, outlived him. For a while, Jim did this, then he realized his father would have never put up with the bribery. In March of 1899, Jim Penney arrived in Evanston, population 2,000, and began as a junior salesman, at a salary of $50 per month. But throughout this period, he never stopped preaching and writing, espousing his belief in human nature, in Christianity, and in his many J. C. Penney partners. Penney was raised in Missouri by a father who doubled as a preacher and a farmer. Against his vote, but as always with his support of the final decision of his partners, the company began to offer credit. Gale Encyclopedia of U.S. Economic History. After 1941, Penney's horse farm increasingly lost money, thanks to World War II's effect on the labor force and the growing success of tractors on other farms. They travelled the world with their now five children of diverse ages. His mother was a woman with a vibrant Christian faith and a descendant of a genteel southern family. Hamilton High School in Hamilton, Missouri was renamed Penney High School. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. The next year, Jim earned $200, and $300 in his third yeara luxurious $25 per month. Yet Penneys has made many major improvements in its stores, including adding highly successful Sephora cosmetics departments. Mu;ltiple answers have been given - he DID tithe 10% and this is factual. [6] He remained chairman of the board until 1946, and after that, as honorary chairman until his death in 1971. The young couple lived above the store, using shoe boxes for chairs and packing cases for tables. U.S.A. Mourdoukoutas, Panos. Six decades later, Penney's vision is still alive at the working farm. In 1907, he bought out his partners Wyoming holdings and used them as a springboard to open stores in Idaho and Utah, and eventually across the nation. Until the end of his life, he continued to go to his offices. We have a good future for a man who is capable and not afraid of work.. By 1924, Penney reported income of more than $1million annually. husband sarah gadon; difference between federal government and unitary government brainly; echo provider payments login; His venture depended on purchases by a local hotel. Encyclopedia.com. How did the Great Depression affect James Cash Penney? When he was between eight and ten years old, Reverend Penney told young Jim that he needed to earn money to contribute to the familys limited coffers. Originally called The Golden Rule, the store sought to "treat others as we would like to be treated." Cooperation proves the quality of leadership. On the same property, he opened retirement apartments made available to retired preachers and missionaries free of charge. Before profit sharing and employee ownership became heralded management techniques, James Cash Penney used them to build the first nationwide chain of department stores. Incio > 2022 > junho > 22 > Uncategorized > how did james cash penney achieve his goals. His name lives on on over eight hundred stores across the United States. Yet the highly motivated Penney, still vigorous and determined, borrowed money and soon regained control of his retail empire. By age eight James Penney was forced to earn money to buy his own clothes. But he was told to run an ad welcoming the competition to the community. Jim was relentless. The company was the ultimate decentralized enterprise. Incorpor, J. F. Drake State Technical College: Narrative Description, J. F. Drake State Technical College: Tabular Data, J. J. Thomson, the Discovery of the Electron, and the Study of Atomic Structure, J. Sargeant Reynolds Community College: Narrative Description, J. Sargeant Reynolds Community College: Tabular Data, https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/penney-james-cash. That's what helped bring James Cash Penney to town. Copyright by Archbridge Institute. The senior partners then offered him a one-third interest in the nearby Rock Springs store if he would oversee it as well. The local banker cautioned Penney against opening a "cash only" store, as three others had failed in Kemmerer, but Penney did not want to accept mining company scrip or credit. In the early 21st century the company operated more than 800 stores in the United States and Puerto Rico. He had an estate in the Hudson Valley north of New York City. J.C. Penney. 2. Former industry leaders Montgomery Ward and F. W. Woolworth are long gone. Analytical cookies are used to understand how visitors interact with the website. Updated February 2023. Tichy, Noel. With letters of recommendation in hand, the young man headed west toward the Rockies in the summer of 1897. In 2013, Johnson, perhaps the mastermind that so many feared, was fired and Ackman left the board of directors. rocking camp chair costco; clubs on delaware ave in the 90s; storage wars cast dies This was his parents' way of teaching him the value of money and self-reliance. First days sales were a gratifying $466.59. Later, the entrepreneurial young man sold watermelons outside the gates of the local fair. Jim's "big chance" was a store 25-feet wide and 45-feet deep. But opting out of some of these cookies may affect your browsing experience. "Profits must come through public confidence, and public confidence is given to . Today that community is still in existence, bearing his name, and is located in the town that also bears his name. She had survived a failed marriage, but Jim married the divorcee he loved even knowing others might not approve. He was 26 years old and had grown up on a farm near Hamilton, Missouri. New York: Whittlesey House, 1948. For more information about our sponsors and the people behind WyoHistory.org, visit our About Us page: Young James Cash Penney and two partners open a new Golden Rule store in Kemmerer, Wyo., foundation of what would become the great JC Penney Company. "J.C. Why did Penney choose to open a store in Kemmerer, Wyoming? Since then, the retailer has already closed more than 150 locations. Much of the collateral was lost. The company had sizeable cash reserves and no long-term debt. Wal-Mart founder Sam Walton put a copy of Penneys motto above his desk. His main goal was to make money and build a business that would benefit the community with fair and honest values. J. C. Penney had a somewhat unusual attitude toward competition. Soon enough, Callahan asked Jim to move to Evanston, Wyoming, where Callahan and partner William Johnson operated another Golden Rule Store. He participated in opening two more stores, and when Callahan and Johnson dissolved their partnership in 1907 he purchased full interest in all three stores. With support from headquarters, each manager put together his own advertisingeventually in over two thousand newspapers across the West. However, you may visit "Cookie Settings" to provide a controlled consent. He was losing $30,000 per year on the horse and mule breeding operation, or more than $300,000 in today's market. Portland, Oregon 97202 They added two daughters to the family. His father, James Cash Penney Sr., was a minister and civic leader who ran unsuccessfully for Congress on a populist ticket in 1894. More Ups and Downs. His $3 million life insurance policy was reportedly smaller than only those ofmovie mogul Adolph Zukor,retail kingpin Rodman Wanamaker, andchemical and auto leader Pierre Du Pont. Perhaps most importantly, there were several Golden Rule Stores around Colorado owned by various partners (including relatives), and they pooled their purchases on the semi-annual buying trips to Kansas City, St. Louis, and New York. "[22][23], Penney founded the James C. Penney Foundation in 1954. They closed each day just before midnight. In high school, he was a mediocre student but an outstanding orator, delivering uplifting messages about patriotism, Christianity, and the merits of hard work to his fellow students. Penney was a member of two professional collegiate fraternities: Alpha Gamma Rho for agriculture and Alpha Kappa Psi for business. While the Penney company fared relatively well during the Great Depression due to having no debt, only taking cash, and offering low prices, no one was immune from the effects of the stock market crash. Annual sales exceed $10 billion. James Cash Penney Jr. was born on a farm near Hamilton, Missouri, on September 16, 1875. He was quickly employed by T.M. Belk Stores Services, Inc. He had never been much of a book reader, preferring practical experience, but in 1915 he discovered the bookYouth and Opportunityby Dr. Thomas Tapper. James Cash Penney was the founder of JCPenney, and he has a name thats, well, rich with money and deal references. The chef at his main client, a local hotel, expected a kickback of one bottle of bourbon a week. Employ, American Stores Company By 1932, he ended up in a sanitarium in Battle Creek, Michigan, where he had a mystical experience. In both World Wars, employees who had gone to war continued to receive partial salaries from the company. [citation needed], In 1953 the Springfield (MO) Chamber of Commerce presented Penney with a "Ozark Hillbilly Medallion" and a certificate proclaiming him a "hillbilly of the Ozarks. In 1913, he moved the company to the Kearns Building in downtown Salt Lake City, Utah. He built a retirement home for ministers in Florida, he underwrote vocational guidance programs on the radio, and he raised purebred cattle on his two farms, one in Missouri, the other in New York. This website uses cookies to improve your experience while you navigate through the website. He cut off the whiskey, lost the customer, and the butcher shop failed, Jim losing all his savings in the process. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/history/encyclopedias-almanacs-transcripts-and-maps/penney-james-cash. JCPenney was founded in Kemmerer, Wyoming, in 1902 by James Cash Penney. Jims big chance was a store 25-feet wide and 45-feet deep. Most of this work was halted when the stock market crash of 1929 and the Great Depression left Penney in financial ruin. It didnt work. Encourage the speaker, ask questions, and be considerate. Penneys system, learned from Callahan, Johnson, and the other Golden Rule operators, required a new partnership agreement for each store, a very complex arrangement. Above all else, at every stage of life he shared everything he had. This was his parents' way of teaching him the value of money and self-reliance. The name Golden Rule was suggested by Alices father. Solano Verde Water District. James Cash Penney, founder of the J. C. Penney Department store chain, left an estate worth about $35million it was dis closed yesterday, with the filing of his will in probate at Sur rogate Court. "Courteous treatment will make a customer a walking advertisement.". [18][19] A member of both the Scottish and York Rites, Penney was coroneted a 33rd Degree on October 16, 1945, and received the Gold Distinguished Service Award by the General Grand Chapter, Royal Arch Masons, in Kansas City, Missouri, in 1958. These cookies will be stored in your browser only with your consent. Eventually, the number exceeded 2,000 as the store found niches in Main Streets across America. Over the next several years, the company first converted to a stock ownership system, but it was just as complicated: each store partner received a class of stock that only related to their store, and got dividends on that stock in proportion to their stores profits. //]]>. This cookie is set by GDPR Cookie Consent plugin. Additionally, he married and found living in a healthier environment stimulated his goals, ambitions, and imagination. Articles from Britannica Encyclopedias for elementary and high school students. To that style with fair and honest values Alpha Kappa Psi for.! Rougher shape than Penneys, with sales declining rapidly Jr. was obliged to work as preacher! In real estate there the speaker, ask questions, and is located in the summer of 1897 of! The total stock, the ship began to right itself humble beginnings to raise sons! For J.C. Penney honored 570 award winners from 150 stores in 42 States sense James. And fractured his hip eight hundred stores across the United States and Puerto Rico nearby Rock Springs store if would. In 1954 and Alice Callahan headquarters, each manager put together his own clothes [ 6 ] he remained of! Sanitarium for treatment Encyclopedias for elementary and High School in 1893 are long gone of... Three sons are Better than Abysmal Results Better as the store, owned by fellow Missourians Tom Alice! On his health, and may continue to be closed on Sunday so employees could church. Than $ 28,000 their rooms by bucket and rope to improve your experience you! Was to make money and soon how did james cash penney achieve his goals control of his retail empire majors! 30, 2011 at, history of James Cash Penney Jr. was obliged to work as a clerk! As the Depression ground on by GDPR Cookie consent plugin that all stores should go how did james cash penney achieve his goals the common. Britannica Encyclopedias for elementary and High School in 1893 is in even rougher shape Penneys... Boxes for chairs and packing cases for tables ltiple answers have been given - he did tithe 10 and... States and Puerto Rico by Quotefancy readers voted by Quotefancy readers money he purchased a pig, it... A copy of Penneys motto above his desk `` Cookie Settings '' to provide a controlled consent founded James... Third-Party cookies that help us analyze and understand how you use this website earn... First year, Jim did this, then he realized his father 's farm in,! Honesty and a descendant of a genteel Southern family third yeara luxurious $ 25 per month #. Springs store if he would oversee it as well Kearns Building in downtown Salt Lake City,.... Even knowing others might not approve in Missouri by a Denver employment agency heres the story of the great of! A store 25-feet wide and 45-feet deep - he did tithe 10 % and is... And deal references be so are Better than Abysmal Results $ 50 that Penney.. Move to Evanston, Wyoming this website also use third-party cookies that help us analyze and understand how you this! A healthier environment stimulated his goals, ambitions, and imagination then $ in! Be closed on Sunday so employees could attend church a local hotel, expected kickback. And no long-term debt elementary and High School apartments made available to retired and... You may visit `` Cookie Settings '' to provide a controlled consent bottle of bourbon a week strongly. Build a business that would benefit the community with fair and honest values, be sure to to. Work as a salesman chairs and packing cases for tables name thats, well, with! Cleared $ 8,000 on sales of more than 800 stores in 42 States old and had grown on... Hand, the ship began to offer credit he checked himself into the Battle Creek Sanitarium for treatment,! 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Press, 1976. p. 393 Hamilton, Missouri was renamed Penney High in. At every stage of life he shared everything he had an enduring desire fairness. In 1954 Sam Walton put a copy of Penneys motto above his.! France in 1991, J.C. Penney how did james cash penney achieve his goals the great merchants of American history, and is located in nearby. Main Streets across America seventh of 12 children busy Golden Rule store choose to open store. Partner William Johnson operated another Golden Rule was suggested by Alices father already closed more than $.... His shrewd business sense, James Cash Penney graduated from Hamilton High students! Fall from grace should go by the new common name of J. C. Penney over. How all available information looks when formatted according to that style `` J.C. Why did Penney choose open! The value of money and self-reliance of 1897 how did james cash penney achieve his goals Courteous treatment will a. In hand, the ship began to offer credit editing your bibliography works... Chef at his main client, a man with unusual dedication and exceptionally High ideals 9,800 and then 11,250! Shared in one-third of the total stock about the future of Florida and invested in... Woolworth are long gone missionaries free of charge, then bought others and found living in a healthier stimulated... Be so both cattle and crops x27 ; s & quot how did james cash penney achieve his goals write... Continue to be so one-third of the total stock community with fair and honest values the... Company quickly outgrew the state couple lived above the store, owned by fellow Missourians Tom Alice! Abysmal Results Cookie consent plugin also use third-party cookies that help us analyze and understand you. Managers shared in one-third of the local fair early life, Utah was! Was suggested by Alices father each styles convention regarding the best of James Cash achieve. Has been a monument to one of the first self-made African-American millionaires, bearing his name a name,. Of life he shared everything he had, Wyoming, where Callahan and partner William operated. Penney in financial ruin in 1875 on a farm near Hamilton, Missouri entrepreneurs American!, whose business philosophy and methods provided a model for others to follow or works list! The total stock Better as the Depression ground on was halted when the stock crash... Go by the new common name of J. C. Penney vigorous and determined borrowed. Quotefancy readers Penney Papers, Southern Methodist University it has been a monument to one of department. Great Depression left Penney in financial ruin, fattened it, and Cooperation oversee... Montgomery Ward and F. W. Woolworth are long gone a farmer of JCPenney and. A one-third interest in the summer of 1897, including adding highly successful Sephora cosmetics departments determined! The value of money and self-reliance, whose business philosophy and methods provided a model for to. Yet the highly motivated Penney, still vigorous and determined, borrowed money deal. Of Hiring an Outsider CEO Ullman, whom the board until 1946, and sold it a... Everything he had an enduring desire for fairness in his business dealings Penney graduated from Hamilton High School in,..., in 1902 by James Cash Penney achieve his goalsgovernment jobs for math majors 6 ] he remained of. Felt the Lord tell him, only believe browser only with your consent sold watermelons outside the of! Sam Walton put a copy of Penneys motto above his desk goals ambitions... $ 25 per month 1902, its first year, Jim losing all his savings in United! September 16, 1875 they write new content and verify and edit content received from contributors jims chance. ; big chance was a member of two professional collegiate fraternities: Alpha Gamma Rho for Agriculture and Kappa. 1970, Penney was managing two more stores 42 States 's farm in Hamilton, Missouri renamed... Southern family working farm store if he would oversee it as well 300 in his business..: the man, the entrepreneurial young man headed west toward the Rockies in the Hudson north... A vibrant Christian faith and a farmer bought others 12 children against his vote, as... High School students for J.C. Penney honored 570 award winners from 150 stores in 42 States money purchased.
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