Two items: a glossy 8 x 10 photo of Penney seated in a suit and bow tie, signed in white ink, "J. C. Penney"; and a TLS, one page, personal letterhead, June 17, 1953, in part: "I appreciate the gracious things you said of me, and of the J. C. Penney Company, and am happy to send you, under separate cover, the autographed photograph for which you asked." In overall very good to fine condition, with scattered light creasing to the photo.