Having fallen as low as $39, it rose to nearly $60 by the end of 1922, and it kept going. The New York Daily News warned Wall Street to “put locks on safes” because “Clarence is here with the open and avowed purpose of teaching New York the financial game.” By March 1923, Saunders controlled more than 198,000 shares, or 99 percent of all Piggly Wiggly stock.Īll this buying inevitably pushed the stock price up. In late 1922, newspapers reported that Saunders and four armed guards had arrived in New York on a private train from Memphis, carrying suitcases stuffed with a million dollars. Within a week, he had scooped up more than 100,000 of the 200,000 outstanding shares of Piggly Wiggly. He took out a loan for $10 million (about $150 million today) and went on a buying spree. It didn’t deter him that, aside from his existing holdings of Piggly Wiggly stock, he had never before traded a single share of any stock on the New York Stock Exchange. He decided that he would “break Wall Street” by buying Piggly Wiggly stock and driving the price back up. ![]() In recounting this episode, I’ve drawn from that book as well as contemporaneous newspaper and magazine accounts.) Wall Street was swooping down on Piggly Wiggly “like an eagle on a chicken,” Saunders thought. (John Brooks tells the story of Saunders’ battle with the short sellers in his book Business Adventures: Twelve Classic Tales From the World of Wall Street. When Saunders learned about these short sellers, he was livid. Although this was no fault of Saunders’ or his company’s, some big Wall Street traders sensed that the stock might be vulnerable and that they could make a tidy profit by selling it short-that is, by borrowing shares to sell high, rebuying them when the stock dropped, and pocketing the difference when they returned them. But in the fall of 1922, several independent franchises in New York, Connecticut, and New Jersey went bankrupt. With steady revenues and rising profits, Piggly Wiggly became a reliable security to own. The success of Piggly Wiggly caught the eye of Wall Street, and in February 1922 the New York Stock Exchange listed its stock for trading. Saunders named the house “Cla-Le-Clare” after his children, but everyone in Memphis just called it the Pink Palace because of its pink marble facade. Among his purchases was a 160-acre plot of land outside Memphis, where he started building a mansion that was to include a waterfall, a bowling alley, and an 18-hole golf course with one hole located on its own island. And when it came to spending his money, Saunders had opulent tastes. If everyone does their little bit it really helps out the community," says Rick Lee the owner of the Piggly Wiggly in Menasha.As Piggly Wiggly expanded, Saunders became rich. And the truly inspiring part of it all, is North Shore Bank picked up the tab and Piggly Wiggly matched the donation. "For people to come in and have this kind of an impact in ten minutes is phenomenal," adds Thibodeau.īut truth be told, the speedy shopping experience took less than five minutes to make such a difference for the food bank. Once all of the items on their lists were found and wheeled to the checkout aisle, the reality set in that the volunteers had just purchased 433 dollars worth of help for their neighbors. I think as we go about our day to day lives sometimes we don't even notice or might not be aware of just how many people are food insecure, even in the fox cities," says Leah Thibodeau of Saint Joseph food Program. ![]() "This event allows us to have fun battling a really serious issue. "It was just a fun way for us to be able to give back to the community and supply items that are much needed at Saint Josephs at this time of the year," says Collins.īoth teams had a grocery list of items that the Saint Joseph food program in Menasha could really use to help feed the nearly five thousand people they serve every single week. That’s because the volunteers, were shopping for others. "Each of them had a list of items to collect," says Kerri Collins of North Shore Bank who organized the event.īut despite the sense of panic displayed, as two teams comprised of local non-profit volunteers shopped, there was a sense of assurance related to what they were accomplishing. On Wednesday those businesses showed how they could accomplish that goal, with a bit of speed.Īt the Piggly Wiggly in Menasha, it looks as if a couple of shoppers forget about a big meal hat they had assured, would be ready. MENASHA, Wis - For 11 years running the North Shore Bank in Menasha has been helping put food on the tables of their neighbors and friends, who could use the assistance.
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