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. Experience is a plus.As Piggly Wiggly expanded, Saunders became rich. We also offer flexible schedules with career growth opportunities. This position is full time with comparable pay and includes full health benefits, paid time off, and a 401k plan. Must be able to lift at least 50 pounds.Must demonstrate efficiency and delicacy with potentially hazardous equipment (slicers, heated wrapping stations, butcher knives, etc.).These objectives must be accomplished in accordance with Piggly Wiggly's policies and while maintaining the highest ethical standards. The Assistant Meat Manager will be responsible for managing up to ten employees and share scheduling and yearly evaluation responsibilities with the Meat Manager. We are looking for a talented individual who has the skills necessary to maintain inventory, provide excellent customer service, and ensure department compliance with all applicable health and food safety regulations. Successful Assistant Meat Managers also demonstrate a high level of integrity with department products, employees, vendors, and our customers. Excellent communication, multitasking and self-motivation skills are essential to success at Piggly Wiggly. Candidates must be prepared to think, learn and contribute all while consistently communicating and modeling Piggly Wiggly’s vision and goals. The Assistant Meat Manager will actively engage and educate customers about Piggly Wiggly's meat products. As an Assistant Meat Manager with Piggly Wiggly, you will be responsible for working closely with the Meat Manager in order to ensure the success of the store and Meat Department.
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