The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-11-24
.P|GGLY WIGGLY
IS CAPITALIZED
AT $25,OOO,OOO
Clarence Saunders Organizes
New Corporation To Take
Over All PiggIy WiggIy
Stores.
LESLIE M. STRATT0N
IS VICE-PRESIDENT
Parent Company Will Move
Back To Memphis viii
Extend Business To Foreign
Countries Next.

Clarence Saunders has organised a
new Piggy Wiggly corporation, which
has s25.OOo,oOO capital
This capital will be increased as the
business Of the corporation grows.
through the issue Of preferred stock,
and it is probable that it may become
within few years a $780, 900 900 corpo-
ration. This win make it possibly the
greatest organization for the handaing
OF foodstuffs in the world.
i The new company, the Piggly WigRfy
Stores, Incorporated, is hcartered un-
der the laws Of New Jersey. 1t was or
ganiSed in New York and is backed by
ample capital, largely supplied by New
york bankers and business men. MIR.
Saunders, who may be considered the
miracle man Of modern business, is, the
president Leslie NJ Stratton. whA is
one OF tho largest individual stock
holders, with the exception OF Mr..
Saunders. viii be vlce-president repre-
senting the South. An active vice
and another In Chicago.
,The new corporation will take over
all the chains or units Of the old Piggly
Wiggly system In every city Stores
are now being operated in 12s cities
IN this country.
A central warehouse and buying de-
lpartnant will be located in Chicago,
&1hroukh which everything handled in
the Piggy Wiggly stores win be bought
and distributed. Large warehouses win
be established in all the larger cities
also. The new national organization
viii take over all the business of the
old companies, except the general man
tFfa artr AaN.a askw xavak
Tenn, which will be refined by Mr.
The sd Organization, known as the
Rlggix W4iF cofporotiom. the parent
Qfeaniza ton will be maintained under
MS. saunders control aH president.
Is to be extended later into Canada,
England and France. Separate corpo-
rAtions win be organized by Mr.. Saun-
der.s for carrying on the business in
those countries, and any others into
which the business may eventually be
extended,
The negotiations In New York which
resulted In the formation of the gigan-
tic new company were conducted for
Mr.. Saunders by James L. McRee, of
the law firm of Jackson, Neil & McRee,
] who represented Mr., Saunders and the
parent corporation.
Mr.. Saunders reached Memphis Sum
day He had expected, he said Monday.
to carry out the plans which he has
Just succeeded In completing. but
had anticipated that 1t might take sew
eral years. Instead, he closed the me-
gotiatipns within less than two months.
He will retain his new residence in
washington, but intends to make Mem
phis his home He will buy house as
soon as possible, but intends to build
new home in Memphis in the early
spring
organization, the Piggly Wiggly corpo-
ration, which was moved to Washing
ton few months ago, will be moved
back to Memphis.
Mr.. Saunders success has proven
what may be done with big idea. He
originated the Piggly Wiggly PIN Of
retailing groceries only few years ago,
and attracted national recognition
within a few months after the first
Piggly Wiggly was opened in Mem
phis.
Mr.. Saunders said that the new cor
poration has made arrangements to
take over all the present units of the
business in every city, and that rs
new stores are to be opsped in Wash
ington early in the coming year. Stores
are to be opened in New York by March
4, and the business will be extended
throughout the North and East as rap
lily as possible. Mr.. Saunders said
that within year or two he expects to
have 10000 stores in operation.
The manufacturing plant at Jackson
is to be doubled in capacity at once, SO
that two complete units of fixtures and
furniture may be turned out daily. II
will probably be necessary before long
still further to increase the capacity OF
that plant.