The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-11
SAUNDERS SCORES
BANK INTERESTS
NOW FIGHTING HIM
Stock Selling Campaign Is
Called Off After Failure To
Reach Goal

= MEMPHIS, Tenn, May 10.-(By As
ISOLATED Press )-Piggly Wiggiy
Stores, Inc, tonight awaited the beck
oning word from either of half
dozen cities while Memphis business
interests made ready for a final effort
to perfect financial arrangements and
an understanding satisfactory to
Clarence Saunders, head of the organ
ization, and it's board of directors and
"pool" members to retain headquar-
tiers of the institution in this city,
with disposal of $4,000 shares of stock
of the Incorporation the main point at
issue.
Mr.. Saunders brought the situation
to a climax today after three day
stock selling campaign which failed
to reach the goal. in statement TAX
ing to task certain banking inter-
ests" and announced that he had
opened negotiations with other cities
looking to a trade" that would nee
essarily result in transferring head
quarters from Memphis. This was
followed by extended conference late
today with others Interested in the
affairs of Piggy Wigg1y, and in turn
by an announcement by e. O. Bailey,
president of the Memphis Chamber of
Commerce, which sponsored the
stock selling campaign that efforts
to obtain subscriptions to the $4,000
stock block would he discontinued in
view of Mr. Saunders declaration.
Continue Efforts.
Mr.. Bailey declared however, the
Chamber of Commerce would con-
tinue its efforts in every other way
to find some method of procedure to
retain Piggy Wiggly headquarters in
this city"
Announcement was made after the
conference this afternoon that the
question still was open with a COM
mittee named to confer with Memphis
financial interests. Another meeting
will be held tomorrow.
Disposal of the $4,000 block of
stock, Mr.. Saunders explained, was
necessary to safeguard the interests
of members of the pool with which he
was associated in recent sensational
trading in PIGGY Wiggly on the New
York Stock exchange. which turned
wall street topsyturvy for day and
ended with the passing of Piggy
Wiggly as trading stock on the "big
board" This, in turn. was followed
by spirited attack by Mr.. Saunders
ON what he termed Wall street meth
DDS" and a declaration that there
after he would look to the public"
for market for his stock.
willing To Retire.
Mr.. Saunders in his statement an
nounced his willingness to retire from
the presidency of the organization.
and declared his interests in the pool
would not be considered until the in
terests of other members had been
provided for.
The statement by Mr.. Saunders
scored certain interests" which, he
charged, had failed to cooperate in
the placing of the stock
No one will acknowledge personal.
anlmosity but whether the acknowl-
edSement is made or not the truth Is
Otherwise, he declared.
consider this a elean-cut state
ment from man who has the best
interests of Memphis at heart, and l
peiieVe has done everything possible
within his power to retain the Piggly
Mlggly system for Memphis" Mr..
BAILEY said in CONNIE nting on Mr..
saunders declaration
announcement was made that the
Chamber. of Commerce committee
ma med to handle the financial affairs
OF the stock sale would continue to
junction, and in the event the head
quarters of the concern is moved
from Memphis. all money turned over
TO IL and contracts executed will be
returned to the subscribers for stock.