New Britain herald., 1923-03-22
after 3P. N. STOCK
IS RAISED TO $3.50
CONTINUED from First Page,

market manipulators'' asserted IA
long as l live I will not be president
of any company again that has Its
stock traded In on the New York
stock exchange"
"A razor to my throat. figuratively
speaking, is why ! suddenly without
warning kicked the pegs from under
Wall street." he declared In detailing
his fling in the stock market
Question OF Survival.
''It was strictly question o. wheth-
err / should survive and likewise my
buAness and the fortunes of my
friends or whether should be licked
and pointed to as the boob from
Tennessee"
In a telegram 10 the New York
stock exchange quoted In his state
ment he chided the shorts" for lack
of fair play and an unwillingness to
take their medicine" now that the
tables were turned. Sio,o00,000 Of his
own money having been jeopardized
during the onslaught on Piggy Wig.
gly stock some months back.
Apologies for Reference.
II now apologize In advance for re-
verting to situation of some months
back when there was a stupendous
Grive on this stock to force the price
down. When 1t became necessary
for me to protect the market at much
cost to me and others. and yet not
one word of investigation was heard
from any source and in all fairness to
the honor Of your exchange and its
members, the silence maintained at
the critical time should be the same
now when the tables are turned: as !
did not at that time ask you for any
help in my trouble, and those who
are now short should be just as game
and take their medicine the same as
I took mine" said the telegram.
Denies Double Crossing.
He denied reports in New York that
he had violated an agreement with
the stock exchange to keep available
floating supply OF stock to ! meet
trading requirements. He said he
took over the direction of his buying
campaign in New York personally
and directed it from his office here
when difference arose between him
and his New York trading represen-
tative, Jesse r. Livermore. The
difference he said was chiefly over the
charging premiums on stock
loaned"
Prior to that action he said Mr..
Livermore had stated that he would
terminate his relationship with the
Memphis man because of alleged
rumors that Saunders had criticized
the manner in which the transactions
were being conducted but these
rumors Saunders declared were dis
proved.
Worked at 81 a Week.
Saunders, AZ, came to Memphis
about 20 years ago from GAINESVILLE,
Tenn, where he had been grocery |
clerk. His first job was as a clerk |
in a village grocery store while he
still was in his teens at a salary re-
ported to have been 81 week.
When h ecame here he was employed
Is salesman, later became a part
Ter in wholesale grocery firm and
Zen conceived the idea of the self |
service chain of retail stores system.
he first store of which was estab-
ished here about seven years ago.
1emphis newspapers recently inI
which class A common stock was
ffered to the public on part pay
nent plan at $50 share contained
hese phrases:
F1ayed Moneyed Interests
Shall the gambler rule? On a
Ugh horse he rides. Bluff is his
oat of mail and thus shielded is a
elbow heart. His helmet is deceit
is spurs clink with treachery and
he hoof beats of his horse thunder
Then shall good business flee?
hall it tremble with fear? Shall it
e the loot of the speculator?"
He said that his advertisements
'ere the special subject " criticism.
e was advised by Wa2 Street man,
S we'll as his idea of selling the stock
Or $55 when 1t was commanding a
,uch higher figure on the stock ex-
hange.
Mr.. Saunders denied a report that ]