Evening star., 1923-03-22
$3.50 SHARE FACED
BY PIGGLY "SHORTS"
Continued from First Page1

my friends. or whether 1 should be
licked and pointed to as the BOOB
from Tennessee"
In a telegram to the New York
Stock Exchange. quoted In his state
ment, he chided the shorts for a
lack Of fair play and an Unwilling
ness to take their medicine" now
that the tables were turned. $4,000. :
600 OF his own money having been
Jeopardized during the onslaught on
Piggly Wiggly stock some months
back.
Tables Turned Now.
Il now apologize in advance for re-
verting to a situation some months
back, when there was a studendous
drive on this stock to force the price
down. when IL 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 any time ask you for
who are now short should be just as
game and take their medicine the
same as i took mine" said the tele-
gram.
He denied reports in New York
that he had violated an agreement
with the stock exchange to keep
available Il floating supply Of stock
to meet trading requirements. In his
statement he recited in detail his ver-
sion of dealings through his New
York brokers
Personally Took Charge.
He said he took over the direction
of his buying campaign in New York
personally and directed it from his
Office here when a difference arose
between him and his New York trad
ing representative. Jesse Livermore
The difference, he said. was chiefly over
the charging of 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 ru-
mors, Saunders declared, were dis
the manner in which the transactions
were being conducted. but these ru-
mors. Saunders declared, was dis
proved.
Saunders, now forty-two years old.
came to Memphis about twenty years
ago from Clarksville, Tenn, where he
had been a grocery clerk. His first
Job was as a CLERK in d village gro
Gerry store while he still was in his
teens at a salary reported to have
been 81 a week When he came here
he was employed as a salesman. later
became partner in wholesale
grocery firm and then conceived the
idea Of the self-serve chain retail
store system, the first store of which
was established here about years
ago.
Attacks In Ads.
Advertisements which appeared in
Memphis newspapers recently. when
Mr.. Saunders began a stock-selling
campaign in which class A common
stock was offered to the public on a
part payment plan at SIS a share
contained these phrases:
Shall the gambler rule On a high
horse he rides. Bluff is his coat Of
mail and thus shielded is a yellow
heart. His helmet is deceit-his
hoof-beats of his horse thunder
destruction. Shall good business nee?
Shall IL tremble with fear? Shall it
be the loot Of the sDeculator?"
He said that his advertisements
were the especial subject of criti-
cism. he was advised by wall
street man, as well as his idea of
selling the stock for S55 when il was
commanding much higher figure on
the stock exchange.
Took 100000 in Cash.
Thus the situation stood today, with
the next move necessarily to come
from traders who Sanders asserts
sold short" to the extent of $4,000
shares.
Mr.. Sanders has not made public
any estimate of the anticipated profits
to himself and his associates He de-
clared. however, that $10,00O.000 in
cash was required to handle his oper-
ations on the stock exchange. Mr.
Saunders statement last night was
the first break in the silence with
which he has met interviewers since
the spectacular happenings on Tues
day.
Wait" he told all questioners.