The Birmingham age-herald., 1923-03-25
SAUNDERS |SSUES'
 NEW DEFIANCE TO. NE w YORK MARKET
Will Not Sell Any More PiggIy WiggIy Stock at S100
 Per Share

Associated Press )-CiarenCe Saun- ders, awaiting settlement of shorts" caught in the jam when trading in Piggly Wiggly Stores, Inc, of which Saunders is the head, was stopped by the New York Exchange Tuesday after day of wide fluctuations. will decline to accept in settlement at this late day any of the stock sold under his "s100 a share" offer of yesterday.
 sued late today, held the offer of 1 yesterday was a "one day proposal and those still short cannot nov make settlement with that stock. h support of his stand Saunders cited a provision of the constitution of pr ohibits members from trading in a suspended stock, either on or off the exchange under pain of expul- sion.
 Trading Stopped Tuesday. The board of governors of the exchange ordered trading in Piggly Wiggly suspended Tuesday and since has stricken it from the board" T do not intend to accept a single share of the more than 23,o00 shares still due me until detailed proof is furnished. through the New York Stock exchange and the records and books of broker has been eX- hibited anN verified as to the num- her of shares they really had on and for delivery at the time of my call,' Saunders said.
 Mir. Saunders announced he had employed the law firm of Ewing, Alley & Voohees and Joseph Dros- kauer, New York lawyers, as addi- tional counsel to aid in effecting settlement of his accounts with the short interests.
 q A A
 Hires New CounceI.
 E. W. Bradford of Washington, heretofore has acted alone as coun- sel for Mir. Saunders in New York
 MT. Saunders in making public his intention to combat any effort to tender the stock bought yesterday again bitterly denounced the action of the stock exchange in extending the time of settlement and generally the system of handling the situation which grew out of the flight of Piggly Wiggly
 Its up to the Congress of the United States to enact proper leeis- lation that will make the law of the land supreme over the doings and acts of the New York Stock ex- change" Saunders said in his state ment.
 MOST OF .sHoRTHs.o NOW
 HAVE STOCK. REPORT.
 NEW YORK. March 24.-The ex- tent of the short interest in Class A Inc. variously estimated from 1000 to 25,o00 shares, will remain a mys- tery until Monday. when final deiiv- cry must be made under the New York stock exchange ruling.
 Despite the statement of Clarence Saunders. president of the -Piggly Wigsly Corporation, in Memphis, Tenn, that settlement had been made with him on only 140 shares, it was generally. felt among brokers that practically all of those who weus caught short when trading on the "big board was suspended Tuesday, now are in possession of stock and Will deliver it Monday.
 Over Counter Trnde~ Active.
 It was pointed out that over the counter trading in the stock has been fairly active since Tuesday and that most of the sales undoubtedly were for the account of customers who were short. While no estimate as to the number of shares belonging to Mr. Saunders that were released yes terday on his offer of $1O0 a share was available. the National Bank of Commerce where the stock was held, confirmed telegraphic dispatches stating that no further stock would be released from that source for the benefit of the shorts "at any price"
 It is believed that most of the shorts intend to take full advantage of the extension of time for settle ment to Monday and that final settle ment will be made on that day. Inquiries Infrequent.
 One sale of 50 shares at s97 share was reported by an outside brokerage house, which statetf that inquiries for the stock today were infrequent. This house said that slackened demand for the stock was generally construed as meaning the shorts have the stock ready for phy- sical delivery Monday.
 Officials of the stock exchange withheld comment on MT. Saunders statement that he intended to enter suit against the exchange and his defiance of Wall street.
 E. W: Bradford, counsel for MT. Saunders. departed this afternoon for his home in Washington. He will re- turn Monday to be present for the final accounting, he said. He de- clined to say what legal steps were contemplated by Mir. Saunders, but said he agreed heartily with his clients protest against the stock ex- changes action in extending the time limit in which the shorts might set tie their accounts.