Evening star., 1923-08-16
EXPECT SAUNDERS
RESIGNATION TO-DAY
Stockholders of PiggIy Wiggh
Do Not Support Him, Says
Grocery Magnate.
BY the Associated Press

BY the AssOcia ted Press
MEMPHIS, Tenn. August l6.-Thi
directors Of the Piggy Wiggly Cor.
poration, at a meeting scheduled fol
today, were expected to receive tn,
resignation of Clarence Saunders, tn,
president, following his announce.
ment to group Of local stockholde1
last night that he would resign BE-.
, fore the end of the present month
Mr.. Saunders who Monday retired
from the presidency of Piggly Wig.
Sly stores, Inc, after a long periot
OF dlSag reement with members of the
| poor which supported his sensa.
satlonal trading in that company:
STOCK in Wall street last April. an.
nounced last night also that he would
remove from Memphis. where he
founded the Piggy Wiggly business
ana seek some other city in which tc
eStaDllsh a new enterprise.
! Lacks support of Stockholders.
| Ihe decision announced last night
to a meeting Of stockholders Of Pig.
gly Wiggly Corporation, which as
| sembled at Mr. Saunders call, hac
i been reached the executive indicated
after conviction that the stockhold.
erS would not support his efforts tc
retain control Of the company
Inc PlGgly Wiggly Corporation
! which. as parent concern, owns the
| patents. collects the royalties from
/ ana manufactures and sells fixture.
! 90 tne stores company, faces the ne
/ CesSlty OF meeting a loan of $1,000.
! 900, collateral for which $4,000 shares
OF the stores company stocks is held
by. representatives of the new man.
agement of the subordinate concern
MI. saunders proposed that stock
! holders OF the parent company sur
render to him, in trust. one-half Of
thelr holdings. in order that, thus
supported, he might float a new loan
to meet the old obligation
Lack OF sympathy with this pro.
[ posal, Mr.. Saunders believed was in
dIcated by the failure of some of the
! largest local stockholders to attend
last nights meeting. The executive
had announced his intention of re-
| signing, speaking briefly then dis
missed the meeting before any reply
or comment was forthcoming on the
! part of stockholders who had at
tended.
Saunders Statement.
Mr.. Saunders did not Indicate what
city he would choose as a domicile
for his proposed further activities. or
that he had made decision in the
matter.
sMy friends have not responded
ne Sald. ana there Is nothlng lett
for me TO do but to resign and break
off my connection with Piggly Wig
gly. My creditors have my business
my home and my property. but
still have my hands and my head.
intend to leave Memphis and builG
me a business in some other city"
Five Months of Financial Storm.
! Resignation of Mr.. Saunders as
head of the Piggly Wiggly Stores
Inc. came Monday after five months
of financial storm, complicated By
differences between the president ant
me mbers of the pool which backed
him in the Wall street flyer in III.
companys stoc6 last April. In re
signing Monday Mr.. Saunders an
nounced his intention of fighting Il
retain control of the corporation, tn
parent concern. which owns the pat
entS and collects roy yalties OF th'
| store company.
His control of the Pigsly Wiggl!
corpora tion. he declared. was threat
ened by the new management of tn
stores company. which held bloci
of $4,000 shares in the stores com
pany. collateral for loan to the par
| snt company of s1.600.00o