He took out a loan for $10 million (about $150 million today) and went on a buying spree. It didn’t deter him that, aside from his existing holdings of Piggly Wiggly stock, he had never before traded a single share of any stock on the New York Stock Exchange. He decided that he would “break Wall Street” by buying Piggly Wiggly stock and driving the price back up. In recounting this episode, I’ve drawn from that book as well as contemporaneous newspaper and magazine accounts.) Wall Street was swooping down on Piggly Wiggly “like an eagle on a chicken,” Saunders thought. (John Brooks tells the story of Saunders’ battle with the short sellers in his book Business Adventures: Twelve Classic Tales From the World of Wall Street.
When Saunders learned about these short sellers, he was livid. Although this was no fault of Saunders’ or his company’s, some big Wall Street traders sensed that the stock might be vulnerable and that they could make a tidy profit by selling it short-that is, by borrowing shares to sell high, rebuying them when the stock dropped, and pocketing the difference when they returned them. But in the fall of 1922, several independent franchises in New York, Connecticut, and New Jersey went bankrupt. With steady revenues and rising profits, Piggly Wiggly became a reliable security to own. The success of Piggly Wiggly caught the eye of Wall Street, and in February 1922 the New York Stock Exchange listed its stock for trading. Saunders named the house “Cla-Le-Clare” after his children, but everyone in Memphis just called it the Pink Palace because of its pink marble facade. Among his purchases was a 160-acre plot of land outside Memphis, where he started building a mansion that was to include a waterfall, a bowling alley, and an 18-hole golf course with one hole located on its own island. And when it came to spending his money, Saunders had opulent tastes. This design is 9878 stitches, and fits in a 5" X 7" hoop.As Piggly Wiggly expanded, Saunders became rich. This unique and creative design has been carefully thought of and designed just for your enjoyment and for your artistic freedom to create amazing embroidery gifts, home decor, and projects for yourself, clients and friends! Windmill Designs is excited to provide Piggly Wiggly Machine Embroidery Design in all the popular embroidery design formats that will work with your embroidery machine. Due to global piracy policies, no refunds are available for electronic data files of designs unless proven to be defective and cannot be corrected.Įmbroidery Design Piggly Wiggly Machine Embroidery Design from Windmill Designs in all popular formats including ART, DST, EXP, HUS, PES, XXX and many more. Windmill Designs will not be held liable for any monetary losses or consequential damages as a result of using this design.
You must have written consent to mass market items using this design. Items with this design sewn onto the product may be sold commercially with limitation. Piggly Wiggly Machine Embroidery Design Embroidery Designīy licensing this design you agree to these terms: This design is copyright protected by Windmill Designs and may not be distributed, altered or unaltered in any format outside of or directly from Windmill Designs.
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