The New Yorker, June 6, 1959 P. 128
ANNALS OF FINANCE about Clarence Saunders of Memphis, who in 1919, founded the Piggly Wiggly Stores, a chain of retail self-service markets situated mostly in the South & West, with headquarters in Memphis. Saunders is remembered on Wall St. as the last man who engineered a real corner in a nationally traded stock. By 1922 the stores had flourished so that its shares were listed on the N.Y. Stock Exchange. When a group of bears began selling Piggly Wiggly short to force the price of the stock down, Saunders began a buying campaign to support the price of the stock in order to protect his own investment & that of other Piggly Wiggly stockholders. He supplemented his own funds with a loan of about ten million dollars from a group of bankers. His buying campaign was an attempt at a corner. The stock went up wildly, reaching a high of 124. At this point the Exchange suspended further trading & postponed the short sellers delivery deadline. This resul