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.
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