Clarence Saunders (LOC)

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When: 01 January 1920

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Bain News Service,, publisher.

Clarence Saunders

[between ca. 1920 and ca. 1925]

1 negative : glass ; 5 x 7 in. or smaller.

Notes:
Title from unverified data provided by the Bain News Service on the negatives or caption cards.
Forms part of: George Grantham Bain Collection (Library of Congress).

Format: Glass negatives.

Rights Info: No known restrictions on publication. For more information, see George Grantham Bain Collection - Rights and Restrictions Information www.loc.gov/rr/print/res/274_bain.html

Repository: Library of Congress, Prints and Photographs Division, Washington, D.C. 20540 USA, hdl.loc.gov/loc.pnp/pp.print

Part Of: Bain News Service photograph collection (DLC) 2005682517

General information about the George Grantham Bain Collection is available at hdl.loc.gov/loc.pnp/pp.ggbain

Higher resolution image is available (Persistent URL): hdl.loc.gov/loc.pnp/ggbain.35656

Call Number: LC-B2- 5953-7

Info:

Owner: The Library of Congress
Source: Flickr Commons
Views: 8610
libraryofcongress dc:identifier=httphdllocgovlocpnpggbain35656

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  • profile

    swanq

    • 05/Mar/2021 21:21:19

    en.wikipedia.org/wiki/Clarence_Saunders_(grocer) "Clarence Saunders (9 August 1881 – 14 October 1953) was an American grocer who first developed the modern retail sales model of self service. His ideas have had a massive influence on the development of the modern supermarket. Saunders worked for most of his life trying to develop a truly automated store, developing Piggly Wiggly, Keedoozle, and Foodelectric store concepts." "in early 1923, a group of franchised outlets in New York failed. Merrill Lynch and other speculators on Wall Street attempted a bear raid on the price of Piggly Wiggly stock, gambling the price would fall. With a loan of $10 million from a number of Southern bankers, plus a bit of his own money, Saunders counteracted with a corner, buying a large amount of Piggly Wiggly stock in hopes of driving up the price. He flamboyantly declared his intent in newspaper ads. Saunders bought Piggly Wiggly stock until he had orders for 196,000 of the 200,000 outstanding shares. The firm's share price went from a low of $39 in late 1922 to $124 by March 20, 1923. Pressured by the 'bears', the New York Stock Exchange declared a 'corner' existed (see cornering the market), and gave the 'bears' five days rather than 24 hours to deliver the stock Saunders had bought. The additional time meant "a flood of stock poured [in] from distant points and gave the shorts opportunity to deliver." Evening Star. February 22, 1923, Page 5 chroniclingamerica.loc.gov/lccn/sn83045462/1923-02-22/ed-... is a full page offering to buy Piggly Wiggly stock.

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    Melissa (LOC P&P)

    • 11/Mar/2021 21:10:59

    Thanks, https://www.flickr.com/photos/[email protected]. We'll add some details to the online record.