Business Adventures: Twelve Classic Tales from the World of Wall Street. Chapter 8. The Last Great Corner

这章详细讲述了克拉伦斯·桑德斯在1923年操纵Piggly Wiggly连锁商店股票的故事，这是最后一次在全国交易的股票上出现的真正的“轧空”。文章首先以1958年发生的E. L. Bruce公司偶然的准“轧空”事件作为对比，强调了现代股票市场受到多么严格的监管，使得人为的“轧空”几乎成为不可能。 接着，本章深入探讨了“轧空”的历史以及20世纪初华尔街的金融运作，当时这类事件更为常见。康茂德·科尼利厄斯·范德比尔特的成功“轧空”，尤其是在哈莱姆铁路股票上的操作，被认为是无情操纵的例子。1901年灾难性的北方太平洋铁路“轧空”引发了全国性的恐慌，以及1920年艾伦·A·瑞恩对斯图茨汽车公司的“轧空”失败，进一步说明了此类计划的潜在风险和后果。 克拉伦斯·桑德斯是Piggly Wiggly连锁商店的创始人，他被描述为一个来自田纳西州孟菲斯的浮夸、白手起家的人，善于宣传，喜欢炫耀财富，比如他那座未完工的“粉红宫殿”。尽管他取得了成功，桑德斯却有一个致命的缺点：他坚持认为自己是个“乡巴佬”，这常常导致他做出幼稚的决定。 Piggly Wiggly的“轧空”起因于几家以相同名称运营的小公司进入破产管理程序，这为做空Piggly Wiggly Stores Incorporated的股票创造了机会。卖空者散布母公司即将倒闭的谣言，压低了股价，促使桑德斯发起反击。 最初，桑德斯的目标只是为了支撑Piggly Wiggly的股价。他从一群南方银行家那里获得了一笔1000万美元的贷款，并聘请了著名投机商杰西·L·利弗莫尔担任他的幕僚长。桑德斯开始积极购买Piggly Wiggly的股票，抬高了股价，令卖空者感到不安。他那措辞激烈的报纸广告，抨击华尔街赌徒，进一步激化了局势。 随着桑德斯购买攻势的加强，有传言称Piggly Wiggly在芝加哥被“轧空”了。尽管纽约证券交易所否认了这一点，但这种可能性似乎启发了桑德斯，促使他采取了一种独特的策略。他以每股55美元的价格向公众出售5万股Piggly Wiggly股票，即使当时该股票的交易价格更高。这似乎慷慨得有些愚蠢，但其中却有玄机。 桑德斯将股票销售设计为分期付款，首付25美元，之后分三期付款。在最终付款之前，他保留股票的所有权，从而阻止了买家出售股票，补充市场流通量。这种非正统的做法让利弗莫尔都感到不确定。 最终，利弗莫尔退出了Piggly Wiggly的运作，他对桑德斯的策略以及可能引发的市场崩盘感到不安。桑德斯没有被吓倒，继续实施他的计划。1923年3月20日，他设下的陷阱启动了，他要求交付他所有的Piggly Wiggly股票。由于几乎所有可用的股票都掌握在他的手中，卖空者发现自己被逼到了绝境。 股价飙升，一度达到124美元，之后纽约证券交易所介入。由于担心北方太平洋铁路恐慌重演，管理委员会暂停了Piggly Wiggly的交易，并延长了卖空者的交割期限。 延长交割期限对桑德斯的“轧空”是灾难性的。卖空者获得了更多的时间，得以从“场外”市场的私人投资者那里找到股票。由于无法以250美元的价格出售Piggly-Wiggly，桑德斯不得不降至100美元。 桑德斯债台高筑，手中握有大量股票，被迫辞去Piggly Wiggly Stores总裁的职务。他宣布破产，但他那不屈不挠的创业精神依然存在。他继续创办新的连锁超市，但没有取得同样的成功。桑德斯于1953年去世，当时他仍在经营Kedusal超市。尽管他在操纵股市的尝试中失败了，但克拉伦斯·桑德斯仍然是华尔街和美国商业史上一个不朽的人物。

This chapter details the story of Clarence Saunders and the last real corner in a nationally traded stock, Piggly Wiggly Stores, in 1923. It begins by highlighting the more recent, accidental near-corner of the E. L. Bruce Company in 1958 as a point of comparison, emphasizing how regulated modern stock markets have become, making intentional corners virtually impossible. The chapter then delves into the history of corners and the financial machinations of Wall Street in the early 20th century, where such events were more common. Commodore Cornelius Vanderbilt's successful corners, particularly in Harlem Railway stock, are cited as examples of ruthless manipulation. The disastrous 1901 Northern Pacific corner, which triggered a national panic, and Alan A. Ryan's failed Stutz Motor Company corner in 1920 further illustrate the potential risks and consequences of such schemes. Clarence Saunders, the founder of Piggly Wiggly Stores, is introduced as a flamboyant, self-made man from Memphis, Tennessee, with a knack for publicity and a penchant for extravagant displays of wealth, like his unfinished "Pink Palace." Despite his success, Saunders possessed a tragic flaw: his insistence on viewing himself as a "hick," which often led to naive decisions. The Piggly Wiggly corner arose when several smaller companies operating under the same name went into receivership, creating an opportunity for a bear raid on Piggly Wiggly Stores Incorporated stock. Short sellers, spreading rumors of the parent company's impending failure, drove the stock price down, prompting Saunders to launch a counter-offensive. Initially, Saunders' goal was simply to support the price of Piggly Wiggly stock. He secured a $10 million loan from a group of Southern bankers and enlisted the help of Jesse L. Livermore, a renowned speculator, as his chief of staff. Saunders began buying Piggly Wiggly shares aggressively, driving the price up and unnerving the short sellers. His colorful newspaper advertisements, lambasting Wall Street gamblers, further fueled the situation. As Saunders' buying campaign intensified, rumors emerged that Piggly Wiggly was cornered in Chicago. Though the New York Stock Exchange denied it, the possibility seems to have inspired Saunders, leading him to a unique strategy. He offered 50,000 shares of Piggly Wiggly stock to the public at $55 a share, even though the stock was trading at a higher price. This seemed like generosity to the point of folly, but there was a catch. Saunders structured the stock sale on an installment plan, with a $25 down payment and three subsequent installments. He retained possession of the stock certificates until the final payment, preventing buyers from selling the shares and replenishing the floating supply. This unorthodox approach left even Livermore uncertain. Eventually, Livermore bowed out of the Piggly Wiggly operation, uncomfortable with Saunders' tactics and the potential for a market crash. Undeterred, Saunders proceeded with his plan. On March 20th, 1923, he sprung the trap, calling for delivery of all his Piggly Wiggly stock. With almost every available share under his control, the short sellers found themselves squeezed. The stock price soared, reaching $124 before the New York Stock Exchange intervened. Fearing a repeat of the Northern Pacific panic, the governing committee suspended trading in Piggly Wiggly and extended the short sellers' delivery deadline. The extension of the deadline was catastrophic for Saunders' corner. Short sellers, with more time, were able to find shares from private investors in the "over-the-counter" market. Deprived of the opportunity to sell Piggly-Wiggly for $250, Saunders had to reduce to $100. Saunders, deeply in debt and encumbered with a mountain of stock, was forced to resign as president of Piggly Wiggly Stores. He declared bankruptcy, but his entrepreneurial spirit remained unbroken. He went on to start new grocery chains, though without the same level of success. Saunders died in 1953, still working on the Kedusal grocery store. Despite failing in his attempt at cornering the stock market, Clarence Saunders remains an enduring figure in the history of Wall Street and American business.