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This newspaper page contains 7 articles. Subscribers can read the full text of each article.
Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Apr 24, 1923
Page
7
January to March present year sales totaled 11 620 335 94 with net profits of 329 700 29 surpassing 50 percent of dividend requirements at 1.00 per share quarterly. Company expects higher fourth quarter earnings and larger dividend. calls on investors to join as partners against gambling on Wall Street.
The company proposes to raise capital to 500 000 shares of Class A Common Stock with no change to Class B shares. A 50 000 share sale is planned after authorization to pay bank loans and fund expansion. A treasury reserve of 250 000 Class A shares may be sold by the board as needed.
The document outlines Piggly Wiggly Stores Inc capital stock with 200 000 Class A and 50 000 Class B shares no par value. Class A holds priority in assets up to 50 per share on liquidation and $4 per share annual dividends, with $7 accrued dividends per Class A share currently due. Class B follows. both classes share beyond these. No bonded debt or outstanding preferred stock.
An individual writer offers a limited number of Class A shares at 55 dollars each with a 20 dollar down payment and 35 dollar balance due September 1 1923. Dividends of 1 dollar per share on September 1 and the 20th are paid to buyers. Purchases from 1 to 100 shares possible with immediate delivery if desired.
The audit of Home Office books and monthly reports for the year ended December 20, 1922 confirms the financial statement as correct after allowing for the proposed sale of 50,000 shares of Class A Common Stock. Signed by F B Leatham & Company CPAs, Memphis Tennessee, April 1825.
A historical overview of the PIGGLY WIGGLY chain recounts the Memphis founding in 1916, early store openings in Houston and Lake Charles, the 1920 reorganization, and rapid expansion to 663 stores by 1922. It notes profits, losses, capital plans, and dividend history for the company and its founder Clarence Saunders.
A historical notice lists officers and board members for a regional organization. It names President, Vice President, Secretary Treasurer Clarence Saunders, and Fletcher Scott among others, with directors including Interstate Trust & Banking Co in New Orleans, American Nations Bank in Nashville, Central Cigar & Tobacco Co. in Memphis, and managers across St. Louis Chicago and Washington with a centralized general office in Memphis for supervision and procurement. The text details district and town unit operation, independent local units, and centralized buying and contracting.
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