In the early 1920s Saunders began construction of a pink marble mansion in Memphis. Then, 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 from distant points and gave the shorts opportunity to deliver."