152 WHEAT PRODUCTION IN NEW ZEALAND 
Pardridge, in 1891-2, at Chicago. It so happened 
that, contrary to the expectations of leading statistical 
authorities, the supply of wheat was in abundance, and 
Pardridge, who persistently sold wheat at a time when 
a scarcity was anticipated, was able to buy back 
at very much lowered prices. But the success of the 
manipulation was due rather to the operation of natural 
conditions of demand and supply than to the speculator’s 
‘influence. The fall in price would have occurred without 
the influence of the manipulation. 
Manipulations are more often successful on a small 
seale, but for every successful attempt, and such are 
noticeable, there are numerous unsuccessful ones which 
pass unobserved. Manipulations of the market are less 
common in the produce market than in the stock 
market; they are confined within very narrow limits; 
they continue but a short time; the volume of trans- 
actions is small; and they have little effect on the general 
course of prices. 
On the ‘‘bull’’ side of the market such attempts at 
control of the market are more prevalent than on the 
““‘bear’’ side. ‘‘Bull’’ manipulations may culminate in 
*“corners.’’ A successful ‘‘corner’’ in wheat exists when 
the market is over-sold, that is, when the ‘‘bulls”’ 
have secured control of a considerable part of the local 
supplies, and have induced so much short selling that 
there are not sufficient supplies in the market to cover 
the volume of short contracts within the required time. 
The most noteworthy operations on this side of the 
market are those of a clique of ‘‘bulls’’ in 1897-8, headed 
by Joseph Leiter, a young man with unlimited self- 
confidence, with an unusual capacity for appreciating 
and comprehending extensive business situations, with 
amazing audacity, and lastly, and of great importance, 
an unlimited supply of capital. At first the operations 
were successful, but Leiter’s boundless ambition and 
