THE PRICE OF WHEAT 153 
unparalleled confidence led him to continue operating 
in adverse conditions, when the supply, which during 
the first ten months had been below the requirements, 
reached the usual consumption once more, and prices 
began to fall. The high prices during the earlier period 
of Leiter’s operations were not mainly the work of Leiter. 
The fundamental cause was a shortage in supply, and 
as long as this continued the operations were successful. 
The real influence of the manipulation was found in 
the disorganisation of the wheat market for some ten 
months with great fiuctuations in price, notably in 
December and May. 
Generally speaking, successful ‘‘corners’’ in wheat are 
impossible, owing to the magnitude of the purchases 
which must be made, the impossibility of concealing for 
long the existence of that syndicate, and finally, because 
as price goes up enormous supplies are rushed into the 
market. Thus, if a ‘‘corner’’ is discovered, and it is 
found that sufficient wheat is not forthcoming for the 
settlement of short sales on, say, the Chicago Exchange, 
big millers at Duluth or Minneapolis dump their large 
supplies on to the market. They realise high prices, and 
relieve the situation. They are then able to buy back 
considerable quantities of their own wheat, which they 
had sold previously, probably by telegraph. The wheat 
mever leaves their elevators, they are able to make a 
profit, and in almost all cases break up the attempted 
““eorner.”’ 
(f) Conclusion. — Our conclusion, after a somewhat 
cursory examination of a highly controversial subject, 
rests in favour of speculation. The net result is a 
balance of good from dealings in ‘‘futures.’’ Though 
there are certain temporary evils and _ pernicious 
practices in connection with such speculation, the most 
recent tendencies oi great price steadiness, of the 
growing perfection of the speculative machinery, and 
