Corner The Market
Many instructive articles and major works in the field of technical analysis and speculation lie
undisturbed on dusty back shelves, or have fallen into obscurity because they are no longer in print. As a
unique feature of this magazine and in line with our continuing commitment to offer our readers
instructive or practical material we will be reprinting classic stories and articles on speculation and
technical analysis culled mostly from private libraries. We feel this material, which is only available to
our subscribers, will be of interest and value as we are all reaching for practical insights and principles
which we can somehow employ in our analyses, programs and trading activities.
The following story is reprinted from the August, 1911 edition of The Ticker Magazine. The introductory
paragraph was penned by Richard D. Wyckoff, Editor and Publisher of the magazine.
The Story of the World's Greatest Corner
For breadth of conception, audacity of execution, and for the magnitude of the interested, no deal in the
history of speculative commodity markets ever equaled that run by Joseph Leiter in 1898 on the Chicago
Board of Trade. This young man, then under thirty, attempted to dictate the price of our chief breadstuff
all over the world—for a time he found it easy. Men of half a century's experience in the trade gave way
before him and he saw millions of profits to his credit—on paper. But man, proud man, dressed in a little
brief authority, is sadly subject to that insidious malady, a "swelled head. " Leiter forgot that, with all his
power, he was merely a chip on the stream of events, and concluded that he was the stream.
The following article was written immediately after the close of the deal by a man intimately connected
with it who got much of his information at first hand. It has never before been printed. Even the plain
facts as related make a fascinating and instructive story.