Everybody has heard of the great Leiter deal. Joseph Leiter often made
$100,000 in a single day. In ten months he rendered things lively in
every great center of the world, and in this period of less than a year
he actually made $4,500,000. True, he lost it again, but the fact that
one could corner such a fortune in so short a time shows what may be
accomplished with courage and capital. The safest rule for small and
timid operators is to follow in the wake of these bold speculators, but
not too far. It may be laid down almost with the certainty of a logical
premise, that, when a man of vast resources and thoroughly familiar with
the field enters the market, he is bound to win at first, but bound to
lose if he presses things too far, because the tremendous stress
produces at last reactionary conditions which no manipulator and no
combination of speculators are able to face. It does not matter so much
whether you are a bull or a bear, if you can perform the difficult feat
of holding yourself in.