CHAPTER XVII. 



THE TURN OF THE TIDE. 



On the surface there was still great appar- 

 ent enthusiasm on the basis of the extraordi- 

 nary range of values already established, but 

 the trade of 1876 developed indications that 

 the market was becoming "top heavy." As 

 is usual in the case of all such extensive 

 speculations there had been a great expansion 

 of credits. Notes given for cattle bought at 

 high prices were beginning to mature. Such 

 paper now became the subject of closer scru- 

 tiny at the hands of prudent bankers, and this 

 fact marked the beginning of the end of the 

 most astounding trade in pedigreed cattle to 

 be found in agricultural history. The decline 

 at first was neither sudden nor severe, and for 

 several seasons great prices were occasionally 

 obtained. In fact average values held up well 

 under heavy offerings, but nevertheless the 

 waters of speculation were now palpably re- 

 ceding. Space admonishes that we must deal 

 more briefly with the details of the transac- 

 tions attending the subsidence of the "boom," 

 and we shall therefore in this chapter only 



