With the first appearance of grass, all the surplus horses were ordered down to Texas from the company ranch. There was a noticeable lull at the cattle convention that spring, and an absence of buyers from the Northwest was apparent, resulting in little or no trouble in contracting for delivery on the ranch, and in buying on company account at the prevailing prices of the spring before. Cattle were high enough as it was; in fact the market was top-heavy and wobbling on its feet, though the brightest of us cowmen naturally supposed that current values would always remain up in the pictures. As manager of the new company, I bought and contracted for fifty thousand steers, ten herds of which were to be driven on company account. All the cattle came from the Pan-Handle and north Texas, above the quarantine line, the latter precaution being necessary in order to avoid any possibility of fever, in mixing through and northern wintered stock. With the opening of spring two of my old foremen were promoted to assist in the receiving, as my contracts called for everything to be passed upon on the home range before starting the herds. Some little friction had occurred the summer before with the deliveries at the company ranch in an effort to turn in short-aged cattle. All contracts this year and the year before called for threes, and frequently several hundred long twos were found in a single herd, and I refused to accept them unless at the customary difference in price. More or less contention arose, and, for the present spring, I proposed to curb all friction at home, allotting to my assistants the receiving of the herds for company risk, and personally passing on seven under contract. The original firm was still in the field, operating exclusively in central Texas and Pan-Handle cattle. Both my ranches sent out their usual contribution of steers and cows, consigned to the care of the firm, which was now giving more attention to quality than quantity. The absence of the men from the Northwest at the cattle convention that spring was taken as an omen that the upper country would soon be satiated, a hint that retrenchment was in order, and a better class of stock was to receive the firm's attention in its future operations. My personal contingent of steers would have passed muster in any country, and as to my consignment of cows, they were pure velvet, and could defy competition in the upper range markets. Everything moved out with the grass as usual, and when the last of the company herds had crossed Red River, I rode through to the new ranch. The north and east line of fence was nearing completion, the western string was joined to the original boundary, and, with the range fully inclosed, my ranch foreman, the men, and myself looked forward to a prosperous future.