I am not surprised that John Clay came out and took over the ranch and holdings of the Swan Land & Cattle Company in 1886. but I am surprised that he could make anything out of the wreck. Under his management, however, the Two-Bar is a most substantial institution. Clay says: "Still sticking by the ship. I found many of the faithful old cowboys of better days. There was Billy Hooker,

and Al Bowie, and Harry Haig, and Duncan Grant, and Dave Morris, and Rufe Rhodes, and Frank Shiek, and Ed. Banks."

"Bleaching bones littered many a trail, and told the story of disaster."

Book value where livestock should have been, and dead cattle, where originally were live ones. What was there to do but make the best of a tremendously bad situation. John Clay has done that in a manner that few others could have done.

The Swans went the way of other big companies. A few held their herds together and went to other ranges, one or two other, particularly the Bay State and the Union Land & Cattle Company, acquired landed possessions that eventually pulled them out of the hole.

The Ogallala was one that went into Wyoming with the herds, and Paxton pulled that company through in due time, and good shape.

FREWEN'S RANCH EXPERIENCE -- HANGING OF BILLY NURSE BY VIGI- LANTES--HOLDING UP DOC. M1DDLETON -- DEATH OF THE FAMOUS CHARACTER

About the time that Mills and Bullock and others, were putting in their herds a few hundred cows around Fort Laramie, the big herds began to arrive from Texas.