The Pamphlet Collection of Sir Robert Stout: Volume 47
"The prices of cattle steadily advanced in the Chicago market from February, 1867, from 3.50 dollars to 7.50 dollars per 100 lb. gross, to from 5.00 dollars to 9.00 dollars per 100 lbs. gross, by April 1st of that year, which was at a period to stimulate a very active drive of Texan cattle. The same market on May 1st, 1868, had established a decline of 1 cent all round per 100 1b. gross; but the market in February, 1868, continued into March, was good, the range of prices ran from 4 dollars to 8.50 dollars, which was at a period to influence an active drive for 1868. The late winter and spring market of 1869 was not so satisfactory. Prices started in February at from page 94 4.00 dollars to 8.30 dollars, steadily shrinking throughout that year, inducing a less proportionate supply going into the hands of feeders, and checking to some extent the drive of Texan cattle, resulting in a rapid advance, and reaching in April of 1870 from 4.50 dollars to 9 dollars per 100 lbs. gross—these values continued up to August 1st.
"The operation of feeders of cattle for the market of 1870, was, perhaps, the most profitable to them as a class in our history, and begat a partial insanity that did not stop to reason out the consequences."