john clay

The 1880s cattle boom seemed to promise a rich future for Alexander Swan, who amassed 4.5 million acres in southeastern Wyoming to graze 100,000 head. His extravagant tenure ended quickly—but the ranch lasted generations.

Grass was free and profits enormous in the cattle business in Wyoming Territory — for a while. The business dates to the 1850s, but the boom came after the Union Pacific Railroad connected Wyoming ranges to eastern markets. For a time it seemed as if every investor got rich. Finally, a weakening market and the overstocked range could not withstand two years of drought followed by a terrible winter. The big boom busted, following an economic pattern repeated many times since in an economy still based heavily on natural resources.