otter hides for $160,700. Swan figures that with the four years ending with 1802, forty-eight thousand five hundred skins were sold. Sturgis states that he knew a capital of $50,000 to yield a gross income of $284,000. He relates that he had collected as high as six thousand fine skins in a single voyage and once secured five hundred and sixty of the best quality in one day. The Indians, however, learned to become very expert traders, and as they discovered the eagerness with which the whites sought their furs, they raised the price. They became, moreover, very capricious and unreliable, so that the phenomenal profits could no longer be obtained.
The stage of the history of the fur-trade of which we have thus far spoken may be called its first era of a free-for-all rush to the new seas, with no vast moneyed interests in any position of leadership. But commercial conditions were already in existence which were bound to reverse the situation.
Great operators, gigantic companies, foreshadowings of the great trusts of the present, with monopolistic aims, were seeking the ear of the British Government, while enterprises, larger, though not so monopolistic, were rapidly forming in the United States. The great monopolies of Europe had indeed existed long prior to the period of the Oregon fur-traders. As far back as the beginning of the sixteenth century, De Monts, Pontgrave, Champlain, and other great French explorers had secured monopolies on the fur-trade from Louis XIII. and his minister, Richelieu. Later La Salle, Hennepin, D'Iberville, and others had the same advantages. The St. Lawrence, the Great Lakes, and the upper Mississippi were the great
