By 1838, competition for beaver pelts was beginning to exhaust the streams, and the law of diminishing returns was making itself felt in the Rocky Mountain fur trade. Nevertheless, after the rendezvous of that year, the field commanders of the company assembled their trappers for another invasion of the Jackson’s Hole country. Again Osborne Russell illuminates the scene:

I started, with about thirty trappers, up Wind River, expecting the camp to follow in a few days. During our stay at the rendezvous it was rumored among the men that the company intended to bring no more supplies to the Rocky Mountains, and discontinue all further operations. This caused a great deal of discontent among the trappers and numbers left the party. 21st—We traveled up Wind River about thirty miles and encamped. 22nd—Continued up the river till noon, then left it to our right, traveled over a high ridge covered with pines, in a westerly direction about fifteen miles, and fell on to the Grosvent Fork. Next day we traveled about twenty miles down Grosvent Fork. 24th—Myself and another crossed the mountain in a northwest direction, fell on to a stream running into Lewis Fork, about ten miles below Jackson’s Lake. Here we staid and trapped until the 29th. Then we started back to the Grosvent Fork, where we found the camp, consisting of about sixty men, under the direction of Mr. Dripps, with James Bridger pilot.

The next day the camp followed down the Grosvent Fork to Jackson’s Hole. In the meantime myself and comrade returned to our traps, which we raised, and took over the mountain in a southwest direction and overtook the camp on Lewis Fork. The whole company was starving. Fortunately I had killed a deer in crossing the mountain, which made supper for the whole camp. Aug. 1st—We crossed Lewis Fork and encamped and staid the next day. 3d.—Camp crossed the mountain to Pierre’s Hole and the day following I started with my former comrade to hunt beaver on the streams which ran from the Yellowstone....

Trapper train in Teton Pass.

Russell’s side trip appears to have been made cross country from near the Cottonwood Creek tributary of the Gros Ventre over the foothills of Mt. Leidy to Spread Creek, where he set traps, then back along this same route to Bridger’s camp on the Gros Ventre, then back to Spread Creek, and later down the Snake River, rejoining the main camp near the mouth of the Gros Ventre. Russell’s account of the main expedition fits in very well with the brief entry in Newell’s diary—“up Wind River into Jackson’s Hole, on to Pier’s Hole.” Another trapper present was young Jim Baker, famous Wyoming pioneer, who was making his first visit to the mountains.

An entry in Russell’s journal indicates that a party of trappers from Fort Hall reached Yellowstone Lake in 1838. Meek alleges that he went alone to Gardner’s Hole after the rendezvous and later to Burnt Hole, the neighborhood of Hebgen Lake. Here he left a joking message on a buffalo skull.

Some evidence of wintering in Jackson’s Hole is given by Robert Newell:

Capt. Drips left in December for Wind River with his camp. Capt. Walker remained on Green River with a small party, where we are now. Snow about one foot. January 26, 1839, buffalow scarce. I spent last Christmas in Jackson’s Hole. We spent the balance of the winter down on Green River, over on Ham’s Fork, the spring commencing to open the first of March, 1839.

Kit Carson writes:

On the return of Spring we commenced our hunt, trapped the tributaries of the Missouri to the head of Lewis Fork, and then started for the rendezvous on Green River, near the mouth of Horse Creek....