NATURE OF BUSINESS OF SHEEP FEEDING 359 



Second, the supply of feed in the regions where feeding is done. 

 If there is a heavy supply of feed, prices are likely to be high for 

 feeders and low for the finished animals. Whenever there is an 

 abnormally large supply of feed inexperienced persons are inclined 

 to take up feeding. As a rule they are wanting in discrimination, 

 both in buying and in selling. They boost the prices for feeders 

 and depress the prices for fat sheep and lambs. 



A large supply of feed does not necessarily indicate that one 

 should not engage in feeding. But it does indicate the need of 

 exercising care in buying and of planning to avoid the probable 

 weak spots on the market. If there is a hungry demand for feeders 

 to eat off a fall growth, it is probable that there will be a heavy run 

 back to market late in the autumn or early in the winter. In such 

 a season one should plan to market his animals late in the winter or 

 during the spring months. 



Third, the supply of other meat animals. If there is a scarcity 

 of cattle or of swine, one may be reasonably sure of a good market 

 for sheep. This is not always a safe indication because some ab- 

 normal situation may exist which causes such a heavy marketing 

 of sheep as to be detrimental to prices. 



Fourth, the price of wool. Undoubtedly high prices for wool 

 tend to stimulate the prices for fat sheep because the packer is 

 anxious to handle the wool of the sheep sent to slaughter. If the 

 prices of wool were low the prices offered for feeders would be some- 

 what lower. 



Fifth, the general prosperity of the people. If the prosperity of 

 the people is threatened, prices for sheep and lambs are likely to be 

 on a low level. Owing to the flurry in Wall Street late in the 

 autumn of 1907, the prices for mutton and lamb were low through- 

 out the following winter. It has been said that mutton and lamb 

 are for the tables of the rich, but adverse financial conditions in- 

 dicate that they are also for the tables of the salaried and wage- 

 earning classes. 



Sixth, the general level of meat prices. Meat can soar too much 

 in price. After it reaches a certain point, people begin to refuse to 

 buy and the result is a lowering of prices. The level of meat prices 

 is a consideration only for the very near future. That is, if one 

 should be feeding a band of lambs that is just about ready to 

 market, and should the market be growing stronger each week, 

 attaining higher and higher levels, it is best not to be too optimistic 



