-IG- 
factor in determining what kind of sheep shall be fed. In general, 
the price of sheep is lowest in November. The price gradnally rises 
through the winter, about in proportion to the value of the wool on 
the sheep. The February price is about twenty-live cents higher than 
the November price. The market price in the great centers, which 
is entirely governed by the Chicago price, is also lowest in November. 
There are almost no lambs marketed in the fall. The old sheep of 
the eastern states, where there is good pasturage, are easily fattened 
by November, if fed a little corn in September and October. 
As there is always a large number of old ewes to be turned off at this 
time of the year, the market is usually supplied with fat sheep at a 
low price. The price gradually rises from then to the first of June. 
The lamb market can hardly be said to open before the first of Jan¬ 
uary. During January, February, and March the market is supplied 
from the East westward. In other words, the country east of the 
Mississippi and Missouri rivers, sells out its mutton from January 
1st to April 1st; inNebraska and Kansas, from March 1st to the 
middle of April; and Colorado sheep from April 1st to June 1st. 
The progression ^ is due to two causes: feeding and weather. 
Sheep east of the Mississippi river are well fed all the time. The 
lambs are dropped early, and when taken off the pasture a short 
period of grain feeding fits them for market. The owners know that 
the price will be higher later in the winter; yet they can not afford 
to hold their sheep after they are once fat. Another reason is the 
weather. A fat sheej) will stand cold without inconvenience, but wet 
weather is hard on them. 
Through the sheep-feeding districts of the Mississippi valley east 
of the Missouri river, February and March are wet, cold, disagree¬ 
able, and unhealthy months for sheep. The feeders intend to hold 
their sheep as long as possible, but they have to dispose of them be¬ 
fore the first of April. From Nebraska westward the amount of 
rain is so small as not to interfere with feeding. So far as weather 
is concerned, sheep can be carried in Colorado through to the first of 
June. It will be seen that the Colorado sheep feeder is at a disad¬ 
vantage if he undertakes to raise sheep for the December and Jan¬ 
uary markets; but he has the May markets all to himself. 
The prices do not vary much on the Chicago market from Novem¬ 
ber 1st until the eastern sheep are fairly well cleaned out. The east¬ 
ern men have to sell, and the Chicago buyers know it. As soon as 
the supply from the east begins to decline, prices rise and reach a 
high point when Iowa sheep cease to appear on the market. From 
that time on until June the market remains nearly stationary for a 
given grade of sheep: but, as the Colorado sheep are continually get¬ 
ting fatter, the average price received gradually rises to the end of 
the season. As this point is one of vital importance to the Colorado 
feeder, the market prices at Chicago for the last four years have been 
