Observations in six horses with heaves established a clear relationship between attacks of heaves and the feeding of hay. Severe acute attacks were accompanied by striking changes in the eosinophil count and the sedimentation rate. The variation in the severity of heaves in relation to the feeding and withholding of hay is accounted for by assuming that attacks result from a transient, obstructive lesion in the bronchial tree or lung caused by hypersensitivity to some component of hay. The observations strongly suggest that heaves is a respiratory allergic disease in the horse. The relation of heaves to pulmonary emphysema in the horse is discussed.