124 MR. PARKER 



there might be a chance of placing a fair bet. But it 

 was no good, and at the last minute she was struck 

 out, whilst those who had forestalled us were led to 

 believe that she would not be run until the latter end 

 of the year. This had the desired effect, and to their 

 utter discomfiture we were enabled to back her for all 

 we wanted for the other three races named, all of which 

 she won. 



Mr. Parker was much blamed at the time for leaving 

 her in to the last moment. But he would have run her 

 if he could ; and as he could in no other way protect 

 himself, he adopted the only honourable course. With 

 respect to the Chester Cup, the mare ran in the Pala- 

 tine Stakes the first day, and was beat by Theodora, 

 much to our surprise and disappointment. Yet, as it 

 turned out, this was one of the most fortunate circum- 

 stances that could have happened for us ; for it drove 

 her from 5 to 1 to 20 to 1 in the betting for her race 

 (the Cup) next day. After thinking the matter out, I 

 said to Mr. Parker that her defeat in a mile and a 

 quarter by a fast mare like Theodora did not amount to 

 much after all ; for that she (One Act) was much better 

 at two miles and a quarter, a distance that many of her 

 opponents would not like. So I recommended him to 

 take 2,000 to 100 about her two or three times, as 

 he was sure to have good hedging before the start, as 

 well as a good race for his money. But he waited, and 

 could only get 15 to 1 to 200, for which he backed her. 

 She never reached a better price than 12 to 1, so neither 

 he nor I hedged a penny ; which we both should have 

 done had she come back to the old price, on the prin- 

 ciple that ' no bet is a good one until it is hedged.'* 



* Qy. How does the word ' hedge ' arrive at its meaning in a betting 

 sense ? 



