THE L. S. D. OF THE TURF. 



T. 



The question of greatest importance In connection 

 with horse-racing is — does it pay ? Does it pay 

 to breed horses or buy expensive yeadings, and run 

 them merely for the stakes which can be won ? 

 Certainly not ! The race-horses of the period 

 are mostly used for gambling with, and, on the 

 average, do not earn in stakes enough money 

 to pay trainers' bills and miscellaneous expenses. 

 It is chiefly as factors in the "great game" that 

 " yearlings " bring those extraordinary prices so 

 often chronicled. Horses of utility do not fetch 

 sensational sums as yearlings. Some of the 

 animals, however, which bring small prices at 

 the yearling sales may, if thought suitable, be 

 bought for hunters, or for the use of ladies. 

 Messrs. Sangers, of Astley's, have before now 

 bought horses of choice strains of blood to perform 

 in their circus. 



How can horses which cost two thousand 

 pounds and upwards be made to pay, except by 

 betting ? When an animal is not quite good 

 enough to figure as a Derby or Cup horse, he 

 may, as the phrase goes, be " bottled up " and 

 kept to win a large sum of money in a big 



