WHO SETS THE MARKET? 1S7 



resolved on a particular occasion to try a practical 

 joke on the assembled bookmakers. lie arranged on 

 two different days that a ' pal ' of his should try to 

 ' set the market,' and he succeeded in doing so. In 

 one of the races agreed upon, four horses were ulti- 

 mately numbered on the board ; and as soon as the 

 third one was placed, the person in question shouted 

 in the usual stentorian fashion, * Five to two on the 

 field !' ' Yes,' replied a group of bookmakers near 

 him, 'five to tvvo on the field;' and, extraordinary as 

 it may seem, the large fiock of professional miCn who 

 were present went on with their business on the foun- 

 dation tluis given, whilst it was really a case of 'even 

 money' being the proper price as regards one of the 

 horses compct'ng ni the race, the one which, in this 

 event, actually won the race, and the owner of which 

 was so surprised at the liberal nature of the odds 

 offered, that he at length became chary of accepting 

 the price, thinking the bookmakers knew 'something' 

 against the horse that he was unacquainted with. 



The other was a very marked case, and showed con- 

 clusively that the rank and file of bookmakei's bet by 

 practice, and disregard principle. The saroe tactics 

 were adopted : a field of seven horses was displayed on 

 the board ; and just before it was hoisted into its 

 position, the sliam bookmaker, pencil in hand, bawled 

 out, 'I'll take odds !' which meant that the backers of 

 the horse which was thus made favourite Avould have 

 to risk £G to win £4 — 'I'll take six to four' being 

 shouted all over the paddock ; and there were plenty of 

 inconsiderate fools who backed the favourite at the rate 

 of odds mentioned, while in reality the figure should 



