WHO SETS THE MARKET f ' 1S9 



cillers, such as Fry or Peecli ; and then tliera cute 

 ones send their agents round the ring, and get their 

 money back by backing the horse with the Httle men, 

 taking a bit for themselves if they think the horse a 

 likely one to win. If three or four owners each back 

 their " <^ee'^QQ " to win " the odds," to a monkey or two, 

 the price is sure to come to a short figure ; and that's 

 how it all comes about,' 



An old-fashioned bookmaker gave the following 

 explanation of how. the prices are fixed : * No Liyer of 

 the odds needs to trouble himself about the matter, 

 for the best of all reasons — namely, that the public 

 make their own prices. I shout, "The field a pony" ; 

 and when a backer comes up, I say, " Even money," 

 against his choice, no matter what horse he names. 

 Should he take the price, then I think he knows 

 something, and in less than a minute there will be a 

 favourite made. After that the rest is easy enough : 

 I just try to bet round, so as to be safe ; and occasion- 

 ally, as you know, one that has not been backed for a 

 penny romps home to the winning-post, and the race 

 is over.' 



So far as they go, the foregoing remarks give a 

 pretty fair explanation of how the odds are fixed ; but 

 ■what has to be made still |)lainer is the great fact 

 that ' the market,' in the majority of instances, does 

 not represent with any degree of faithfulness the 

 quality of a horse, or its ability to win a given race. 



The odds offered on the race-course have often 

 about as much relation to the chances of the animal 

 as the price of railway stock has to the financial con- 

 dition of a railway, and its ability to declare a certain 



