Sport: $1,500 Carcass

At most U. S. racetracks, six out of seven races are claiming races. Started primarily for the purpose of equalizing competition among second-rate horses, claiming races, in which any starter may be bought for a sum fixed before the race, have become a major medium of horse trading. Every year some 2,500 horses and $4,000,000 change hands in claiming races on reputable U. S. tracks. Bulk of the traders are gyp (for gypsy) horsemen,† migratory trainer-owners who race thoroughbreds for profit rather than sport.

Like most commercial enterprises, the keystone of the horse-racing business is astuteness and luck. A smart gyp...

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