Sport: California Moves In

Clouds piled high over Churchill Downs.Lightning flickered, and a few drops splashed from the thunderheads. The band broke into My Old Kentucky Home, the mint-julep vendors stopped their spiel, and the carnival that was the 81st Kentucky Derby slowed down to a hush.

On the track, ten thoroughbreds paraded to the post. But anyone in position or condition to see them—and few were—had eyes for only three: Nashua, owned by New York Financier William Woodward Jr.; Summer Tan, owned by Columbus, Ohio's Mrs. John W. Galbreath; and Swaps, owned by California Rancher Rex Ellsworth.

A week before, the Run for the...

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