Horse Racing: Hard Times at Calumet

The Hutcheson Stakes at Florida's Gulfstream Park is a race for three-year-olds—a fact that qualifies it, technically, as a stepping stone for the Kentucky Derby. But the $10,900 winner's purse attracts few really promising horses. "If you enter a lot of little races, you're just spinning your wheels," says Calumet Farm's Trainer Jimmy Jones. "You can't run a racing stable on nickel-and-dime pots." And yet, there in the winner's circle, his pudgy face twisted into a gleeful grin, stood Jimmy Jones with Ky. Pioneer, which had just carried the devil's red and blue of Calumet to victory in...

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