the ring of stalls.

Murchie looked up at him quickly.

"Until the last few races, I thought so," he replied, stopping before
the stall of the famous racer and opening the door.

Lady Lee was a splendid three-year-old bay, a quivering, sensitive,
high-strung animal. Murchie looked at her a moment, then at us.

"A horse, you know," he said reflectively, "is just as ambitious to win
a race as you are to win success, but must have hard training. I keep
horses in training eight or nine months out of the year. I get them into
shape in the early spring and am very careful what they eat. If they get
a vacation, they may eat green foods, carrots, and grass in open field;
but when we prepare them for the ring or a race, they must have grain,
bran, and soft foods. They must have careful grooming to put the coats
in first-class condition, must be kept exquisitely clean, with the best
ventilation."

"How about exercise?" asked Kennedy.

"Well," replied Murchie, "I work out horses according to age, with the
distance for fast work gradually increased."

Our trip through the wonderful stable over, we returned to the office,
Murchie walking ahead with Broadhurst. As we reached the door,
Broadhurst turned to us.

"I hope you will pardon me," he said, "but there is some business up at
the house that I must attend to."

"Oh, Mr. Broadhurst," interjected Murchie, "before you go back to town,
I want to talk over with you some of the changes that ought to be made
about the boys here, as well as their food and quarters."

"All right," returned Broadhurst; "jump into the car and ride with me.
We can talk on the way, and you can come right back. I'll pick you
gentlemen up later."

Kennedy nodded, quick to perceive the cue that Broadhurst had given him
to watch the stables without Murchie watching us.

We sat down in the office, and I looked about at the superb fittings.

"Do you think it is possible for an owner to make a financial success of
racing without betting?" I asked Kennedy.

"Possible, but highly improbable," returned Craig. "I believe they
consider that they have an excellent year whenever they clear expenses.
I don't know about Broadhurst, but I believe that a good many owners
don't bet on their horses. They have seen the glaring crookedness of the
thing, especially if they have happened to be officers of jockey clubs
or stewards of various race-meets. Personally, I should think a man of
Broadhurst's stamp would no