The girl glanced at the card. Sure enough, the last entry was Henry D. Palmer's bay mare, Lady May, carrying one hundred and seventeen pounds.

"Well, that is unexpected!" she exclaimed. "Named for his fiancée, too, I suppose. Wouldn't it be strange if she should win?"

She seemed scarcely to realize the import of her words. Gordon nodded grimly. "Very strange, indeed," he assented dryly. "I rather think on the whole it would be better for our friend Palmer if she didn't."

The girl gave a little cry.

"Why, I never thought of that," she exclaimed. "If Lady May should win—oh, but she won't Dick, will she? She can't beat Highlander."

Gordon shrugged his shoulders. "The Major doesn't think so," he answered; "but I suppose Palmer's trainer thinks no one can beat Lady May, and The Cynic's owner is sure he's the only horse in the race, and even the rank outsiders have somebody here who honestly believes they're going to win, even at 100 to 1. That's what makes racing. A fool born every minute, they say, or they couldn't keep it going."

The girl shivered. "Oh, Dick, don't frighten me," she cried. "If only the Major is right. Did you get the money all on, finally?"

Gordon nodded. "Three thousand, at 30 to 1," he answered. "I suppose McMurtrie's done considerably better. I understand he began to back the colt way back in the winter books. If he did, he's probably averaged as well as 40 to 1. If the colt's half what he thinks, I should say 10 to 1 would be nearer right. We'll know all about it in another ten minutes, anyway."

Even as he spoke, an expectant thrill seemed suddenly to run through the crowd. All eyes turned in the direction of the paddock. A big, red-faced man seated next to Gordon half started to his feet. "There they come!" he cried.

And then, walking up from the paddock in the dignified, time-honored procession before the race, the nine horses filed slowly by the grandstand on their way towards the start. The Cynic, a bright bay, third in the line, his jockey gorgeous in the blue and gold of the Highcliff stables, walked somewhat soberly along, but the glance from his big, kind eyes seemed to say, "I don't show off beforehand like some of these youngsters, but when the flag drops, then watch out." Even more sedate was old Yarboro', the veteran of a hundred races, to all appearance as fit as ever, but looking as if he considered he had fairly earned the right to an honorable discharge from active racing and a peaceful retirement to the big green pastures of some quiet farm. Farther back in the line Lady May, sporting the red and white of Palmer's stable, was doing her utmost to pull her jockey's arms off, and her dainty hoofs seemed scarcely to touch the track as she pranced and curvetted by the grandstand.