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"Well, the poor old nut!" murmured the Kid. "Just because he thinks well of the black horse, he's got no license to slip him in against the real ones.... Too much class here for Eliphaz. He may be able to beat dogs and nonwinners, but Topaz and Miss Louise will run the eyeballs out of him. Let's see Topaz won his last start " and the Bald-faced Kid fell to thumbing his form charts.

The presiding judge scowled as he examined the opening odds. "Nonwinners, eh? Same old bunch of hounds. Grayling, 2 to 1; Ivy Leaf, 4 to 1; Montezuma, 10 to 1; Bluestone, 10 to 1; Alibi, 15 to 1; Stuffy Eaton, 25 to 1 and here's Last Chance again! I wonder where Hopwood got that horse? Remember him, two years ago at Butte? I thought he was pulling a junk wagon by now. Last Chance, 50 to 1.

He can squeeze a dollar until the eagle screams for help, and he never heard of Riley Grannan. If he bets at all it won't be more than a ten-dollar note. Last Chance goes in the second race to-morrow nonwinners at the meeting and I'm going down to the stable now to have a conference and give Calamity his riding orders." "I wash my hands of you," said the old man.

Last Chance had started five times and each time Hopwood had listened to a thrilling description of the race; the chestnut's performances had been bad enough to strain the Kid's powers of invention. On the eve of the final struggle of the nonwinners, the Kid sat in grave consultation with Hopwood and Little Calamity and the rain drummed on the shingle roof of the tackle room.

The big chestnut had been groomed and polished until his smooth coat shone like satin and blue ribbons were braided in his mane. The other nonwinners were a sorry-looking lot of dogs when compared with Last Chance, and the owner's bosom swelled with proud anticipation. "Look at the fire in his eye!" said Hopwood to the Bald-faced Kid. "See how lively he is!"

"I said I'd bet on him this time and I will! Come along!" From his perch on the inside rail the official starter eyed the nonwinners with undisguised malevolence. Some of them were cantering steadily toward the barrier, some were walking and one, a black brute, seemed almost unmanageable, advancing in a series of wild plunges and sudden sidesteps.