The record-union., 1898-01-05

at $500 and received in entry fees
$50, leaving it with $500 Of the total
amount to make good.
Instead of taking this sum from its
treasury and adding it to the sum paid
IN by nominatorS, it declared off the
event, and attempted to settle with the
hve makers of full payments for 500
| 1t is specifically stated that the di-
rectorS of the association set up the
claim that the balance of S430 right
fully belonged to them, which, under re-
peated rulings of the board that stake
| funds are trust funds, was manifestly
absurd
''The action of these directors, while
| greatly to be deplored, is, however, a
| mere nothing compared to the decisive
ruling, handed down by the Board Of
Review, to the effect that the five nom
inators who made full payments We're
| entitled to the entire amount paid in.
| 1t is not quite clear why the board did
| not call on the association to make good
| its obligation to pay out 1,5OO, and
while the decision probably does not go
far enough, it sets at rest forever any
| doubt as to the manner in which stake
| funds collected, but not contested for,
must be distributed.
This decision obviously applies only
| to instances when final payments have
been made. When a stake, entrance to
which is distributed over many pay
ments, is declared off soon after it
has been closed, the chance of winning
is too remote to warrant a similar dis
| tribution of the stake funds. That, how
ever, is not material to this case. The
| board has now laid down a precedent
which is certainly founded on common
| sense and honor The five nominatorS
who made final payments went to con-
| siderable expense to train and get their
colts ready to start in the race in ques-
| ton.
"Manifestly it would have been wrong
| to merely hand them back the amount
of their entrance money, for they had
already paid that out in cash. Hence
to merely reimburse them for their
actual outlay in fees would be to force
| them to suffer a distinct financial loss
| equal to the entire amount of expense
| incurred In fitting their three-year-ol
| to take part in the futurity event de-
| clared off.
every instance in which an association
| finds that it cannot force to a conclu-
| sion any stake it may have opened,
and which stake has been persevered
with up to the making of final pay
| ments. Surely, no horseman would
| elect to drive an association into bank
ruptcy by compelling it to produce
sum of money beyond its means to con-
| to keep funds not rightfully belonging
to it.
THE boards ruling is in no uncertain
terms. Associations cannot retain stake
funds paid to them by nominators, but
must distribute them to those duly en-
titled to receive them. Had the board
ruled otherwise there is DO telling to
what lengths unscrupulous managers
might not have gone in an effort to
thoroughly protect themselves and their
pockets.
For instance. if the board had ruled
that the Woodland association need
only return the entrance fees to the
five nominators who had made full pay
ments, what would there be to prevent
an association carrying stake right
up to the very day of the race, keep
caTe1ul count OF the receipts DIT Tie SdtC
and then figuring thus: We'll, we've
50 900 to add to this stake, and only
s., 900 has been paid at the gate. This
means a loss to us of 5000, so well
declare off the stake. refund entrance
fees to the owners of the horses here
ready to start and bag the difference.
This is an extreme case, to be sure,
but not very far removed from one IN
which the cancellation of an event,
fortnight or ten days prior TO the day
set for the race, had taken place.
THE board is to be congratulated on
the vigor and justice of its ruling, but
the credit does not attach to the board
alone. Messrs. Buckman & Carragher
are to be commended for their persist
ence in maintaining their rights and
in carrying the case before the turf
courts 1t is easier often to accept
what seems to be an indemnity than to
fight; but, if that principle should be
followed on all occasions, valuable prec-
edents would never be established.
I'm this instance the gentlemen COM
prising the firm named have rendered
the entire interest distinct service for
which they are richly entitled to that
interests thanks.