Racing SHARES FOR STABLE

Press, Volume XCVI, Issue 28362, 22 August 1957, Page 4

Racing SHARES FOR STABLE

Novel American Venture The American Horse Racing Stables. Inc., in the United States, proposes to sell shares in a fourhorse racing stable (which does not exist yet) to anyone Who: can afford to invest as much as 10 cents. This organisation, with offices in New York and Nevada, is offering 3,000,000 shares of common stock, par- value . 10 cents. The money raised by stock sales will be used to' buy a racing stable.

A circular published by American Horse Racing Stables says the 300,000 dollars to be raised from Stock sales will be spent as follows: 60,000 to the underwriters for commission; 160,000 dollars for purchase of four'" thoroughbreds; 10 dollars a day to the trainer for the care of the horses; the remainder of the money for transportation, jockey fees, insurance, office furniture, office rental, legal fees, salaries, and tile purpose of a (small) ranch. • The circular says:"By purchasing horses of stake standard, we

will be able to compete with the wealthier stables. which seem to have a monopoly on the big purses. However, even ' if- properly selected horses are used, it must be clearly stated that there is no assurance that this corporation will have success in winning major stakes races, because this entire enterprise is speculative. “Hazards are definitely involved in winning races. . . . Many racing stables operate in the red, add for this reason we must inequivocally declare that this enterprise is speculative and hazardous. There is no guarantee that this corporation will operate profitably. . . .”

No Telephone Bets For Bookmakers

(N.Z. Press Association^—Copyright) MELBOURNE, August 21. The Victorian Racing Club committee has rejected requests by three bookmakers for permission to accept bets telephoned to them at Flemington racecourse. Sir Chester Manifold, V.R.C. chair-

man, said the committee favoured off-the-course betting, but only by totalisator.