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We have a friend who for some forty years has kept a record -of the best horses of each year. He confines tho list to demonstrated champions ; high-class handicap horses ; top-notch selling platers that for a race or two gave promise of developing handicap quality ; the twenty to thirty leading two-year-olds, and the more accomplished sprinters. He tells us that of tho twenty t thirtv two-year-olds he enters each December 31, as a rule less than, a third are to be fuu.iil ia succeeding pages of his book. In other words, about one-third : of cadi years leading youngsters are among the one hundred best horses in their three, four or five-year-old form. i His book offers an interesting study. For instance, one notes that many high-class race horses which, had they died or gone into retirement at the end of their three-year-old careers, would have been remembered by few of the" laymen of racing. Imp was a shining example. At the end of her three-year-old season, though she had enjoyed unlimited opportunity, she had beaten only overnight handicap horses of the western grade. At four the west hailed her as another Yo Tambien. Her owners brought her east and she proved a rank failure. Eastern horsemen either jokea about her as another western "phenom" or forgot her entirely. But at five, starting her eastern campaign in April at Benning, Washington, Imp jarred the memories of those eastern horsemen so sharply that they sang Jier . praises for two entire seasons. She became "grand old , Imp." Like Firenze, one of the greatest of all race mares some place her unqualifiedly on top Imp gave weight to the best, horses at all distances and they always had her to beat. At six she took up 121 pounds in the two-and-a-quarter miles of the Brighton Cup and forced Ethelbert to hang up a new record for the distance, a mark that stood for twenty-two years until Radio,-with 100 pounds up, shaded it a fifth of a second in t the -Latonia Cup last fall.. In three seasons Imp improved at least twenty pounds. Advance Guard was another horse slow to "come into his own." Between his three and five-year-old forms he must have raised himself close to twenty pounds in Mr. Vosburghs estimation. Which is quite some raise for a horse good enough at three to be second choice for Washington Parks American Derby and to come right back a week later and beat , the winner of that race. Exterminator was a horse that improved steadily until he was seven years old. The late Gene Wayland had him at a notch in 1922 that, at even weights, he might have beaten any horse we have seen since Syson-by, Man o War alone excepted. .Old Slim" that year did give Grey Lag nine- pounds and a nose beating an the. Brooklyn Handicap. And when, last summer at Saratoga, we asked Sam Hildreth -which in his opinion were the three best horses that have raced since" Longfellow, almost his first question to us was, "Well, where would you go to look for a better horse than old Exterminator?" And Sam, dont forget, trained and had a great love for Grey Lag. Grey Lag himself was a horse that improved a few pounds with each succeeding season. But of this years best two-year-olds how many will be among the top-notchers next November? Can you select ONE that will prove a champion? Few men, it matters not their experience or knowledge, can do so. Especially in a season when of the two- top-weights one is afflicted with troublesome splints and the other is a son of Ultimus. Many would like to doubt that Stimulus will go on, but they hesitate to get on record. Sarazen, a grandson of Ultimus, taught them a lesson. Also, they havent forgotten Ultimus son, Luke McLuke, who could stay all day. The yearling lottery is not the only guess that goes to make up the sport of racing. The good and the disappointing thoroughbreds keep us guessing till they pass from all connection with racing. If you doubt it, look at Mentor and Rustle. They had nothing to recommend them, particularly, when they entered the stud and for several seasons produced only blanks. Then Wise Counsellor; sold for 6,000, and winner of that amount after the sale.