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EPSOM DERBY FAVORITE SPECIAL CABLEGRAM. NEWMARKET, England, May 31.— Fair Way, the bay son of Phalaris — Scapa Flow, which will carry the black silk racing jacket of Lord Derby in the Epsom Derby next Wednesday, galloped the full distance of that race, one mile and a half, here today. The colt displayed excellent condition and action, and made a great impression upon the spectators, among whom were Lord and Lady Derby. Fair Way remains the solid favorite for the great race. His price today was 11 to 4. bir Laurence Phillipps Flamingo ii quoted at 11 to 2 ; Lord Dewars Sunny Trace is 9 to 1 ; the Aga Khans Ranjit Singh and Capt. G. P. Goughs Royal Minstrel, 100 to 7 each ; Ed-ouard Rothschilds Bubbles II., the French-bred, 100 1 - 6, and Mrs. G. Drummonds Gang Warily, 13 to 1. Steve Donoghue, the veteran English jockey, has been engaged to Hde Gang Warily. This colt is a son of Diligence — Clear Case and is trained by F. L arling, who also has Sunny Trace in charge.