e firm at once bought all the land they
could find along a strip of nine miles through Westchester County, up
what is known as the Saw-Mill River Valley. Some portion of their
purchase cost them at the rate of $300 an acre. Meanwhile Commodore
Vanderbilt got news of the movement, bought largely of the New Haven
stock, and at the succeeding election of directors was able to make such
changes in the board as effectually stopped the change of base from the
Harlem Line. The contract on which Jerome had acted was not in such a
form as admitted of litigation. He had acquired an immense amount of
real estate with no prospect of immediate realizations. Then came the
idea of the race-course. Not less than $100,000 was cleared as net
profit from that expedient. Another portion of the land was sold as a
cemetery. But Jerome has the greater part of the property still on his
hands."

The race-course is the property of the American Jockey Club, and the
Spring and Fall Meetings of that association are held there, and are
attended by large and fashionable crowds. The Club House and Club Stand
occupy the most retired and elevated portion of the grounds, but the best
point of view is the Grand Stand, in front of which is the usual starting
point and winning post. The price of admission is high, but the grounds
are thronged with vehicles and persons on foot. As many as ten or
fifteen thousand persons may be seen within the enclosure, while the
favorable positions outside of the grounds are black with more economical
spectators. The crowd is orderly and good-humored, and the occasion is
rarely marred by any act of rowdyism or lawlessness.

A great deal of money changes hands at the races. Bets are freely
offered and taken on the various horses. The pools sell rapidly, and the
genial auctioneer finds his post no sinecure. The struggles of the noble
animals are watched with the deepest interest. The greatest excitement
prevails amongst the _elite_ in the private stands, as well as throughout
the common herd below. Every eye is strained to watch the swift coursers
as they whirl down the track, and when the quarter stretch is gained the
excitement is beyond control. The victor steed flashes with lightning
speed by the winning post amidst a storm of cheers and yells of delight.

The course is still new, but the system which it has inaugurated is
becoming more thorough every year. The management is in the hands of
gentlemen