Cary T. Grayson to WT Waggoner

Mr. WT Waggoner
Fort Worth, Texas

Dear Mr. Waggoner, -

I have your letter of December 12th.

Concerning the purchase of PAICINES, he is a beautifully bred horse, but has not made a great reputation in the stud,- certainly not a sufficient reputation in keeping with his breeding. I spoke to you about him when I was in Fort Worth, but as I recall, Judge Hay asked $75,000 for him, and owing to the fact that you had a horse by SUN STAR, I did not think you should consider the purchase. Confidentially, if I had been putting a price on him, I would have named about $25,000.

You can buy plenty of stallions with a fair reputation, but what you want is something that has an excellent reputation, or at least has good prospects of being a big boom to your breeding establishment. I think PAICINES would be a nice horse to have but not one of sufficient reputation to build up your stud. He would be worthwhile along with several other stallions. In other words, I dont want you to put too much reliance upon this one. Probably you could breed him to about 10 of your mares. I like your horse PHALAROS better, and if you will recall, I told you when we were discussing PAICINES my biggest objection to your getting him was that you already have one stallion by SUN STAR. To sum up all I am trying to say, I would take him if I could get him at what you consider an attractive price and not expect toobreed him to more than 10 mares of your own a season.

I have been thinking considerably about a stallion for you and have written to several of my friends in France and England-without mentioning your name- but I have had nothing I could recommend.

The enclosed clipping about REIGH COUNT is from the Chicago Tribune and is good advertising for REIGH COUNT and Mr. Hertz, but, personally, I have my grave doubts as to whether you actually offered this figure for him for as you well know, he is a long ways from making the successful sire. Before bringing half of that big price he should prove that he can get first-class race horses. I hope you will pardon these personal comments, but I have told several of my friends that, personally, I did not believe you had made any million dollar offer for an untried sire.

I have read with keen pleasure of the success of your horses at Jefferson Park- especially the get of HIGH TIME. I only wish I could have been there to see those HIGH TIME run, pull for you, and have Hancock stangding beside me!

I am also delighted to see that you have good prospects in Jockey May for a rider. I would much prefer to see you have a jockey who is young and struggling to make a reputation than one who is older and who has a big reputation and too many connections. Should you consider hiring an older jockey, I would be glad to look up his reputation for you at the Jockey Club before you close the deal.

Pardon this long letter, and again thanking you for a delightful visit to Fort Worth, and with kindest remembrances to Mrs. Waggoner and good wishes for you and yours, I am sincerelySo, I hope you understand the frankness with which I have written about PAICINES, and I know you will treat this as a confidential letter, as you well know that some of our horse friends are easily hurt if their stock is not praised to the highest degree.

Your Friend,

Cary T. Grayson

PS Since dictating the above, I am sure you appreciate that I am endeavoring to give you a fair and impartial estimate of the horse. Perhaps I am under-rating him, but as he is 15 or 16 years of age, and I have never examined him carefully with an eye to purchasing him, I am relying solely on his pedigree. Critically, those who would be inclined to fault him would as the question " What has he ever gotten?" and if he has never gotten a stand-out horse at his age then he cant be classed as a very successful sire. It is true that he may have had very limited opportunities, but I dont want you to put much money in a horse that you have got to make excuses for. I hope you understand that I am trying to analyze the points for and against the horse so that it may help you reach a conclusion as to whether you want him, and if so, what you would be willing to give as a reasonable price. I repeat that he is worthwhile if you are willing to have him as one of several stallions and if you are willing to breed a few of your mares to him each year. His daughters, out of good mares, should make good brood mares.

Confidentially, Judge May has written me, asking me to recommend the horse to you. I have not as yet answered the letter, and, personally, I would like him to make a sale, as I like him during my first acquaintance with him at Fort Worth last month.

So, I hope you understand the frankness with which I have written about PAICINES, and I know you will treat this as a confidential letter, as you well know that some of our horse friends are easily hurt if their stock is not praised to the hightest degree.

CTG