much credit to its dam as to its sire, i. e., that the stallion put the mare on the map, so there’ s no special consideration due on either side. In any event, it ' s a question which could be argued all night without reaching a uniformly satisfactory answer.) " Leslie Combs II, who has handled many syndicates in various price ranges, considers syndication beneficial to all breeders, regardless of the size or financial resources of their operations.’ It is an advantage to the big breeder and the little breeder, too,' he insists. ' Some little breeders claim not to like it, but at least they’ ve had a chance to get in the syndicate, whereas with a private horse they’ re out altogether.’
" Lou Doherty, specialist in stallion management and development at his Stallion Station, also holds that syndication may help the small-scale breeder. ' From the breeding angle,' he explains, ' the small man with four, five or six mares has a chance to make a lot of money from selling yearlings by a horse he might not be able to breed to after the first few years. You know, if a horse makes good, his fee rises and his book fills. The small man has a chance to buy into a young horse that may become successful.’ " A. B. Hancock, Jr., boss of Claiborne Farm, on the other hand, sympathizes with the small breeders ' presumed distaste for syndication.’ Of course it’ s a terrible thing, I agree.' he says, from the small breeders’ point ol view. You always hate to say, " No”; to tell a man he can’ t get in. But there are only so many seasons to go around, and I can ' t see how the small breeder can expect to get in if he ' s stayed outside the syndicate. The small breeder, after all, is playing in a big game: and, just like a poker game, if you expect to stay in you ' d better have a pretty good bankroll.'
" The horseman designated earlier as Mr. B. is even more positive. People moan about the small breeder not being able to get to syndicate horses,’ he exclaims. Blast the small breeder! He’ s got no business in this business. He wouldn ' t get to those horses, anyway.’
" Some independent breeders seem to agree, if not with the language, at least with the sentiment that they are out of their depth in syndicate company. For example. Thomas Piatt, owner of Brookdale Farm, Lexington, Ky., and a breeder for more than half a century, reports that the development of modern syndication has not altered his operations at all. ' It doesn’ t affect me one way or the other,’ he reports. ' I can ' t see any difference in breeding. 1 breed to my horses and they breed to theirs. I can’ t afford those high-priced horses, anyway. That’ s all right for the big rich, but not for me.’
" One result of syndicate development, in the opinion of many professional stallion managers, has been to make their tasks easier- a fact which may help to explain why they so strongly support this form of stallion ownership. ' The syndicated horse,’ says Mr. Combs, ' is definitely easier to manage, because you don ' t have to sell seasons to him.'
" Mr. Hancock emphasizes the economy rather than the easy of syndicate management: ' It’ s a little less expensive to manage a syndicate horse. He’ s assured of so many mares, and you don’ t have to pay out for advertising.’
" Most syndicate managers, though, find it advisable to do a certain amound of advertising, if only to keep the horse’ s name and merits fresh in the " minds of
prospective buyers of his get.
' Mr. A. agrees on the ease ol managing a syndicate:’ A syndicate horse is a breeze to handle, in so
many ways.'..
" However, Mr. Doherty takes exactly the opposite point of view. ' The privately owned horse is easier to
manage, provided the owner is a reasonable man. l ' ve been very fortunate in my relations with all my owners. There is only one letter to write, only one man with whom to discuss matters of policy, only one
bill to send.
" ' With the syndicated horse the added difficulty is that there is fifteen, twenty or thirty times as much detailed bookkeeping. Why, I’ ve got to have three
girls in this office now. " " Ivor Balding, manager of the C. V. Whitney farm, completely agrees: ' A privately-owned horse is much easier to " manage, I should think, although I’ ve had no experience in it( syndication), because you have only one man. I understand some syndicates have had a certain amount of- ah- internal friction.’
" Mr. Balding also reveals that sentiment may be a factor in opposing syndication, at least in certain cases. ' We once talked of syndicating MAHMOUD, when he was at the height of his powers,’ the Whitney manager relates. ' Mr. Whitney said, " No,” that he didn’ t want him syndicated; that he had been a good horse to him, and that he wanted to keep him and, when the time came, to put him in his grave.’
" The wide diversity of opinion on stallion syndication, as indicated in this report, precludes the possibility of reaching many definite conclusions in this appraisal of the subject. But perhaps a summary of the pros and cons of the issue may now be attempted.
" Syndication spreads the high cost and risk of stallion purchase among many breeders. It enables syndicate members to gain access to top stallions they might otherwise not be able to breed to. The member of several syndicates has a broad selection of bloodlines, conformation and distance types. The syndicate member is protected against stud-fee rises, and may have his stallion-share gain in value if the horse becomes a successful sire. This is strongly possible, since most syndicated stallions are carefully selected as top prospects, are given professional management in the majorit }' of cases, and are generally afforded a wide variety of choice mares by leading breeders. Moreover, the syndicate horse is assured of a full book, at least for his critical first few seasons at stud.
" On the other hand, syndication may prove costly, not only financially but also in terms of damage to a breeding program, if the stallion fails to develop into a good sire, because the shareholders feel compelled to make use of their seasons long after they would pay a stud fee to breed to him. Shares in a poor sire are hard to get rid of. Small breeders are often shut out ol access to a syndicated horse’ s book unless they can afford to join the original organization. Some breeders tend to send mares not especially suited to a syndicated horse merely to make use of his seasons. The horse may be bred to too many mares. Horses ol less than outstanding promise are overlooked by syndicates and hence receive inadequate stud opportunities- and some such horses have under private backing turned out to be valuable sires.
" The stallion owner, after considering all aspects of and opinions on the subject, must still answer for himself, in the light of his own particular circumstances and attitudes, that question with which this appraisal of stallion syndication was begun:
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Voice of the Tennessee Walking Horse