Augustus Bay, an 8-year-old gelding owned by 19-year-old college student Jane Clark, who leased him for $1 from her mother, Mrs. Stephen Clark, won the fifth Colonial Cup in Camden, S.C.

Trained by 21-year-old Eric "Rick" Watters, son of famed trainer Sidney Watters Jr., the gelding had four prior bowed tendons and a bone chip in his knee. Watters, licensed only three months, said, "His legs are so bad that he once or twice got permanently retired. But I suggested that we take him up to Dougie Small's farm in Coatesville, Pa., and swim him. That was the only way I could figure to keep weight off his legs."

Piloted by Tom Skiffington, who came in from Ireland for the ride, Augustus Bay won by 8 lengths over 10 rivals.

Augustus Bay came back the next year to win the American Grand National at Fair Hill and finish second in the Colonial Cup, the final race of his career. He was retired as a foxhunter and was ridden by Elkridge-Harford Hunt whipper-in Eilene Poole until he was 21, when he was retired to Sidney Watters' Dunmore in Monkton.

Alfred G. Vanderbilt reduced stud fees for all stallions standing at his Sagamore Farm in Glyndon, Md., by 20 percent. Vanderbilt said it was because "inflation is threatening the survival of the Thoroughbred breeding industry and that positive steps must be taken to reduce the financial load now being carried by breeders."