As a matter of course, the tipsters of the time are ever varying their names and addresses. When they make a series of hits under one designation they trade on that as long as they can, but when business begins to decrease because their tips fail to disclose winners, then a change of locality and another name gives chances of renewed good fortune. Thus the man who was "A. 1." a month ago is now figuring as "X. Y. 3.," whose tips, "privately given," made the fortunes of several gentlemen two years ago, "so that I" (that is "X. Y. 3.") "am induced to allow the general public to participate in my information." About the period of the Derby in each year I take stock of the tipsters' advertisements, and have found, as a general rule, that only about thirty per cent. of those who advertised in the previous year remain in the field--the others having either retired or changed their names and addresses. The class of tipsters of whom I have been writing earn a great deal of money, but many of them spend it recklessly, never thinking that they may be overtaken by the proverbial rainy day. Judging from the vast number of telegrams which are despatched on busy race-days, two or three thousand pounds a week must reach these tipsters, the majority of whom make it a rule, I fancy, to incur no expense for information, although some among them are always boasting of their staff of highly-paid assistants. These men take the tips given in the morning newspapers and retail them to the fools who trust them for a shilling, or perhaps half-a-crown, whilst the simpletons who purchase the information could obtain it for one penny, and all the news, political and social, as well! Of the fools who are born in every minute of the day and night, a very great number deal with the advertising tipsters to their ultimate loss. It is only right, however, to let it be known that there are a few honourable men among the blacklegs who take much personal trouble and incur considerable expense in obtaining information of a reliable kind for those who trust them. But these men fail to make backing pay; they no doubt experience runs of luck, but even with runs of luck the balance at the close of the year is sure to be on the wrong side of the account.