In the presence of the greatest crowd that ever thronged Churchill Downs and over a track fetlock deep in mud, Willis Sharpe Kilmer's chestnut gelding Exterminator, saddled by Henry McDaniel, and capably ridden by W. Knapp, scored an easy victory over seven other good three-year olds in the forty-fourth running of the Kentucky Derby this afternoon. Kenneth D. Alexander's crack Broomstick colt, Escoba, ridden by Joe Notter, finished second, a length back of the winner and eight lengths in front of Viva America, the only filly that started in the race. A. K. Macomber's imported War Cloud, a heavy favorite in the speculation and which would have paid a little less than three to two, had he won, was never a serious factor and finished fourth, beaten all of the way. The winner was given but scant consideration by the bettors, being the least regarded of the eight that made up the field after Aurum and Jim Heffering had been withdrawn. Exterminator paid his backers the handsome odds of nearly thirty to one and in winning upset all calculations and brought consternation to the ranks of the form players, who went to War Cloud with rare confidence. It was after five o'clock when the bugle called the horses to the post for the Derby, in which a big surprise was in store for the spectators. Every inch of space in clubhouse and grandstand was taken, while a solid mass of humanity lined the lawns a quarter of a mile long, extending from clubhouse to the quarter pole, almost to the head of the homestretch. The procession of eight sleek thoroughbreds, trained to the minute, led by the outrider on a gray horse, garbed in a fiery jacket, made an imposing picture. The gay silks of the jockeys with the verdant field for a background, gave just the right touch of color to the scene. Down past the grandstand and clubhouse they pranced, with Escoba in the lead, closely followed by the others. At sight of the dark blue and white sleeves of Mr. Alexander, worn by Escoba's rider, faint cheers rippled along the fringe of the crowd that lined the rail, and which was turned into a noisy demonstration as War Cloud, the favorite, came in sight. They reached the post at 5:19, and it took Starter Dade but a brief time to get them in alignment. In exactly two minutes he sprung the barrier, and, shouting, "Come on," sent the eight horses away on their history-making journey. Viva America was the first to show in front after a few strides, and was closely followed by Sewell Combs and Escoba.