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Exchange skews earnings

June 24, 2003
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Yankee Cruiser's victory in the $1,542,500 North America Cup final should put around 570,000 U.S. greenbacks in the hands of his owners. That's based on the current international currency exchange, with a Canadian dollar worth 74 cents in the U.S. these days.



Last January the U.S. Trotting Association began converting purse earnings from Canadian to U.S. dollars for record keeping purposes. It was announced at the time that if there was a 15 percent fluctuation in the rate, an adjustment would be made.



Beginning July 1, the USTA plans to adjust the value of a Canadian dollar to 74 cents from the present rate of 64 cents. Although Yankee Cruiser actually earned more than a half-million U.S. dollars, the USTA's records will only give him $493,600 because the 74-cent rate won't take effect until July 1. So instead of showing career earnings of $913,719, Yankee Cruiser will show career earnings of $857,394.



What gives? According to the USTA, computer programming changes that are required won't be complete until July 1.
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