Horses will be running for less money when the New Year begins Friday. The New York Racing Association instituted a purse cut that averages out to 7 percent. Overnight stakes that were worth $65,000 will now be worth $60,000. The purses of most other races were cut from $1,000 to $3,000.\nAccording to P.J. Campo, NYRA's director of racing, NYRA's handle for the year was down approximately 12 percent, necessitating the purse cut.\n"There was no way we could maintain the purses at that level,'' Campo said.\nCampo said the purse cuts would run through the end of the Aqueduct spring meet in April. Campo said NYRA would look at how business is going through mid-March before determining what, if any, purse cuts would be instituted for the Belmont spring meet.