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The word "Hut" was just kind of a shortened version of Haute. A lot of people used to call Terre Haute Terre "Hut" or even just "Hut".
The Hut Hundred has not been contested at the Terre Haute Action Track for about the last 8-10 yrs. THAT went through a spell where there were some issues with promotion of races, and that coincided with a decline in the number of midgets that would compete in long races on big 1/2 mile tracks. They just could't draw midgets or a crowd to THAT for the race.
Tom Helfrich at Tri-State Speedway was the most recent to try the Hut Hundred at his track, but 2014 was the last year for it there, as he did not bring it back for 2015.
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