Variables cannot be overriden by the subclasses and are always referred through the type of the reference rather than the instance of the reference.
In your case, ICELANDIC is an instance of subclass of Horse and others are just instances of Horse. However you are referring to all the instances through Horse type reference so variables value would be from Horse type (not based on the actual instance type). Check out these simple classes, and you might get some idea.
The output is
[ July 09, 2008: Message edited by: Santhosh Kumar ]