Wait for the Lady won her second straight stakes race at Laurel yesterday, and saw to it that her stablemate probably won't win another.

The $60,000 Squan Song Handicap was sort of appropriately titled for Thirty Eight Go Go, whose racing career apparently ended in it. The two-time Maryland-bred divisional champion had stalled in her bid to earn $1 million, and trainer King Leatherbury said earlier this month a Squan Song victory would be essential to her continued training. He had spoken similarly before, but never so adamantly.

A suspension kept Leatherbury from Laurel yesterday, but after Thirty Eight Go Go came in fourth, assistant trainer George "Chick" Borden said the 6-year-old grayish-white mare almost certainly will be retired to broodmare service. Her earnings reached $871,229. A nine-race winless streak left her 10 for 46.

"I think we'll send her home now," Borden said. "We just found a replacement for her."

Wait for the Lady was the horse in whom a phenylbutazone overage last September triggered Leatherbury's current suspension, but the large 4-year-old filly has only improved since then. The horse Leatherbury claimed for $25,000 has won almost $70,000 in her last two races.

She won the Squan Song as she did the Gala Lil Handicap on Jan. 26, taking a broad lead that never deteriorated. Crowned at one point reduced the advantage to a couple of lengths yesterday before Wait for the Lady added distance between them. She reached the wire five lengths ahead even though Alberto Delgado went easy on her in the final furlong. Crowned, the 2-1 favorite, held second by a head over First Down.

The nine-furlong effort on a fast track in 1:50 left Delgado to say: "She's some kind of good right now, but she's also had everything her own way. We'll see how good she really is when somebody hooks her."

Wait for the Lady paid $11 as the fourth betting choice out of seven (she and Thirty Eight Go Go ran as separate betting interests because of different ownership), and brought Nick and Elaine Bassford of Davidsonville $36,000. Aiming Haymaker

Trainer Carlos Garcia, back from suspension, said he plans to run Haymaker in the Private Terms Stakes at Laurel March 3 and the $175,000 Federico Tesio Stakes at Pimlico two weeks later.

The $50,000-added Private Terms could bring together some of Maryland's best 3-year-olds: Haymaker, Colonel Hill, Forry Cow How and the rising He Is Risen. . . .

Fair Hill has been given approval to shift one of its dates from Sept. 28 to Sept. 2, Labor Day.