The Rocking-Horse Winner resembles a fairy tale in its depictions of luxurious living and mystical powers.
Hester and her husband symbolize the king and queen, and their children are royalty.
Paul can be compared to the prince in the line of succession with his uncle being of noble blood.
The gardener is the trusted family servant.
Hearing whispers of money means that the house is possessed by an evil spell—in this case—the need for an increasing amount of money. The uncle may be seen as a wise servant who looks out for the prince.
The rocking horse can be a fairy or a witch, depending on the story, that leads to the prince’s doom.
Thus, money becomes the “evil magic.”Paul's death, in the end, is the price for obtaining this magic. We do not see a happy ending or a time of mourning or grieving.