Zechariah 6:3

And in the third chariot white horses; and in the fourth chariot grisled and bay horses.

And in the third chariot white horses - implying joy and victory (Calvin).

In the fourth chariot grisled - piebald. Implying a mixed dispensation, partly prosperity, partly adversity, answering to the "speckled" (Zechariah 1:8). All four dispensations, though various in character to the Gentile nations, portended alike good to God's people.

Bay - [ 'ªmutsiym (H554), from 'aamats (H553), to be strong] - rather, 'strong' or 'fleet;' so Vulgate (Gesenius). The horses have this epithet, whose, part it was to "walk to and fro through the earth" (Zechariah 6:7). However, the Septuagint and the Cbaldaic agree with the English version in referring the Hebrew to colour, not strength. [Thus, it is akin to chaamuwts ashen-gray or dapple-gray: in Isaiah 63:1 it means 'garments dyed' or sprinkled with red upon the white. Otherwise, as Bochart explains it here literally, sharp in taste; and then of a bright red, whereby they are distinguished from the horses of the first chariot, which were simply red]. See, however, Zechariah 6:7, where the Hebrew, which in the English version is translated "bay," seems to be used of the red horses. See my note there. There is no "and" in the Hebrew; so that the epithet in question does not characterize a distinct class of horses, but applies to all four, whether it means bright, or strong, or fleet.