The first statement is correct. Horse Latitudes refer to the regions approximately between 30 and 35 degrees latitude both North and South. They are marked by calm winds and little precipitation, creating a stable weather environment. They got their name from the age of sailing ships, when stranded sailors, lacking wind and water, would throw their horses overboard to conserve resources.

The second statement is incorrect. Horse Latitudes are not low pressure, but high pressure areas. Pressure belts such as equator line (0 degree latitude) are low-pressure belts. As you move towards the poles, around 30 to 35 degrees North and South of the equator, you will find high-pressure areas known as the Horse Latitudes. This is due to the sinking of cool air that creates these high-pressure zones.

Therefore, only Statement 1 is correct.