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SALT LAKE CITY PREPARING FOR RACING. Salt Lake City. Utah, February 5. — An organization has just been formed in this city comprising some of the wealthiest men of the state, for the purpose of building a mile race track and the holding of a race meeting here next summer. It is proposed to expend upward of 50,000 within tlie next five months in the construction of a track, grandstand and other necessary buildings.