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PHAR LAP WITH COLORS UP AGUA CALIENTE, Mexico, Feb. 9. Phar Lap, the challenger for Agua Caliente Handicap honors, made his first public appearance at the Agua Caliente track between races Sunday afternoon. He was brought down to the saddling paddock before the third race and .after the finish of the contest, appeared stripped for action with jockey E. J. Martin in the saddle. With the stable colors of red, green bars on sleeves and black cap up, the big red horse took a slow gallop for three-quarters and was breezed through the stretch to pull up at the paddock amid thunderous applause. When led back to the judges stand, Phar Lap was photographed for the first time in America with colors up. Trainer Woodcock and jockey Martin seemed highly pleased with the reception accorded their star racer by the large crowd in attendance.