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THE OFFICIAL RAGING PAPER Americas Turf Authority for Forty-Three Years yMAcmg Formi NATIONAL ASSOCIATION OF RACING COMMISSIONERS OFFICIAL PUBLICATION Trade Mark Registered U. S. Patent Office. v Copyright, 1938, by REGAL PRESS, INC. Reproduction of any viatter contained herein without written permission expressly prohibited. VOL. XLTV ffo. 303 CHICAGO, ILL., TUESDAY, DECEMBER 20, 1938 PRICE 25 CENTS