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THE OFFICIAL RAGING PAPER Americas Turf Authority for Forty-Three Years NATIONAL ASSOCIATION OF RACING CO MMISSIONERS OFFICIAL PUBLICATION Tradb Mark Registered U. S. Patent Office. Copyright, 1938, by REGAL PRESS, INC. Reproduction of any matter contained herein without written permission expressly prohibited. VOL. XLIV. No. 306 CHICAGO, ILL., FRIDAY, DECEMBER 23, 1938 PRICE 25 CENTS