Churchill Downs was the site of the 51st Kentucky Derby, run on May 16th, 1925. This 3.75x10.25" race-day program breaks down every race of the day, including the featured Fifth Race, the annual "Run for the Roses." The staple-bound program is intact - it is hard enough to find anything from the Derby pre-1930, let alone in this condition, and it is especially impressive considering there was a downpour that day. There is some yellowing of the paper, some pencil marks, and the back cover has tape residue from a scrap book, but all the words and images remain clear. Flying Ebony took advantage of a muddy track to outrace the 20-horse field, claiming victory by 1.5 lengths.