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O. T. Frasch Image 606 - Balloon Race at AYPE
Image 606 - Balloon Race at A.Y.P.E.

Note the slant of the grandstands in the background - the image is tilted so that the balloons look nearly vertical.

The card is not cut square, either.

Most of Otto's images of the 1909 Alaska Yukon Pacific Exposition were in the 200 range, but some like this one are numbered in the 600s.