Found this in March of 1895 in the Denton County News. I believe the old fairgrounds were located on somewhere around Welch, between Hickory and Eagle. Maybe across from the UNT Art Building. May be some petrified livestock patties under all that asphalt.
If you can’t tell, I’m a fan of bicycles. It would be fun to find some old bikes and do a reenactment of this race. But, I’m sure there’s one going on every day, with someone having their moment of glory.