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All ephemera has wear commensurate to age, including, potentially: nicks, folds, smudges, rips at edges, stains, old smells, minor rips at folds , small holes, and other imperfections. Our research notes indicate our best efforts but are not guaranteed to be 100% accurate. You get what you see :)
The covers appear to be ripped off, leaving the binding weakened.
Discusses the close of 1902 season and the coming of 1903 season, so I assume this was written the 1903 time frame.