Horse racing in Naples.
Full title reads: "NAPLES".
Various shots of the horse race and the crowds watching it. People walking around, some sitting at tables having drinks. Crown Prince Umberto of Italy, the Prince of Piedmont, is seen watching the race from royal box. More shots of he race and the people watching it. Several shots of the winner - nice close up shot of the horse.
Note: There is no mention of this item in the original paperwork for this issue. It is possible that it belongs to another issue.