I found the poster below in the Library of Congress Prints and Photographs Online Catalog (that also has posters ~ ~ ~ ). At the time the poster was created, in the 1890s, the holiday was still known as "Decoration Day."
Poster for 1890s bicycle race on the holiday now called Memorial Day
LC record for this item
Title Bearing's decoration day cycle races / Charles A. Cox.
Date Created/Published [189-(?)]
Medium 1 print (poster) : color.
Summary Poster showing bicycle racers between ranks of Union soldiers and war veterans.
Reproduction Number LC-USZC4-3037 (color film copy transparency) LC-USZ62-51856 (b&w film copy neg.)
Call Number POS - US .C691, no. 4 (B size) [P&P]
Repository Library of Congress Prints and Photographs Division Washington, D.C. 20540 USA
Persistent URL
This poster would have been deposited for Copyright protection at the Library of Congress but now is in the public domain. Created by Charles Arthur Cox, it is not clear where this race took place or in what year, other than during the 1890s (most likely the later half of the 1890s).
Perhaps not surprisingly, the Decoration Day holiday was associated with special sporting events such as bicycle races at this time. The Evening Star of Washington DC, for example, reports on preparations for the Decoration Day races for Memorial Day in 1895.
BICYCLE RACE MEET
To Be Held Tomorrow Under the Columbia Club Auspices.
It is Expected That the Fastest Time Ever Made in the District Will Be Recorded.
The big Decoration day bicycle race meet held under the auspices of the Columbia Athletic Club will begin tomorrow morning promptly at 10 o'clock on Columbian field. Everything is ready for the occasion, and with hard work and favorable weather the track has been put in first-class condition and it may be put down as an assured fact that the fastest time ever made in the District will be scored tomorrow.