It has Mercury Speedster fenders.
What's that odd drum-like cover on the front wheel ? I wonder what that rear platform was for ? Looks like it's just hung on the rear frame member.
I believe that photo is from an early AACA, HCCA or VMCCA meet. Plate appears to be a Massachusetts 1940.
It's been circulating around the internet for quite some time. I believe it has been posted on the forum in the past.