Otto Griebling and Freddie Freeman on the Ringling Bros. and Barnum & Bailey Circus in a greatly truncated performance of their version of the classic Boxing Gag, which they brought with them from the Cole Bros. show.
Look for Paul Wenzel on the track passing Harry Ritley and Gene Lewis on the track under the opening credits.
This is also from the "Christmas With the Greatest Show on Earth" television special, live from Winter Quarters in Sarasota, FL December 16, 1955.