Max Sennett's Keystone Studio was contractually obligated to produce two two-reelers, about 40 minutes of film a week. When he did not have any ideas, he just dragged some of his comedians to a public event and made up a story on the spot. That is why there is no logic, but a great deal of silliness, hand waving, punching and kicking.
The racing scenes in this are a bit tiresome, but I'm sure it was interesting to an 1912 audience, many of whom had never seen such a thing before. The physical humor by Ford, Mabel and Roscoe is quite funny as they always are. One had to appreciate the acrobatics of Arbuckle, the enthusiastic expressions of Normand and the incredible monologue that Sterling has with himself and the audience. Together, they are a grand group capturing a unique and playfully surrealistic moment in time.
Be sure to watch a good and full print. There are many incomplete and poor prints circulating.