When was the Indianapolis Motor Speedway Conceived?

A 1917 National Motor Vehicle Company brochure offers an interesting suggestion that the Indianapolis Motor Speedway was first conceived by its four founders (Carl Fisher, Frank Wheeler, Art Newby and James Allison) in November 1905 at the Indiana State Fairgrounds horse track. The image below appears on the cover of the brochure and depicts the four founders huddled around a bonfire brainstorming. The reality is that the concept had probably already been on Carl Fisher's mind for some time prior. But this story has romance, and it may well be that it was on this occasion that Carl had, for the first time, his three colleagues together to discuss his brainstorm. If so, it was a critical moment in setting the wheels into motion for the creation of the Indianapolis Motor Speedway.