This is a title form a June 5, 1904, text about the aeronautic race organized at the Saint Louis World's Fair. The content of the article is about Santos-Dumont, the Wright brothers and other real or possible contestants.
"Airships Arrive at St. Louis for, the Great Race of Aerial Hot-Footers."
I have found that hot-footer is an "invented derogatory term for a Mexican American" but it does not really fit the context of the article.
"hot-foot" or commonly "hotfoot" is a fairly informal adverb and verb meaning "(go) fast"
She came hotfoot from the palace, with news of the royal baby.
I'll have to hotfoot to the station if I am to catch my train
or often
... hotfoot it to the station ...
So a "hot-footer" would mean "a person who goes very fast". Which fits the idea of an aircraft racer. But it isn't common, and was probably made up by the person writing the headline.
The derogatory term is derived from this meaning (with the implication that they are coming over the border and running away from law enforcement officers)
In US slang, a 'hot-footer' can be someone who moves fast, travels around a lot, or who is seldom in one place for very long. The derogatory term, derived from these, for immigrants who had travelled to the US in a hurry, is only one meaning. Because of the risk of causing offence, it is probably best avoided these days.
In 1906, after years of gambling, horse and dog racing, and working in the old mines, I decided to come to America. I quit a good job and became a “hot-footer,” moving about in search of something that was real.
In railroad workers slang:
HOT-FOOTER—Engineer or conductor in switching service who is always in a hurry
Train Lingo (Railroad terminology)
hot footer noun somebody who is in a perpetual hurry
