Denny certainly is/was a Chicago area dealer and I have no doubt that he got his hand on a pennant such as this.
I used to work for the Cubs and this does look like not only a pennant that hung on above the scoreboard but they also had team flags flying around the top of the upper deck on game days. These both look just like the pennants I remember hanging above the old ball park and I have no doubt this is where these came from.
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