This probably came from some ones collection and seemed to have an album page or thin mat with it. The photo is probably from a newspaper and there is a little piece of mat stuck in the corner of the cut.
Cut says " To Jane (?) Butler Sincerely Jimmy Thomson Sept 1, 1934" Not sure about Jane or the last number in the year. He appeared to start the date with A for Aug. and then wrote S for Sept over top.
Please see photo for more detail and condition.. Any questions just ask. I am downsizing my collection so check out my other listings. Thanks.