The photo, circa 1932, was taken by one of the most famous baseball photographers of all time, George Burke. His stamp is on the back. The photo is signed in bright blue fountain pen ink, "To Stanley Gray, Sincerely Babe Ruth." The signature and salutation are very bold and grade 9 out of 10. The 4x6" photo grades EX. Stan Gray was an early collector of baseball and other sports signatures. A stunning signature and photo. LOA from PSA.