“That is the Walrus”
MWD (probably Marion Wallace Dunlop, fl. 1871-1905)
Inscribed lower right: “MWD”
Complete dialogue:
“She. ‘That is the Walrus.’”
“He. ‘Where is the Carpenter?’”
Source: Punch (5 February 1902): 106. The Internet Archive’s online version of a copy in the University of Toronto Library.