Hi Wayne,

Thank you for contacting Mearto with your appraisal inquiry.
If you'd like for your appraisal to include dimensions, which is customary, please forward in the comments section - at your convenience - the height and width and I'll update this ASAP.
Based on the photos and information provided, and subject to examination, this is:

A Spencerian drawing of a horse
made by L.M. Thornburgh, dated 1901
pen and ink
Depicting two rearing horses, centering a presentation inscription; together with photograph and booklet/pamphlet(?)
CONDITION: appears to be laid down, with edge losses
PROVENANCE: acquired on eBay
$400-600*
*represents a fair-market value for auction purposes; retail or asking price may vary.

Please let us know if you have additional items to appraise, and thank you again for using Mearto.