I bought this boy on a pony at a flea market. It really made me laugh because he looked so disgusted. Was it the smell of the pony he disliked? Did he think the photographer was annoying? Perhaps he had just seen the pony episode on Seinfeld? Okay, I can imagine this boy on a ship coming into New York Harbor, sailing by the Statue of Liberty...on his pony. This would end Seinfeld's claim that no immigrants arrived in this country aboard a pony. And this boy is disgusted that Seinfeld would ever make such a claim. The only actual information I have is the date of "March 1923" written on the back.
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And for those who don't remember that scene in Seinfeld...