It is very bright and under contrasted. There is "Founder of Doors" in pencil erased and other things - possibly paper loss as well. I will go to the other room and try and show what it might look like.
Ah, I see on my PC it does show more - I adjusted it anyway to what it might look like as the image as posted is blown out. I don't believe there is paper loss - perhaps some abrasion at most. There seems to be some album or other toning.