Can't tell you much about the team itself, although I can tell that the most prominent member of the team is Joe E. Brown (top row, middle):
Brown was heavily involved with baseball his whole life, including movie and stage roles, team ownership and promotional activities and appearances. He was also a pioneer collector of baseball memorabilia, amassing an incredible collection.
There is a biography on Brown that may reveal more about the Toledo Thads:
http://www.amazon.com/Joe-E-Brown-Co.../dp/078642589X
I have a real photo postcard of the same image.