I know that I'm digging up an old thread, but I recently saw an ebay listing that looks to have the same photo used in this card:
Link (not my listing). I don't know if Frank (fkw) still owns this card as he had for sale a while ago:
Link.
According to the ebay listing:
"For sale is a Type 1 Original Photo of Babe Ruth. In this beautiful image Ruth is posing for a picture showing off what all of the fans were paying to see each game. This looks to be from his 1929 season by his uniform. This image is Credited by BOHEMIA LIBRE. The slug on the back of the photo is missing. It measures 7 x 9.25 inches and is in Great Condition. There is some small creases along the corners as well with a light crease in the top portion of the photo going down. This is a great shot of Ruth posing in his pinstripes during the Pinnacle of his career!!! "
A quick google of "Bohemia Libre" seems to say that they are either a Cuban or Puerto Rican magazine. Therefore, perhaps this card was included as insert in one of their magazines in 1929 or early 1930s.