Phonozoic identifies this type as Type 2 (Red.) The disc is dated as 9-29-40. These discs were made by the Federal Recorder Co. They advertised for a couple years in the Broadcasting Year Book. In several editions (1939, 1941 and 1965) editions, they are listed as located at 50 West 75th street, New York City, the manager as M.M. Pochapin. Pochapin was a bit of an eccentric. He is described in the August, 1936 issue of Time Magazine as a kazoo salesman. His eponymous corporation manufactured the "Bob Burns Kazooed Bazooka", a foot long kazoo-like noise-maker. It makes a 78 rpm home recording seem a bit pedestrian.
This recording is a letter to a kid away at school. the front appears to read RECORDED BY "the gang" which consists of John, Merle, Doris and perhaps a few others chortling in the background. They are his immediate family and he's away at school somewhere. The location is actually given but the man with the mic moves it at the worst possible time and rendered that unintelligible. The state is New York. His name sounds like George Wood, but the rest of the writing is more or less unreadable. (I despise cursive.)
The audio quality is good with a notable noise floor but a good signal to noise ratio. I edited out the bad pops and adjusted the volume. The result is very listenable and clear whenever the mic is properly used.