From the hook size versus the reel I would guess that is a lake fly. I looked in a couple of my reference books, including "Forgotten Flies", and I could not find a fly to match the one in the photo. From the photo, the recipe of that fly would be:
Tail: Red goose shoulder slips
Body: Yellow yarn ribbed with black floss
Throat: Brown hackle, wrapped as a collar and pulled down
Wing: Red hackle feather, looks like a matched pair
Given the age of the fly, the tail and wing are probably scarlet ibis.
The only fly I could find which approximates the fly pictures is the Prince Edward, it is a similar recipe, but the body is yellow floss ribbed with gold oval tinsel. This could be a variation but I'm not 100% sure.
Reminds me of a card of 'Bass Flies' that hung in the local Western Auto back in about 1961. Priced at $0.25, they were beyond my reach, but I loved to go down there and stare at them and dream!