Fascinating broadside, directed at the Freshmen women of Maryland College.
While our initial instincts were that this was a Sorority hazing item, it seems that is more likely general hazing of the women of the Maryland College Class of 1935.
Among other notes, "Rat Caps," were the beanie like hats which all Freshmen were expected to wear on campus in this time period.
We presume that Maryland College is Maryland State College, the pre-cursor to the University of Maryland, College Park. The school name had recently been changed from Maryland Agricultural College to Maryland State College in 1916 and women were first admitted in 1916.
We date the broadside based upon the year in which the Class of 1935 would have begun college.