How could I possibly resist this inscription?
In case you can't quite make it out:
From Fred & Ethel
Wishing you a very happy Christmas & good New Year
I figure it has to be from the Mertzes. How many Fred & Ethels can there be? In 1934, they would have been 40ish and (I hope) relatively happy.
(Bibliophiles might enjoy a site called the Book Inscription Project that features other inscriptions. Oh, and a tip o' the hat to Susan Hated Literature for that book-inscription link.)