Fair condition. There is some staining on the bottom edge of some pages (see pictures for the worst pages); these stains run from approximately page 148 (small and mild) and getting worse until about page 163 (pictured) and then slowly gets lighter until about page 175 or so where it fades away. The front cover has a strip of staining on the top edge. The front and back covers have some wear. The back cover is creased. The spine tilts a bit. The binding is a bit loose, but all pages are currently attached.
See pictures for more details.
Copyright information -- Grosset & Dunlap, First Edition Printed February 1927, First Reprinting March 1927
If you have any questions, please let me know. Thanks for looking!