In back, from left to right: Hester Larsen, Melissa Larsen, Mrs. Giles, & Mrs. Berger. The two boys are standing in front, Raymond Giles and Duane Larsen. They are standing together on a dirt road or path with trees in the background.
Friends frequently exchanged photographs. This is "Delphina" from Colorado Teachers' College. "Loving by Delphina / CTC 7/1932" is written in the bottom right corner of the photograph.