The Old Photograph is a file that can be found in Resident Evil 0.
It can be found in the bookcase on the lower portion of Marcus' study of the Research Center Laboratory's second floor basement. Finding it will trigger a cutscene where either Billy Coen or Rebecca Chambers (depending on who the player was playing as upon finding the photo) will guess that the man currently inhabiting the mansion was either James Marcus' son or grandson.
(There's something written on the back of the photograph.)
To Commemorate your graduation, 1939