Great-Grandpa took White Star both to and from Europe, so I'm not sure which trip this tag was for:
I am presuming that the big "Y" in the middle was for the first letter of his last name. A clever trick for identifying baggage - I think it's due for a comeback in this age of colored ribbons on handles.
If you look closely, you can see the fold. This tag has been folded for almost a century. The glue on the back also seems pretty intact - I was worried about the heat from the scanner lamp causing it to get stuck. It all worked out.