The description is almost better than the photo itself, although I've never heard of Bob collecting a squadron of flying model planes before....Hollywood embellishment?
FILM STAR COLLECTS MINIATURE AIRPLANES
HOLLYWOOD --- Robert Montgomery, motion picture star, has gone aeronautical minded in a big way. He’s collecting miniature planes, and as soon as he has enough he’s going to form the Montgomery Escadrille. In this photo, Montgomery displays a miniature airplane given him on his birthday by his friend, Reginald Denny, screen actor. The plane is powered with a one-cylinder gasoline motor that enables it to stay aloft up to four hours, attaining an altitude of 4,000 feet. When the gasoline runs out it glides down to a “3-point” landing.
Photo is dated June 12, 1935