This book is from 1964 so the yarn is no longer available. I have made it in several yarns (machine washable-it’s for a baby). The book is available used on Amazon for prices from .50 to 9.99 plus postage.
It is a loose fitting shrug with eyelets along the edge. It is knit sideways from cuff to cuff. Adapting length and width are explained in the instruction if you need it.
The shrug can easily be made more or less fancy as you chose. The pattern calls for angora balls on a tie which I don’t use. The shrug stays in place fine without it.
13 sts = 2”, 12 rows (6 ridges) = 1”.