The pattern is numbered 7661, a "ladies' six-gored princess slip or foundation". It's made by the Standard Fashion Company - some internet research tells me that this was a subsidiary of Butterick, in operation from 1888 to 1926. At the bottom of the pattern it says 'Patented October 4, 1887, and September 5, 1889' - I assume that's referring to the company, not the individual pattern. The closest thing I can find online is pattern no. 7241, a very long straight skirt which looks to me like it's from about 1910.
Do you have anything similar in your collection? Do you know about the history of the Standard Fashion Company? Do you have any clues from underwear history?
There are some more pictures and details on my blog if you think you can help. Thanks!