This work was originally published before 1964 and had to have the copyright renewed sometime in the 28th year. If the copyright was not renewed the work is in the public domain. It is best to search 6 months before and after the required year. Some periodicals are published the month before the cover date and some registrations may be delayed for a few months.
Originally published with a copyright notice of 1931, this issue of The Owl would have to be renewed in 1959. Online page scans of the Catalog of Copyright Entries, published by the US Copyright Office can be found here. [1]
The search of the Renewals for Books and Periodicals for 1958, 1959 and 1960 show no renewal entries for The Owl by the Chairman Charles Seidle, the Editor-in-Chief Florence L. Luman, the business manager Harold Price, the Owl itself, or the University of Pittsburgh.
The copyright of the yearbook was not renewed and therefore it is in the public domain according to the criteria.
Note that it may still be copyrighted in jurisdictions that do not apply the rule of the shorter term for US works (depending on the date of the author's death), such as Canada (70 years p.m.a.), Mainland China (50 years p.m.a., not Hong Kong or Macao), Germany (70 years p.m.a.), Mexico (100 years p.m.a.), Switzerland (70 years p.m.a.), and other countries with individual treaties.
Uploaded a work by unknown from https://documenting.pitt.edu/islandora/object/pitt%3A1931e49702/viewer#page/60/mode/1up photo from the 1931 University of Pittsburgh Owl Yearbook, page 53 with UploadWizard