This is what it says:
THE LOCH NESS
German April 1 Hoax
BERLIN, April 1.
"Captured at last; Loch Ness monster brought to Edinburgh."
These headlines appear In "Berliner, Illustrierte Zeitung," a weekly magazine, devoted to the more stolid type of pictures, science, and exploration. Under the headlines a photograph shows a monster, 100ft long, with a 20ft tail weighing 30 tons, being caught in a huge steel net on the shores Loch Ness, with two tugboats waiting to head the monsterback in case it escaped.
Another picture depicts a vast crowd viewing the monster at Edinburgh, the caption stating that an American circus proprietor's offer of £500,000 was likely to be refused owing to scientific reasons. This and other equally wild pictures are the only justification found.
A faked photo of the captured "loch ness monster"
Bombers in World War II also said they bombed the monster when they saw her in the lake. There is also a news article about that, but there are no photos.
Here's links to more info on the Loch Ness Mystery blog.
Here's a link to my earlier post about another Nessie hoax from this year.