It's a strong piece. Good character development. Shows some corrections in the hand movement. Attributed to Ub Iwerks (who did the animation for the film). Incidently, while Walt Disney is listed as the Director by most sites, Iwerks is also listed as the director in others. The entry on IMDB had the following trivia:
According to the DVD commentary track, the model for the toreador caricature was Walt Disney himself.
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From "El Terrible Toreador" (1929). A pencil sketch of a female fan dancer is looking at a male military figure that appears to be snapping his fingers. The second Silly Symphony Film. The sheet is attributed to Ub Iwerks. "12" 2-hole punch on the left side rather than the bottom. [Item: 12"W x 8-3/4"H; Frame: 18”W x 16”H] Acquired 2000. SeqID-0731 8/3/2005