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I think that since there was nothing valuable inside, finders might have thought it was not worth the trouble sending the wallets back, while a baby picture is valuable to its owner, so it was worth sending back. If I had found such a wallet, that's the way I would have acted.

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I was actually thinking the complete opposite. Since they found nothing of value in the wallets, they were easy to part with and send back. If they found $300 in cash, the finder may have felt more inclined to keep the wallet or at least the money. A good follow up test would be to see how often the money comes back with the wallet.

I was not trying to speculate what people would do if they found a wallet full of money, I was just trying to interpret why they sent back a wallet with a baby picture but did not send back a wallet with nothing of value inside.

this may be true. I lost my wallet today, and a very honest man found it and returned it to me. The wallet contained a large sum of money.

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