Sous La Glace, Georges Leonnec for La Vie Parisienne, 1926
The caption is a little fuzzy, but I think the meaning is “Has the Parisienne become economic?  You see a lot less panties this year!” :D

Sous La Glace, Georges Leonnec for La Vie Parisienne, 1926

The caption is a little fuzzy, but I think the meaning is “Has the Parisienne become economic? You see a lot less panties this year!” :D