Dancers (the Fanchonettes, I think) perform a cancan-like step and show off their frillies in Fanchon & Marco's "Peasant" Idea. The photo is by Harry Wenger of Los Angeles.
This is from a EBay auction by fotofraulein:
http://www.ebay.com/itm/F0445-Vintage-B-W-Photo-11x14-Lady-Belcher-Dancers-Fanchon-Marco-Peasant-Idea-/141126630099?pt=Art_Photo_Images&hash=item20dbcd7ad3
See fotofraulein's store with many more period photos at:
http://stores.ebay.com/fotofraulein/
Fanchon and Marco were a brother-sister team who produced large stage shows in the 1920s and 30s. Each production number was called an "Idea". See their site and this Flickr page for more information and photos:
http://fanchonandmarco.com/Home_Page.html
http://www.flickr.com/photos/40670707@N05/
For two more similar panty-flashing photos, see:
http://www.flickr.com/photos/40670707@N05/4538667511/
(Another F&M photo)
http://classiccancan.blogspot.com/2013/11/scala-hiller-girls.html
