The only clue to understanding this photo is the beer. Regal was a San Francisco brewer that stopped producing about 1961. The young girl in the center has carefully executed her feminine persona. Her gown glimmers with an elegance absent from the rest of the bar. It fits provocatively. Her hair is her own. She’s committed to being seen as trans, even though her elegant toilette was against the law at the time.
The LLTA has two small photos (2.25″ X 3.5″) of these jolly cross-dressers. They’re wearing the same outfits in the other photo, but without the coats. In this image they’re lifting their skirts to expose their gorgeous gams, which are neither shaved nor stockinged. The taller model on the right lifts her skirts to mid-thigh in both mages. It might be possible to date the photo by the car, which looks like it’s from the 1930’s or 1940’s. The pose and public setting incline me to think this is a lighthearted masquerade and not a statement of identity, though we can never be really sure what’s going on in another person’s head.