Punch Magazine – females with boxing gloves – dated July 3, 1912

The background of this photo may be part of PUNCH Magazine.  Wiki describes it as as the following:  Punch, or The London Charivari was a British weekly magazine of humour and satire established in 1841 by Henry Mayhew and wood-engraver Ebenezer Landells. Historically, it was most influential in the 1840s and 1850s, when it helped to coin the term “cartoon” in its modern sense as a humorous illustration. From 1850, John Tenniel was the chief cartoon artist at the magazine for over 50 years.   After the 1940s, when its circulation peaked, it went into a long decline, closing in 1992. It was revived in 1996, but closed again in 2002.

Wiki reports the following of the History: 

Punch was founded on 17 July 1841 by Henry Mayhew and wood-engraver Ebenezer Landells, on an initial investment of £25. It was jointly edited by Mayhew and Mark Lemon. It was subtitled The London Charivari in homage to Charles Philipon’s French satirical humour magazine Le Charivari.[1] Reflecting their satiric and humorous intent, the two editors took for their name and masthead the anarchic glove puppet, Mr. Punch, of Punch and Judy; the name also referred to a joke made early on about one of the magazine’s first editors, Lemon, that “punch is nothing without lemon”. Mayhew ceased to be joint editor in 1842 and became “suggestor in chief” until he severed his connection in 1845. The magazine initially struggled for readers, except for an 1842 “Almanack” issue which shocked its creators by selling 90,000 copies. In December 1842 due to financial difficulties, the magazine was sold to Bradbury and Evans, both printers and publishers. Bradbury and Evans capitalised on newly evolving mass printing technologies and also were the publishers for Charles Dickens and William Makepeace Thackeray.  Full Details on Wiki: https://en.wikipedia.org/wiki/Punch_(magazine)