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Frank WakefieldI'd say the photo is not from the teens or early 20s, but is from mid to late 20s or later. I base that on the bats. The bats have a thin handle and big barrel, wich came into favor as Ruth started slugging home runs. Before that, bats were longer, with a thicker handle and smaller barrel. Long bats have a slow bat speed, like swinging a broom or a boat oar, shorter bats get around quicker.
Bat physics was one of the changes that got the game out of the singles and bunts eara. Going from dirty balls to clean balls (see that ball Chase is holding on a T206 in another thread) after the Chapman incident, Babe started swatting, balls were made a bit tighter, no new spitball pitchers were allowed, and bat dimensions. This last change is often overlooked by Sports Illustrated type historians who just want to make a book for a coffee table.
Before Ruth and all of the changes above, a player might use 2 or less bats a season. After Ruth they started swinging from their heels, and the skinny-handled bats shattered. Today, it isn't unusual to occasionally see a batter splinter 2 bats in one at-bat. Those bats in that photo are "new" bats.