And there's your explanation. Apeda was a commercial photographer whose work was commissioned and also licensed and sold. Very desirable photo studio, but the years of mfg would need to be researched, because Apeda used images for years after they were taken. This Jack Dempsey was taken in the early 1920s but made to be handed out to coast guard sailors who completed his self-defense course in WW2 (and yes, the signature is good):
I would assume that the Apeda Ruth you show is a studio photo (great one BTW) that was licensed for use with the undies.