This is a newspaper ad from The Guardian promoting "Perkins," which is a clothing store. In the ad, the lady is wearing a fashionable hat and a long-sleeved dress, and is holding an umbrella. The ad promotes millinery wear and women's clothing, such as gloves, capes, jackets, skirts and silks. Back then (the early 1900's), the ladies wore skirts, dresses, corsets, different shoe types, and hats.

The Perkins' saying is "The Millinery Leaders." Millinery means hats, which is why there is a picture in the ad of a lady with a big hat on. The hat has a big feather sticking out from the top. I can't tell what color it is, but I imagine that feathers came in all different colors.

PARO, The Guardian, 12 May 1900, p. 4