It is a picture of children of fans of the popular manga "Masanori no Adventure" of 1925 (Taisho 14). From Asahi Graph.
Everyone is happy to have a grand champ hat.
The second piece is better than the summary here.
It is said to be a cartoon that used a balloon for the first time in Japan.

Source by 戦前~戦後のレトロ写真