This is an early test of color film. It would be another 13 years before a full length color feature film would be released.
The following text is from another online post:
The first lady is Hope Hampton, a silent movie actress who was sometimes mockingly called "Hopeless Hampton" because she wasn't considered to be a very good actress though she was popular. She was thought to be the model behind Susan Kane's lack of talent in "Citizen Kane". She died in 1982. The next lady is Mary Eaton, a stage actress and Ziegfeld Follies girl. She died in 1948, The third lady is Mary Pickford wearing her costume from Little Lord Faulteroy. She died in 1979. The lady with the flower is Esther Ralston, who acted throughout her life until her death in 1994. The young boy who runs up to her is Jackie Coogan(uncle Fester). He died in 1984. At the time they were in "Oliver Twist" together. The movie is up on youtube in its full version. I can't figure out who the lady with the roses on her hat is but since the others were in movies that were hits at the time she must be, too. The lady at the end is ¿The Girl with the Bee-Stung Lips¿ Mae Murray, who died in 1965.