Synchronized Suspender Fitness

This is a wacky little illustration from the 1903 Clothier and Furnisher. At first glance, we see a pair of young athletes doing a synchronized aerobic routine with stretchy suspenders...

...After a second look, though, I'm starting to think that they might each be standing in a different leg of a giant pair of pants, and hauling them up by the suspenders. Unfortunately the copy was too blurred to read, but I doubt it explains the illustration.