I can’t look at a photo like this without wondering, “How is that made?” In this case, the question is,
“What is the trim on that dress?”
Photo dated 1922.
At first I thought those square protuberances along the sides (I don’t know what else to call them) were buttons, as seen on these dresses from 1925:
Button-trimmed dresses, Butterick patterns from March 1925, Delineator.
But a closer look (the original photo is less than three inches wide) shows that the ridges are actually bands of thicker trim:
I’m pretty sure they have a velvety texture. I thought about fur, but they are not rounded at all. My current best guess is that they are strips of velvet ribbon with a loop stitched in every inch or so (maybe closer):
I tried lightening the photo in hopes that more detail would show:
Photo lightened to show detail
The dress seems to be a semi-sheer tunic dress with a longer “costume slip” under it. I think I can see straps faintly through the top. It has a velvet belt tied tightly over the hips and decorated with sparkly beads and tassels at the ends. The sleeves also have two bands of the velvet trim — if that’s what it is. It’s certainly an intriguing look. Has anyone ever seen such a trim on a vintage twenties dress?
[Incidentally, I don’t completely trust the date on the photo; I think the name and date were added from memory when the picture was put into an album, because I recognize the handwriting.]
witness2fashion 
I’ve never seen that trim before, but I love it. There are such innovative details on twenties dresses!
I’ve seen & made many period costumes for theatre that have velvet trim used in similar ways. I agree that it looks very much like loops of the velvet trim stitched in bands around the dress – very interesting detail!
Thank you, Brooke! I hoped you would have seen this before.
How fascinating. And is that a big fabric flower at the bust?
That’s how I read it. Sometimes these old photos are so tiny that even scannning them at 600 dpi can’t make them clear enough to satisfy my curiosity.