Sailing into Fuji, 1920′s.

“Real-photo gelatin silver print. Postcard format. This
image is one of several examples of a largely ignored facet of Old
Japanese Photography – a genre called “Taisho Art” or “
Taisho Pictorial Photography”. […] As
this is an “Art Photo”, there was probably some manual manipulation of
the image. I personally think it is a combination of at least two photos.” Quoted from
Okinawa Soba (Rob) on Flickr.
/ source and more information: Flickr 

hi-res link, here