It was remiss of me not to congratulate Peter on a good assessment of this piece.
Ivo, you may find Adolf Hoffmeister's "100 years of Caricature" published by Orbis. Prague around 1955, may have a complete answer, to the image. Not sure if it was issued in any language other than Czech.
An observation on the handkerchief, and the symbolism of the colours.
Red and white came to be associated with separatist groups, and Sokol, a Czech physical education group, with strong nationalistic leanings used a white falcon on a red background as their emblem. Within Sokol was a grouping The New Czechs, which included Prince Rudolf of Thurn and Taxis, and I believe Tyrs, and Fruegner, founder and funder respectively of Sokol. Other significant though somewhat later, political members were TG Masaryk and Eduard Benes.
There might also be Moravian significance as the Moravian eagle is a chequered Red and White.