It's a late Mutoscope piece from American Mutoscope and Biograph; that is the sort of peep show machine you used to be able to find in penny arcades. Because they permitted only one viewer at a time, they often had risque subjects and this is one.
It's clearly set in a studio set and people are walking about on the "street" in front of a window. A woman enters the window frame, and pulls off her blouse, then a couple of other items of undergarments, while a young man pauses to look. At this point, as the title indicates, she pulls down the blinds.
Like many a striptease, it promises far more than it delivers. For 1904, this was as titilating as you could get without importing something from France.