1890s Tobacco Label Cigar
Of course when this label was produced the meaning of the word "gay" was dramatically different than its meaning today.
Generally the word in the earlier era meant a dandy, a person who dressed in a fashionable - sometimes flamboyant manner - way.
Certainly the young man portrayed here is fashionably dressed and, of course, has a cigar raised in his hand.
And he makes we also think that he could be "gay" in the actual meaning of the word...