In the 1920s, Koko the Clown was one of the most popular cartoon characters. And, when you see most of the Koko films today, you can certainly understand his popularity, as the films are extremely clever and funny. Unfortunately, of the several dozen Koko films I've seen, this is one of the weaker ones...though it's still funny and well worth seeing.
Unlike most other Koko shorts, Koko himself is not a mischievous jerk. Instead, most of the cartoon consists of Max (Max Fleischer, the director of the cartoons) messing with his character. First, he draws all sorts of silly hats on Koko, then his introduces fireworks! Eventually, Koko is so flustered he leaves the drawing and eventually runs back to his inkwell.
I think the best Koko films have a great give and take between the cartoon character and his animator. Here, however, Koko always seems to be on the receiving end and as a result, it's a bit flat by comparison.
By the way, the version I saw was the 1930 reissue which included music and sound effects...a common practice in the early days of sound.