In my grandfather's handwriting it says "Miss Maynard & Miss Beaulier" (if I am reading the cursive writing correctly).
In my mother's handwriting on the back it also says: "Yvonne & Lillian".
from Nov. 3, 1918 clipping in a column "The World of Art:"
"The portrait of 'My Two Nieces' loaned by Mrs. A. B. Maynard, was shown last year at the Art Club and is one of the finest canvases in the collection."