This is such an interesting refashion from 1951!
Before: A dress with a front-draped ("harem-drape") skirt that had stretched out of shape.
After: Fabric was folded and seamed 4 inches below the waist to create a peg-pocket line that slants down toward the side seams. To make peg pockets, the fabric inside the fold at each side was cut and a pocket lining of taffeta was inserted.
A slim, crisp silhouette, with intriguing, sharp style!