Just coincidentally linked to Jack's early sponsor.
I saw a certificate in an Antique Mall and I don't get the joke... The comic drawing is labeled 1926... the one I saw had blanks filled in for "La Cumbre" country club (Santa Barbara CA) in 1933.
There are two uniformed (though not white-coated) men taking the lucky (and/or skilled) golfer away, to the Hole-in-One Club, which looks like an asylum. The people apparently confined there are yelling from the roof, "They've caught another one!"
The other three golfers are shaking their heads and feeling sorry for "poor Bill."
The only thing I can guess at is, the guy making the Hole-in-One WOULD HAVE had everyone buying him drinks, if not for Prohibition. (Like that was gonna stop anybody...) So it drives him nuts to make the great shot when it doesn't do him much good. Although by 1933, everything was hunky-dory again.
Is that the joke?