Do "cuts" here refer to pictures?

Probably--it might mean wood cuts, a form of picture for use with a printing press. I've not seen it used in such a way, but that's hardlyconclusive.

Setanta is probably right re: woodcuts, considering the context. But the word 'cut' is old-time newspaper slang for any picture (photograph, drawing, etching etc.) published in the paper. What we call a 'caption', an editor calls a 'cut-line.'