We found a Margaret Ruff who was an Artist and Etcher that was born and resided in Philadelphia, PA but traveled and studied abroad in Europe. She was a member of the Boston Art Club.
She was a student at the Pennsylvania Academy of Fine Arts and had exhibits at the Boston Art Club, Boston Museum of Fine Arts, National Academy of Design, Paris Salons and the Pennsylvania Academy of the Fine Arts. She had also studied under Thomas Eakins. We believe this is the same Margaret Ruff who painted the watercolor.
If anyone knows anything more about this work of art or the Artist please comment.