In 1912 the great ocean liner "The Titantic" struck an iceberg in the Atlantic ocean and within a few hours over a thousand people perished in the icy waters because there were not enough lifeboats to accommodate all of the passengers and crew members. It was a great tragedy.
It was common in the early 1900's to write songs to commemorate the events of the day. This song was inspired by the loss of the Titantic and the people on board.
The man's photo on the cover is unidentified but is most likely the "plugger". A plugger was a professional singer that would take the song to music halls, saloons and social gathering places and sing the song. In other words...give it a plug. Pluggers were an important part of the music industry. Their photo was often included on the cover of the music. A popular singer could increase the sales of a particular song.