This song is about the Saint Valentine’s Day Massacre of 1929. Seven members and associates of the North Side Gang were gunned down and killed. These men were all associates of George ” Bugs” Moran. Moran was known to be a longtime enemy of Al Capone. Although Capone was never tied officially to the murders, most people believed him to be responsible. Capone, after all, was at that time eliminating his “competition” in the illegal trades of prostitution, bootlegging and gambling.