The pic is bigger at AICN, but we've done a comparison shot with the graphic novel.
In the brilliant WATCHMEN story - there's a history - a universe and a specific world that the characters exist in. That's what makes it so great, so thorough and something to pour over.
What we have here is a photo that the Minutemen took - Who are the Minutemen? Well in WATCHMEN - it was the first TEAM of superheroes that formed in 1939 and pulled a BEATLES in 1949. In the pic below you'll see the classic SILK SPECTRE and NITE OWL... you'll see CAPTAIN METROPOLIS, MOTHMAN, SILHOUETTE, COMEDIAN, DOLLAR BILL and with the noose... HOODED JUSTICE.