New Yorker cartoons are infamously opaque, but they weren't much so during the 1920s. The multi-panel vignettes by Otto Soglow were particularly easy to "get," usually a simple, surreal, but obvious joke stretched out to six or nine panels.
But this one confuses me and freaks me out. Sure I understand what is happening in each panel, but there's a disconnect between "what appears to be happening" and "what it all means." Part of this confusion comes from my desire to NOT see it as a cheap midget-with-a-cigar-sex-gag, because New Yorker cartoons -- and Soglow's in particular -- just weren't LIKE that at the time.
It says something about the vapidity of the '20s magazine that this cartoon is the most thought-provoking thing I've seen so far.
Incidentally, you may remember Otto Soglow for what he eventually became famous for: the 1930s "Little King" comics.