ANSWER: The photo, looking south by west from the City Hall tower, is a panorama of the downtown business district. And, of course, it wasn't expected to baffle anybody. Too many prominent landmarks, including the Times and Mirror Buildings in center foreground.
View from First St. towards Broadway and the old Los Angeles Times Building as it was being prepared for the May 1938 demolition. There is scaffolding at the third story and the top level of the clock tower, and the clock has been removed. A sign on a commercial building across the street reads: "139 / ... Artistic / Hair Shaping / 50 / IN LOBBY / OF LAW BLDG. / Tel ..." A sign on a small trailer attached to a parked car reads: "20th CENTURY FOX / FILM CORPORATION."