This is a curious photo that seems striking for several reasons. The quality of the image looks more like the 1890s than anything else. But it's November, 1931. We've got Loew's State on the right as we look south on Broadway.
Here we are at the bottom of the depression and it's celebration time with the street lavishly decorated for Fiesta Week. It's a view from the USC Archives -- click on it to go to their full size view.
I'd come across it via a post by "Gaylord Wilshire" on the delirious discussion thread Noirish Los Angeles.
It's now on the Loew's State Theatre page, along with many other views of the theatre -- including some of my interior shots from 2007.