More than a little strange to see Olvera Street without any vendor kiosks or restaurants! This photo was taken just prior to the dedication of El Paseo de Los Angeles in 1930. We're looking south here, toward the Plaza.
U.S.C. Digital Library/California Historical Society.
In the distance, two flags can be seen hanging from the front porch of the Avila Adobe: La Bandera de México, and the Stars and Stripes. Zooming in, it can be seen that there are 30 stars in the union. This was the flag of the United States when California became the 31st state in 1850. (The 31-star flag became official on July 4, 1851.)
Credit as above.
Thanks to ProphetM from the Skyscraperpage.com 'noirish Los Angeles' thread for identifying this photo as Olvera Street.