The description of the photo is unmistakable. It is a "view of the north side of Main street" that "shows every building from Nolan Hall to the school house." There is no sign in the picture identifying Nolan Hall, but a 1877 advertisement tells us that Louis Goldsoll's Bazaar was located under Nolan Hall.

You can see the Goldsoll sign in front of the corner store on the lower level at right.  A longer news story about the erection of Nolan Hall in 1873 says that it was located upstairs at the corner of Main Street and Austin Avenue, with the entrance being on Austin.  The address of Goldsoll's Bazaar was 201 W. Main. Next to it was Waterman, Star & Company at 203. Next to that was the Kentucky Whisky Depot at 205.  Farther down the street was D.W.C. Davis Hardware at 213.

Other business establishments on Main Street:
M. Goldsoll & Co., 229 West Main St.
Owen McCarthy Furniture, 302 West Main on the corner of Rusk Avenue

At the left edge of the photo you can see the Educational Institute on the horizon in the 700 block, the western edge of town at the time.  The above business addresses emphasize that the photo looks west from the 200 block of Main Street.
In 1878 G. Perkins took another photograph of Main Street, looking west from the railroad tracks past the Alamo Hotel.