A terrific proscenium view of the Follies Theatre, 337 S. Main St. It's a promotional still from the film "Every Day's a Holiday" (Paramount, 1937). It was directed by A. Edward Sutherland and stars Mae West, Edmond Lowe and Charles Butterworth.
The photo once appeared on the Facebook page of the L.A. Conservancy but seems to have vanished from there. They had credited it to the Tom B'hend and Preston Kaufmann Collection via Terry Helgesen. That collection is part of the Academy of Motion Picture Arts and Sciences Margaret Herrick Library Digital. The photo has also been seen on Photos of Los Angeles.
The theatre had opened in 1904 as the Belasco and was a fixture on Main St. until its 1974 demolition. See our Follies Theatre page for a history of the building and more interior photos.
On IMDb: "Every Day's a Holiday"