The image above is from two real photo postcards "stitched" together to form a panorama. The pictures were taken about 1909. A similar photograph can be seen here by the same photographer. The picture was likely taken from the water tower behind the Case Thresher building on NP Avenue.

On the right edge one can see the Red River. In the center is the Fargo Feed Mill (enlarged below) at 115 2nd Street North) and the Johnson Stone Works (enlarged below). I can't identify any other businesses but there was obviously a lot of homes east of Broadway at this time. The Great Northern tracks can be seen in the upper right.

For a few more Fargo panoramas, please continue here.