I wandered over to the Shorpy site, and came across a hi-res re-development of this photo; you can go check out the hi-res version here. If you don't, then at least click on this one to enlarge, and study the photo for a second.
This is New Orleans, French Quarter.
Mardi Gras 1907
Anyway, as I looked at this, I could only imagine hundreds of drunk men on those balconies, yelling show us your hats!