According to the caption, this is the "Subway terminal parking garage" in 1926. It's on the corner of Olive and 4th, so the lamp post on the right is outside the entrance of the Fremont Hotel. Just out of shot on the left you'd have found the Hotel Clark Garage, Hotel Antlers, and the end of Clay Street. The photographer must've been standing outside the Mutual Garage. As well as the large adverts for the Yellow Cab Company, I also noticed the name Calpet Gasoline, which reminded me of the service station on Wilshire.
USC Digital Library
Since 1926, three corners of the intersection have changed beyond recognition, but not this one. The garage has been slightly remodeled, but is still recogizable. The buildings behind are also the same, although they've now got fake details included in the paintwork of the upper floors.
GSV
While I'm in the area, here's a picture from a year earlier (according to USC's dating) which looks up 4th from Hill. Just behind the Wright and Callender Building is the Hotel Sheldon - it had gone by the time the 1926 picture above was taken. Beyond the garage, most of the Fremont Hotel is visible. On the left, there's no sign of the Subway Terminal Building yet.
USC Digital Library
Zooming in, here's a better view of the Hotel Sheldon. The garage appears to have been the Savoy Auto Park in 1925.
Detail of picture above.
On the left of the Wright and Callender Building there's a sign for Turkish Baths. Looking through previous posts, it looks like 4th Street was the place to come for a Turkish bath!
Detail of picture above.