That's a gridlocked Yonge Street at rush hour in 1941, looking north toward the intersection with College. (That white building on the left is College Park back when it was still an Eaton's.) I found it here, on the city's website, presented as an example of the kind of congestion that was suffocating the downtown core before we finally built our first subway line.
That same webpage has some neat drawings of what they thought King and Eglinton Stations might look like, plus this photo taken further down Yonge Street on Christmas Eve in 1935, looking north from Louisa Street (one of the four roads that disappeared when they built the Eaton's Centre on top of them)
Yonge Street, Christmas Eve 1935