Content of the sheet titled "Long Term Municipals" appears to be unrelated to the content of the photograph. It appears to be a piece of scrap paper used to record the names of those present in the photograph.
South end- Main Street before South St. opened just this side of the house on the right. The second house on the left (i.e. bay and the __house) seems not to be the Gates house about was moved to that spot in 1885. Thus the photo predates 1885