I've labeled some of the buildings from the panorama. The Martz Flats have already been mentioned by
e_r (see
here for color pictures). Some of the information below is from the 1909 and 1911 CDs, and some is from the 1910 Baist map.
Library of Congress
Here's a better look at the Hotel Baltimore in an image dated 1905-1907. The building behind it is labeled "Pellissier Block" on the Baist map, but the writing on the tower appears to say "Block Pellissier".
Detail of picture in
USC Digital Library
USC have titled this image
"Exterior view of the Los Angeles Athletic Club building on the corner of Seventh Street and Olive Street, ca.1911". To me, it looks like the Hotel Baltimore again. I think they based the title on the board at the side, because the Los Angeles Athletic Club didn't open until 1912. The Athletic Club had roughly double the footprint of the Hotel Baltimore, as can be seen on the 1914 Baist map. It's still there, and was mentioned recently in
a post by e_r.
USC Digital Library