Tom Kepshire, Monon Railroad enthusiast, identifies this photo as follows: "This is of course Shelby. No date on the image, but judging by the flood waters the depot photo is more than likely 1906 or 1913. Those are the only two Kankakee River floods where the water came all the way up to the railroad tracks. We also know that the depot in the picture was built in 1905, per the 1905 Monon railroad annual report. It was a union depot with the New York Central. You are looking due east down the New York Central's Kankakee Belt tracks. The Monon tracks run from left to right."
Note two other business buildings in the photo: the Lunchroom (in the middle of the picture) and the D.J. Doty Hotel/Saloon (on the far right).