This photo was probably taken about the time that St. James Cathedral was dedicated in December 1907. Apparently Otto was on a platform or the roof of an adjacent building, because the picture was taken from well above street level.
The sky (likely cloudy, if the picture was taken in December) has been blanked out with opaquing. Streaks appear where the opaquing was not evenly applied.
Note how "Cathedral" is spelled. Otto was writing captions backwards on the glass negatives, and sometimes missed letters or strokes within letters.
Also see Image 47 - Dedication of St. James Cathedral Seattle for photos taken from a similar vantage point.