The "MONON SHOPS-UNIVERSITY" bus route was a regular bus and proceeding trolley route of the Lafayette Transit system. For many years the end points were at the north end of the shops entrance at McDoel St. and Monon Ave. This is one block north of Schuyler Ave where the Indiana Service Co to Ft. Wayne (Interurban) came into town). In West Lafayette the end of the "U" shaped route was at University St. and Stadium Avenue.
The picture was likely taken in downtown Lafayette at the old trolley "transfer center" aka 9th & Main.
The Lafayette Street Railway history is in Bulletin#32 (1958) of the Electric Railway Historical Society. Many of you may have this in your collections as it contains some Monon history.
