Here's my guess...I believe the picture was taken in a Northeast direction. I think it was taken from one of the old farms off route 3 in Laconia, possibly where Funspot is today. The start of Meredith Bay would be on the left and the point sticking out in the center left would be Spindle point. Pitchwood island is visible in the background at center right. Eagle island is on the right and the Ossipee mountains (Mount Roberts, etc) in the background.
That's my story and I'm sticking to it!
Dan