The northbound passenger is just departing Anchorage passing the freight house team tracks. In the background are two covered hoppers loaded with flour that the freight house crews will transload using pneumatic bulk trucks and deliver to local bakeries. The bicentennial covered hopper tells the era of this picture was taken in the spring of 1976 just prior to the introduction of the bicentennial FP-7's. Future pictures of a matched passenger train would become rare indeed. Also in the background is a double door Erie-Lackawanna boxcar full of canoes. The freight house crew has an ARR container backed up to the door. They are either transloading some of the canoes into the container to forward on to Fairbanks retailers, or they are using the container as a delivery trailer to distribute the canoes to area sporting good stores (maybe both). The picture was taken from the overpass (I think "C" street) that spans the railroad yard area in the Ship Creek basin.
Photo courtesy of Jason Kuehn