From 1922, a painting of students sledding on Hangman's Hill west of Arkham. The view faces north, with the Miskatonic River in the background.
The illustration, taken from the University of Wisconsin's 1922 yearbook, actually shows students sledding on the hill at Picnic Point above Lake Mendota. Based on Lovecraft's original map of Arkham, and a bit of admitted squinting, the view is consistent with a picture from just north of the "Wooded Graveyard" on the hill. Aylesbury St. and River St. would be just below the line of trees, while the Aylesbury St. Bridge is a few degrees to the right.