Morgan Freight Company?

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Cousin Lydia found this photo in the Historical Society Archives.  She wonders if it might be an early picture of the Morgan Freight Company, the early Mudgap business that used to run the only store in town back in the wild west days.  She thinks one of the drivers is probably St. George Goodspeed, who was apparently a local character.  She says she doubts it because Goodspeed evidently favored mules and these look like horses.

Anyone Recognize this Picture?

Anyone have an opinion?  Lydia thinks it was taken at the bottom of what is now called Hobo Hill, heading out of town.  But what are they carrying?  Not gold, certainly.