I've seen that photo somewhere, maybe Shorpy.
But, say they used ASA 12 film and sunny 11 (more realistic at that time and latitude), that would still give f: 22 and 1/2~ sec. If you look, there is motion in that photo.
By 1905, shutters like the Compound, Goerz Sector, B&L Pneumatic, etc. were well developed and all capable of giving speeds of 1/100 sec.or shorter. Focal plane shutters have been around for even longer, capable of speeds of 1/1000 and shorter.