Definitely hand lettered.

Felix Titling has a similar feel, but it has no lowercase.

You could use Weiss too: it has the same typical
forms for 'M' and 'W', and a lowercase. Just a shame
the tail of the 'R' is straight. :/

Schneidler Capitals (here disguised as Shango)
also sports that delicious hand lettered atmosphere.

Thanks.

Handle Old Style is way yummy too.
And look at that lovely curly tail on the 'R'!

Yeah, Yves! Love the Handle.

The Engravers volumes from Agfa Monotype represents
this very era and aesthetic. Check Sackers Light Classic Roman,
Light Classic Roman, and Classic Roman specifically.

Did I forget to mention Carlton? That's another one
with a lowercase.