I believe this letterhead from Book of letterheads set in type without aid of hand-lettering or special artwork, etc. was created as an example of what the printer, Robert A. Williams, could do. There are nearly 200 other letterhead designs in the book.
The small print reads:
Here is true shadow type, carefully matched to a true solid type of the proper degree of weight to best accompany it. Set in Ludlow Umbra and Tempo Bold, in 48 point for the name, and 18 and 14 point for the description and address.