König-Antiqua and Jenson Old Style* in use for announcements/invitations (or program booklets?) for the second, third, and fourth Stiftungsfest, a biennial anniversary celebration of the Typographische Vereinigung Leipzig. This typographic association was founded on 23 March 1904.
Reproduced in Typographische Mitteilungen, Vol.11, No.8, August 1914.
*) The font in use is likely one of the German versions of this American copy of William Morris’s Golden Type, like Antike Elzevir (D.Stempel AG) or Elzevir (Bauersche Gießerei).