Don't know the precise font, but I can give you a font with the extended diagonals on the M -- which was a lettering feature by Ozwald Cooper and others circa 1920.
Packard New Style:
http://www.identifont.com/show?2DOR
which is a smoothed version of Cooper's original Packard:
http://www.identifont.com/show?2DOQ
Also Packard Patrician NF:
http://www.myfonts.com/fonts/nicksfonts/packard-patrician-nf/
Don

Another similar you may like: Atelier Sans ITC by Nick Curtis

If you know how to modify fonts you could use Sackers Gothic Std Heavy
http://www.myfonts.com/fonts/mti/sackers-gothic/
as a base to replicate the letters.

This /M reminds me of Albertus. Some more I like but would need to be customized: Bolyar FM, Goudy Sans ITC, Petit Serif NP, Grant Avenue, Elan ITC

Here's an interesting substitute:

Thanks for all the input.
Guess not all fonts have made it into the digital world.
Hope I'll get around to making an modified version of one of the above.
It should sit fine on the beer label.
Thanks!