Looks a lot like some version of Cassandre’s Peignot http://www.myfonts.com/fonts/linotype/peignot/ Très français n'est-ce pas?
Don

Hi Don,
It does look like, especially Peignot Demi. Yes, hehe, very French ;)
It's still different, though, as the middle bar of the E is not in the middle (but higher) in "Pégase" and is shorter and the loop in the P doesn't end in the middle either, but goes lower. Also, the bar in the G goes down rather than being 'rounded'. Finally, there's that slight Art Deco look (for example, the middle part of the S and the G).
See what I mean? (I'm sorry I don't exactly have the right terminology..)
Have a nice week end!
Ben

Hi Benjamin, when I said "some version" I included hand lettering.
Also very similar is Roger Excoffon's Chambord, not digitized. That's not to say that someone might have created a font with exactly these variations.
Don

Hi Don,
Oh, okay. Thanks :)
B

Thanks for mentioning Chambord, Don. It caused me to investigate further. Here is an old Typophile thread that yields a link to a PDF showing Chambord's variants (I rather like the condensed). Also, an interesting assertion from Hrant. If true - and Chambord does look very derivative of Peignot - it might explain why nobody has been eager to digitize it. Or maybe it's just licensing issues ...

Hi Mike, here are some more recent threads on Chambord
http://typophile.com/node/107526
http://typophile.com/node/105462
http://typophile.com/node/106626
Hard to tell if this is a pointed A as in Peignot or a blunt top A as in Chambord. I am still leaning towards hand lettering based mainly on Peignot. But...
Don

Hi,
Regarding the dates on the Chambord pdf, I must mention that this case from the 30s (apologies, I forgot to last time). I do not know if it predates the 1937 Peignot or not. It does appear to be hand lettering based on the slightly different Es.

Thick and thin sans lettering has had some popularity since the 1890s. Early examples of such fonts include Taylor/Globe Gothic and Studley [not digitized]. It is quite possible that the similarities to Peignot & Chambord are the result of independent evolution of lettering styles.
Don