At that time, logos were often drawn to order by lettering artists, and I think your example was done that way. The stroke weight and the shape of the serifs (the flat ones, not the curved ones) makes me think the artist was influenced by Bertram Grosvenor Goodhue's Cheltenham, introduced in the early 1900s and still popular in the 1940s.
This logo font is from Phillips 66, circa 1945. Anyone know what Typeface this is?

Thanks for any leads!
Jules

Thank you Victor.
I never underestimate the techniques of predigital designers. In addition to the pantograph -- used in type design since the 19th century -- photo lettering methods were developed at least as far back as 1936, the date Photo-Lettering, Inc. was founded. By 1945 photo lettering techniques or custom results from a photo lettering firm, would have been available to leading logo designers. It may have been an assist in developing some features of the Phillips logo, but I agree with your original assessment that it would most likely have been drawn by hand.
Don