Have not spotted this yet, but a simlar ampersand is found in ITC Bauhaus http://www.identifont.com/find?font=ITC+Bauhaus&q=Go a 1928 design by Herbert Bayer in 1925.
Don

Thanks Don. I have never had this much difficulty identifying a font!

The ampersand looks like it's taken from Clearface Gothic Light

/Y could be custom lettering based on /V

For the rest letters the best I can find is Cosmos BQ (Light) by Berthold (probably a bit manually compressed)

Cosmos Light by Berthold is a good find Fivos.
Here are some more fonts with similar ampersands to the lettering Cleancut, Dexterous, Priori Sans, and Ahmed -- which is the same as Clearface Gothic but also includes an outline version.
Don
[This was edited to correct an error]

Today's trivia. Clearface Gothic is a Morris Fuller Benton design dating from 1910. The "reverse seven" ampersand is not shown as part of the font in specimen books that I have seen before the ATF specimen book of 1923. In my opinion creation of the "reverse seven" ampersand design probably dates to somewhere between 1910 and 1923.
Don

Thank you Fivos! I think you are right on the money. So helpful, very appreciated!