Looks very similar to
http://new.myfonts.com/fonts/paratype/karolla/pt-karolla-narrow-bold/
but with some type of photo-mechanical distortion that lost the detail and fattened it up

Yes. This typeface goes back to Herkules (H. Berthold AG, 1899), which is a bolder companion to Hermann Hoffmann’s Carola (H. Berthold AG, 1896). There is another digitization by Dieter Steffmann, under the name of Hercules. The details (look at ‘k’) reveal that this version is the actual ID in this case.