Seems custom.

More letters at:
http://bluediamond-jo.com/

Looks like the base font before the wirecage effect was a Bodoni.
Bodoni Antiqua seems closer than most of the other Bodonis.

Included with Apple's Mac OS X Panther (10.3) operating system.
Not available for purchase.

This uses the style of the advertising scripts of the late 1940s and 1950s -- such as several by Filmotype -- but so far I have not found a match.

Is this from a greeting card?

I suspect that the user has compressed the width of a font by perhaps 50%.
This is what the image looks like when the width is restored:

Which is very similar to to Victoria Titling Condensed

from:
For an appoximation, try Cinema Script, using the _om_ ligature
http://www.myfonts.com/fonts/schizotype/cinema-script/regular/glyphs.html#glyphs/714903/397

Image not good enough to make a 100% ID, but Delphin, esp. the _G_, looks closer than Sabon.

If this was from an old movie it would have been hand lettered and not necessarily based on any particular font.
PC Gothic has some similarity, but it is NOT A MATCHING FONT.

Seems custom.
Closest I found is Sabon Bold, aka Classical Garamond Bold in the Bitsteam version.
Move the mid serif downwwards for a closer match.

Y'ÁLL!

HOWDY:
Similar to Caesar Dressing, a free Google Webfont and a pay Pro version at Myfonts.

Up Up And Away is also fairly close to the big letters, but is also too wide.

Recent [2015] revival by "Skagen" of the style of the "Greetings From" big letter picture collage postcards of the 1940s and 1959s.
In the origial post cards the big letters were always hand lettered.
I'm not certain about Skagen's card. The big letters looks hand drawn, but there are some similar fonts.
Tondu is fairly close but is too wide and the terminals on _S_ are too curved.

For the teardrop terminal on _r_, Minion Bold is close.

Note that the font IS NOT A MATCH to the letters.

Requested varous times here and in other font ID forums but no matches found.
IMHO this is lettering.
The closest font for most of the letters, is perhaps Adobe Garamond Bold. Note that this font IS NOT A MATCH to the letters.
For the teardrop terminal on _r_, Minion Bold is close.

All text from the top of the image to WATCHERS is based on Friz Quadrata Bold. Top two lines were compressed in width by user.

WATCHERS is custom but was made from Friz Quadrata Bold, compressed in width by user, who also distressed the outlines. Other custom changes for WATCHERS include dropping the bottom of _W_.

Made slightly thicker by the user