Compare the logo to Drury Lane -- already suggested by Heron2001 -- with edited _f_, _a_ and _g_, plus a larger dot on _i_:

Presumably you clipped the word from a James The Band T-shirt:

The letters are in a style called Antique Roman.
They look like a modified or redrawn Caslon Antique designed by Berne Nadall for Barnhart Brothers & Spindler 1896-98.
Good digital by Linotype and URW.
More info:
https://en.wikipedia.org/wiki/Caslon_Antique

Looks like a modern Coca Cola package or sign reviving the lettering originally used for Haddon Sundblom's Coca-Cola Santa in the 1930s or 1940s.



Coke has revived it on previous occasions.



Don't know if this revival is simply a relettering or if the company commissioned a font.

Originally designed by Morris Fuller Benton for American Type Founders in 1908.
Digital version available from various foundries.

By Darden Studio, black weight.

Width squeezed by user

With a little clip and pasting I was able to make some letters with the swash replaced with serifs that correspond to the ones used in the letters:



Did not yield a precise match for a single font that could have been used as a source, but some letters look derived from or inspired by a Caslon, such as New Caslon EF Bold.

Looks like the lettering is based on Bookman Swash or Bookmania.

OCR Extended A

Another similar monoline Fraktur.

This is a 19th century lettering design in the Tuscan [split terminals aka fishtail] style that was adapted to make a title page for an old time piano sheet music publication.
Imagine the spikes are not here and you can see that it is very similar to your image.
Digital version by Tim Barnes.

Similar: Quadrille

Similar: Stereopticon, found in the CD with the Dover book.

Antique Wells with boldness reduced:



Note the flat sections on the top and bottom of _S_ and the bottom of _U_, the thick and thin style of _N_, the pure slab serifs rather than ones with a cove, etc. All features found in your image of _STUDENTS_.

Nineteenth century design called slab Antique. Antique Wells Extra Bold -- as digitized by Wooden Type Fonts -- fits, except that it is a little too heavy.