This is almost certainly Delittle No. 289 Extra Bold Grotesque two-colour, which would make it the outline version of a chromatic two colour font.
Frustratingly, there is no DeLittle stamp, as no "A", and the incomplete font is missing any of the distinctive letters "R", "S" or "A". Also, the font was obtained in Canada, to add to the mystery.
However, a close comparison of wood type to the DeLittle type specimen shows a very strong correspondence.
Interestingly, DeLittle had several versions of this two colour typeface, from regular to condensed, and even featured it on the cover of the No.25 Book in 1928. They were still selling it in their 1966 specimen book, 38 years on!
Four years later, in 1932, Eric Gill designed "Kayo", which was released by Monotype in1936, a similar extra bold face.