I'm trying to locate a font similar to this one, which I came across in a picture of an annual yearbook from 1950 on ebay. 

It's an Acropolis yearbook, from Whittier College in California. I've not found any fonts that have a similar character treatment. 

 

Another classic case of book cover lettering. No fonts involved. 

Yes, figured that was the case... But am looking for a similar font (should one exist!) 

34 minutes ago, Johno said:

am looking for a similar font (should one exist!)

Regarding the treatment, looking at keywords such as "art deco" or "experimental sans" could yield some vaguely adjacent results.

Or you could take a low-waisted geometric typeface such as Montserrat and modify it to your liking.