This is an outstanding piece of hockey and advertising history. It features the 1931-32 New York Rangers, who that season won the NHL’s American Division. However, despite what you might think from the piece they did not win the Stanley Cup that season. That honor fell to the Toronto Maple Leafs, who won over New York three games to none.
Nevertheless, this thing is gorgeous.
My favorite part of the whole thing is the collection of flags representing all eight NHL franchises from that year, which where (from left to right) the New York Americans, Montreal Maroons, Montreal Canadiens, Toronto Maple Leafs, New York Rangers, Chicago Black Hawks, Detroit Falcons, and Boston Bruins. Here’s a closeup of just the flags (click for full size):