A search for renewal was done at copyright.gov using "Pan American Coffee Bureau". There were no results, so there's no evidence the trade association continues to claim on this ad.
"A notice for the collective work will not serve as the notice for advertisements inserted on behalf of persons other than the copyright owner of the collective work. These advertisements should each bear a separate notice in the name of the copyright owner of the advertisement."
Note that it may still be copyrighted in jurisdictions that do not apply the rule of the shorter term for US works (depending on the date of the author's death), such as Canada (70 years p.m.a.), Mainland China (50 years p.m.a., not Hong Kong or Macao), Germany (70 years p.m.a.), Mexico (100 years p.m.a.), Switzerland (70 years p.m.a.), and other countries with individual treaties.
{{Information |Description=Photo of Emmett Kelly with Ringling Bros. Barnum & Bailey Circus. The photo was taken for an ad for the Pan-American Coffee Bureau. |Source=[http://books.google.com/books?id=4EgEAAAAMBAJ&pg=PA45&dq=pan+american+coffee+bureau...