This is a Hemingray toll CD 121, embossing index [160] in the McDougald price guide. 'AM.TEL.& TEL.CO.' was blotted out and the word 'HEMINGRAY' was embossed over it.

Sometimes the blot-outs are so faint that they don't show up well in photos. This one was kind of an amusing exception. Although they tried to get rid of them, when you look at this piece up close, each and every letter in the words 'AM.TEL.& TEL.CO.' is quite clearly readable. I was able to capture some of them in the above image.