A renewal search was done at copyright.gov using "Liggett", "Myers" as keywords. There were no listings for the company at all; there's no evidence that copyright continues to be claimed on this ad.
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 Sherman Billingsley at his Stork Club taken from a 1951 Fatima Cigarettes ad. |Source=[http://www.ebay.com/itm/Vintage-magazine-ad-FATIMA-CIGARETTES-from-1951-picturing-Sherman-Billingsley-/400832861757?pt=LH_Default...