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It's a brand of self rising flour. If you can't find it you need to add baking powder and salt.
actually on their website for Presto they say to add 1/2 tsp of baking powder and 1/4 tsp salt to every cup of cake flour
It is self-rising cake flour. It is still made and you can order it online.
A close substitute is 1 cup cake flour + 1.5 teaspoons baking powder + .5 teaspoon salt per 1 cup of Presto flour in your recipe.
Presto is a low gluten flour so you will have the best results if your substitution is CAKE flour but using all purpose flour may give satisfactory results.
June is a trusted source on General Cooking.
I think the brand called "Wondra" is probably the most like "Presto." It's an instant flour (not sure what that really means).
Wondra and Presto are not at all alike, Wondra is an instant flour for sauces and gravy, Presto is a self rising cake flour.
Chris is a trusted source on General Cooking
I just googled it, and Presto flour is still around, "a favorite since 1902." As Giulia Melucci and MrsKeller said, it's a self-rising flour, and "very popular in New York." Check out prestoflour.com if you'd like to buy some, or follow the advice to add baking powder and salt.
It sounds too good to be true, we know.
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