There's at least two fonts here.
The ampersands differ, and there's a mix of bracketed and unbracketed serifs.
Edit:
Ooops, just noticed the thread title "Elegant serif S"
Phil, was looking through my old Andresen (Typographics, in L.A.) catalog and found Firenze and Florence with this type of alternate ampersand. A little less similar, but still in the ballpark are Didoni-Vixen, Mod Caslon and Pistilli Roman. These may or may not exist as digital fonts with these same names today. Good luck hunting.
Captured from web.archive.org on 25 May 2005. view this capture