The capitals look very close to Belfast Serial Light (or extra light) by SoftMaker but I have no clue about the lowercase

Thanks. I don't think that's it though as the M and W are wrong. So are the numerals. It's very similar to Cochin. Garamond, Goudy etc, but nome of them are quite right...

Looks like Goudy’s work.
After doing some research I suspect this to be Pabst Roman done for ATF, not digitized.
Goudy later licensed Pabst Oldstyle to the Lanston Type Library.
http://www.myfonts.com/fonts/lanston/ltc-pabst-oldstyle/
http://www.p22.com/lanston/pabst.html

Having no samples of Pabst Roman to compare, I thought I'd throw out something that looks mighty close to the blurry image provided - Egmont.