NEW YORK -- Sidney Homer, a leading authority on the bond market and founder of the research department at Salomon Brothers, died Tuesday of heart failure after a long illness. He was 80 years old.
Homer, whose career on Wall Street spanned nearly half a century, also wrote widely on the subject of interest rates and the bond market. His books included 'A History of Interest,' a review of credit market and interest rate developments in 40 countries over 40 centuries, and 'The Great American Bond Market,' a collection of his observations on the securities markets.
He also co-authored 'The Price of Money' and 'Inside the Yield Book: New Tools for Bond Market Strategy.'
In 1961 Homer joined Salomon Brothers where he founded and headed the investment banking firm's Bond Market Research Department. He and another Salomon partner, Charles Simon, were responsible for bringing Henry Kaufman, then an economist at the Federal Reserve Bank of New York, to the firm in 1962. As chief economist at Salomon Brothers, Kaufman has become Wall Street's most influential authority on interest rates.
Homer retired as a general partner from Salomon Brothers in 1971.
After graduation from Harvard University where he majored in philosophy, Homer began his career on Wall Street in 1923 with Equitable Trust Co. and after two years moved to Gilbert Elliot & Co. In 1932, he formed his own company, Homer & Co. Inc., dealing in high grade institutional bonds.
From 1943 until 1945, he served with the Foreign Economic Administration in Washington D.C. Following World War II, he joined the investment counseling firm of Scudder, Stevens & Clark, where he served as manager of the institutional department until 1961, when he moved to Salomon Brothers.
Homer was born in West Chester, Penn. on October 20, 1902. His father was a well-known composer and his mother a noted opera singer.
In 1924, he married Marion Brooks Symmes, who died in 1972. In 1973, he married Elizabeth Parrott Higley, who died in 1980.
He is survived by three daughters and two sisters.
A memorial service is scheduled Aug. 18 at St. Thomas's Church in Manhattan.