Business & Finance: Downtown

¶Economist A. Wilbert Zelomek of Manhattan's International Statistical Bureau announced last week that in the first eight months of 1936 the U. S. people spent as much money ($5,600,000,000) on automobiles as they did on food. Up 5% were expenditures on food, up 20% were expenditures on automobiles, which included not only old and new sales but fuel, oil, service, accessories, etc.

¶ With the assistance of Morgan Stanley & Co., 46 other banking houses and some 800 investment dealers throughout the land, American Telephone & Telegraph Co. last week sold $150,000,000 of...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!