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Supplement to BANKING & MONETARY STATISTICS SECTION 16 (NEW) Consumer Credit BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Preface In 1943 the Board of Governors published Banking and Monetary Statistics to make available in one place and on a uniform basis major series relating to banking, monetary, and other financial developments. The statistics usually covered the period from 1914, when the Federal Reserve System was established, through December 1941. To bring together for the period since 1941 the most important series in that volume, to revise the data previously published, and to present new series, the Board is publishing a series of pamphlets. Most of these pamphlets correspond to sections in Banking and Monetary Statistics, but some may cover new subjects. Most of the data included in these pamphlets have already been published in the Federal Reserve Bulletin, and current figures for most of the series are published in it each month. In some instances, however, the type of presentation may vary considerably from that in the Bulletin. This is one of the new pamphlets. As in Banking and Monetary Statistics, there is a brief description of the purpose and history of the data, the sources of the figures and the methods by which they were compiled, and other facts to guide the reader in using the figures. Much of the information that is customarily included in footnotes to tables has been incorporated in the text. Footnotes have been used for the most part to call the reader's attention to any lack of comparability of items over the period covered. Board of Governors of the Federal Reserve System Washington, D. C. September 1965 Price per copy, 65 cents. Contents Page INTRODUCTION 1 BACKGROUND OF SERIES 1 DEFINITIONS AND CONCEPTS 2 MAJOR TYPES OF CONSUMER CREDIT 3 Instalment Credit Noninstalment Credit 3 .. 5 INSTALMENT CREDIT EXTENSIONS AND REPAYMENTS 5 RELATION TO OTHER STATISTICS 7 ESTIMATES OF INSTALMENT CREDIT 8 FINANCIAL INSTITUTIONS 9 Commercial Banks Sales Finance Companies Other Financial Institutions RETAIL OUTLETS General Estimating Methods Retail Instalment Credit by Holder 9 11 13 18 18 20 ESTIMATES OF NONINSTALMENT CREDIT 24 SINGLE-PAYMENT LOANS 24 CHARGE ACCOUNTS 25 Department Stores and Mail-Order Houses Other Retail Outlets Credit Cards SERVICE CREDIT Medical Care Public Utilities Private Education Recreation Funeral and Legal Expenses Cleaning, Dyeing, Pressing, and Repair of Garments Automobile Repair Services Other Services 25 25 26 26 27 27 28 28 28 29 29 29 SPECIAL ADJUSTMENTS 29 SEASONAL AND RELATED ADJUSTMENTS 29 STRAIGHT-LINE ADJUSTMENT TO BENCHMARKS 30 KEY TO SYMBOL USED IN TABLES 32 TABLES: 1. Total Consumer Credit, 1919-63 2. Instalment Credit, 1919-63 3. Instalment Credit Held by Commercial Banks, 1919-63 4. Instalment Credit Held by Sales Finance Companies, 1919-63 5. Instalment Credit Held by Other Financial Institutions, 1919-63 6. Instalment Credit Held by Consumer Finance Companies, 1950-63 7. Noninstalment Credit, 1919-63 8. Instalment Credit Extended and Repaid: A. Type of Credit: N. S. A., 1940-63 B. S. A., 1940-63 C. Holder: N. S. A., 1940-63 D. S. A., 1940-63 E. Commercial Banks: N. S. A., 1942-63 F. S. A., 1942-63 G. Sales Finance Companies: N. S. A., 1948-63 H. S. A., 1948-63 I. Consumer Finance Companies: N. S. A., 1950-63 J. __^_____ S. A., 1950-63 9. Net Change in Consumer Credit Outstanding: A. Type of Credit: N. S. A., 1920-63 B. S. A., 1940-63 33 38 43 46 49 52 54 57 62 66 71 75 79 83 86 89 92 95 100 16 (New). Consumer Credit CONSUMER CREDIT has had an influence on many aspects of economic activity during the past 50 years. Much of its influence stems from the use of instalment credit to finance purchases of automobiles and other consumer durable goods. This practice, which began before World War I and developed rapidly during the 1920's, has played an important part in the development and maintenance of a wide market for consumer durable goods. In recent years there has been an increasing tendency to use consumer credit also for purchases of nondurable goods and services. Consumer credit, as the term is defined here, includes only short- and intermediate-term credit. It excludes real estate mortgage credit, which is almost entirely long term. By using consumer credit, many persons who have not accumulated in advance the capital to buy goods outright have been able to enjoy them while meeting monthly payments convenient for their budgets. Others have been able to finance their purchases in this way without disturbing their capital investments and their planned savings programs. Consumer credit thus is an important means of financing the flow of goods and services into final consumption and is a factor influencing the level of economic activity. Over long periods of generally rising activity the extension of credit to purchasers of consumer goods has supplemented current purchasing power, and this has tended to stimulate production and employment. But substantial increases in consumer purchasing power through the extension of credit in periods of high economic activity are appropriate only when the terms on which the credit is extended are prudent, the growth in such credit does not contribute ex- cessively to monetary expansion, and when the new purchasing power is matched by an increase in the supply of goods at relatively stable prices. To provide consumer credit, an elaborate structure of financial and service organizations has developed. Many of these organizations require substantial amounts of private capital and bank credit. Commercial banks not only supply funds to other financial and retail organizations to carry consumer accounts receivable but also are active in lending directly to consumers and in purchasing instalment paper from retail outlets. An understanding of these credit demands and of their effects on total demand for credit requires adequate current information on developments and changes in consumer credit. BACKGROUND OF SERIES Groundwork for the Board's consumer credit series was laid in the late 1930's when the National Bureau of Economic Research and the Russell Sage Foundation1 cooperated with the U.S. Department of Commerce in developing a series of estimates. In 1940—with the support and cooperation of retailers, financial institutions, and trade associations—the Department of Commerce set up a system for obtaining the information needed for preparing estimates of consumer credit outstanding each month. In August 1941 the Board of Governors of the Federal Reserve System was given the responsibility for regulating consumer credit, and it issued its Regulation W entitled "Consumer 1 Rolf Nugent, Consumer Credit and Economic Stability (Russell Sage Foundation, 1939). Credit." To carry out this responsibility, it began to collect information pertaining to various types of consumer credit. Shortly thereafter—in 1942—the responsibility for maintaining the official statistics on consumer credit was transferred from the Department of Commerce to the Federal Reserve System. This centralization of the collection of the statistics served to make maximum use of the information that was available within the Federal Reserve, to eliminate duplication and inconsistency in reporting, and to minimize for respondents the burden of reporting. Since 1942 the Board of Governors has been the primary source of aggregative consumer credit statistics even though authority for consumer credit regulation expired in 1952. Like most economic statistics, the consumer credit series are based largely on comprehensive benchmark data which become available periodically. Current monthly estimates are extrapolated from the latest benchmarks on the basis of sample data. Such data are obtained through the voluntary cooperation of lenders and other credit granters who submit regular reports of their consumer credit operations. As new benchmark data become available, the monthly estimates are reviewed and revised as necessary. The estimates for the various segments of consumer credit published each month are for the nation as a whole, including Alaska from January 1959 and Hawaii from August 1959. Data are not compiled for individual States or for metropolitan areas as a rule. Where possible, the monthly estimates for consumer credit begin with 1940. In addition, estimates of credit outstanding at year-end are available for the period 1919-39. Tables showing current estimates of consumer credit outstanding, extended, and repaid, by both type and holder, are published regularly in the monthly Federal Reserve Bulletin. Several statistical releases are issued each month to provide additional detail, as indicated later in this section. DEFINITIONS AND CONCEPTS The Federal Reserve series, "consumer credit," includes all short- and intermediateterm credit that is extended through regular business channels to finance the purchase of commodities and services for personal consumption, or to refinance debts incurred for such purposes. In this sense, consumer credit may refer either to an advance of funds for the purchase of goods or services or to an advance of goods or services in exchange for a promise to pay at a later date. No minimum period for repayment is set by this definition, except that there must be some lapse of time between the transfer of the goods or services and the payment for them. Personal consumption is considered an end in itself, as distinguished from the process of using up or "consuming" goods and services as a stage in production. Thus the concept of consumer credit excludes credit extended to businesses or to individuals exclusively for business purposes. Credit extended to governmental agencies or to nonprofit or charitable organizations is also excluded. Some of the basic data available do not embody these conceptual distinctions and thus require adjustments to eliminate the nonconsumer elements. These adjustments will be described in later sections on estimating methods. Nevertheless, it has not been possible to make certain other adjustments that in principle ought to be effected, because there is no statistical basis on which to make the adjustments or because the conceptual distinctions themselves are not clear in practice. For example, the System's commercial bank call report data on loans to farmers do not segregate credit for consumption from that for production purposes. As the bulk of the total is for production purposes, the practice has been to exclude these loans entirely from the consumer credit figures. A similar problem arises with credit used to purchase multipurpose durable goods such as automobiles. These goods may serve both consumption and business purposes, but no data are available for apportioning the credit involved between consumer and nonconsumer uses. In practice, therefore, credit obtained by individuals for the purchase of passenger cars is included as consumer credit, whereas any credit obtained by individuals for the purchase of commercial vehicles and other commodities and equipment used primarily for business is not included. The consumer credit series also excludes policy loans of life insurance companies even though these loans have some of the characteristics of loans against shares in savings and loan associations, which are included. There are two bases for this exclusion. One is the customary absence of a definite repayment schedule for policy loans, the majority of which are not repaid. The other is the lack of a statistical basis for segregating the large proportion of such credit known to be for business purposes. Inasmuch as the amount of policy loans is large, this lack of adequate data could lead to sizable errors in the consumer credit estimates. The Federal Reserve series also excludes two other types of consumer credit because of lack of adequate statistical information. These are loans by one individual to another for consumption purposes, and similar loans made by businesses to their employees. The practical difficulties of measurement noted above cause the published consumer credit series to depart somewhat from the basic concepts and, on balance, to understate the amount of short- and intermediate-term consumer credit outstanding. However, the movements shown in the series are believed to reflect reasonably well both the current and the longer-term trends in consumer credit. MAJOR TYPES OF CONSUMER CREDIT Consumer credit is divided into two major types, instalment and noninstalment, which in turn are subdivided according to both the type of credit and the kind of institution to which the obligation is owed. The accompanying chart shows the components of the consumer credit series and estimates of the amounts outstanding held by the different types of retail and financial institutions on December 31, 1963. Instalment credit. Instalment credit represents all consumer credit that is scheduled to be repaid in two or more payments. Revolving credit, budget, and coupon accounts are treated as instalment credit rather than as charge accounts because they provide for scheduled repayment on a periodic basis. Published estimates of the amount of instalment credit outstanding generally include the financing charges on such credit and the cost of insurance or other fees included in the credit contract. The four principal classes of instalment credit are automobile paper, other consumer goods paper, home repair and modernization loans, and personal loans. Automobile paper represents credit extended for the purchase of new or used automobiles, whether or not the credit is specifically secured by the automobile purchased. Similarly, "other consumer goods paper" represents credit extended for the purchase of such nonautomotive consumer goods as home appliances and furniture, jewelry, mobile homes, and boats. Automobile credit and other consumer goods credit often are extended to the consumer by a retailer; sometimes the retailer will hold the paper for his own account, but in many instances he will sell it to a sales finance company, a commercial bank, or some other financial institution. In other instances instalment paper represents loans made directly by lending institutions to consumers for the purchase of goods and services. Repair and modernization loans include both Federal Housing Administration-insured credit and noninsured credit extended to consumers SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT, DECEMBER 31, 1963 BY TYPE OF CREDIT AND INSTITUTION (Millions of dollars) Total consumer credit 69,890 Instalment credit Noninstalment credit 53,745 16,145 Automobile paper Other consumer goods paper Repair & modernization loans Personal loans Single-payment loans Charge accounts Service credit 22,199 13,766 3,389 14,391 5,959 5,871 4,315 Commercial 11,249 banks Commercial 3,123 banks Commercial 2,361 banks Commercial 4,877 banks Sales finance 8,228 cos. Sales finance 3,383 cos. Other financial institutions Other financial institutions Automobile dealers 2,394 328 835 Department stores (inc. mail3,427 order) Furniture stores 1,086 Household appliance stores 287 Other retail outlets 1,625 Sales finance cos. Other financial institutions 158 Sales finance 1,754 cos. 870 Other financial institutions 7,760 Commercial banks Other financial institutions 5,047 912 Department stores Other retail outlets Credit cards 895 4,456 520 Medical 2,254 Public utilities 1,205 Other 856 to finance the maintenance and improvement of their homes. Such credit may be used for the purchase and installation of equipment, such as heating and air-conditioning systems, hot water heaters, storm windows, and kitchen equipment, as well as for major alterations and additions. Personal loans include all instalment loans not covered in the previous categories that are made by financial institutions to individuals for consumer purposes. Many of these loans are obtained for the consolidation of consumer debts, for the payment of medical, educational, or travel expenses, and for the payment of taxes or insurance premiums. Some loans used for the purchase of automobiles or other consumer goods may be classified as personal loans because the lender cannot identify them with purchases of specific goods. Each of these types of instalment credit is subdivided according to the type of retail outlet or financial institution holding the credit. This method of classification does not necessarily indicate the originator of the credit. Credit held by financial institutions thus is classified according to its current holder, whether the institution made the loans directly to consumers or purchased the paper from the retail outlet that originated the credit. Only the paper retained by retail outlets is attributed to them in the breakdown of consumer instalment credit by holder. Noninstalment credit. Noninstalment credit consists of those forms of consumer credit that are scheduled to be repaid in a lump sum. There are three major components: single-payment loans, charge accounts, and service credit. Single-payment loans are noninstalment loans made directly to individuals for consumer purposes. Some credit of this type is used for the purchase of goods, but most is for meeting short-term needs such as for the payment of personal taxes or life insurance premiums. Charge accounts represent noninstalment balances owed to retail outlets for purchases made by consumers. These are open accounts ordinarily payable in full within 30 days of billing. The charge-account segment also includes the amounts consumers owe on accounts at gasoline service stations or on miscellaneous credit-card accounts and on home-heating-oil accounts. Such indebtedness differs from other charge-account credit in that it does not take the form of outstanding balances on the books of retail outlets. Service credit consists of the amounts owed by consumers to professional practitioners and service establishments. The largest element in service credit is the amount owed to doctors, hospitals, and other suppliers of medical services. Amounts owed to public utilities, less deposits and prepayments, are also substantial. The remainder of service credit represents amounts owed for a wide variety of services, including education, recreation, and such personal services as laundry, cleaning, and dyeing. INSTALMENT CREDIT EXTENSIONS AND REPAYMENTS Estimates of instalment credit extended, repaid, and outstanding represent summaries of accounting records. Conceptually, the amount of credit extended covers substantially all debit entries to the instalment receivable accounts of financial institutions and retail outlets for any given period and credit repaid covers substantially all of the credit entries. The amount of outstanding credit represents the sum of the balances in the accounts. Thus the difference between credit extended and credit repaid during any given period is equal to the change in the outstanding balance during the period, after allowance is made for losses and chargeoffs.2 2 In principle, charge-offs of bad debts should be excluded from repayments, and sale or transfer of existing paper among creditors excluded both from repayments and from extensions. In practice these rules cannot be fully implemented. In particular, information is not available to make separate estimates of the amount of charge-offs. Since the amounts involved under most circumstances are relatively small, charge-offs are The amount of credit outstanding is constantly being altered as new credit is extended and as payments are made to retire credit previously extended. It is through this continuous process that economic events are reflected in the outstanding amount of credit. Credit extensions are much more dynamic and volatile than repayments, and they reflect more directly the impact of changing market conditions. The volume of each type of instalment credit extended is related in one way or another to the general level of income and consumption expenditures. It also reflects certain types of seasonal outlays—for example, tax payments on purchases of such seasonal equipment as air conditioners or home heating units. Repayments are governed by the amount and terms of past contracts and are affected by current economic developments only to the extent that these result in delinquencies or prepayments. In addition to their usefulness in the analysis of instalment credit developments, data on extensions and repayments are valuable in interpreting other economic events. Because of the importance of instalment credit in consumer purchases of automobiles and other consumer durable items, information on the amount of instalment credit extended is often fundamental to the interpretation of developments in the markets for these products. And because of the contractual nature of repayments, information on their volume provides an indication of the current and prospective burden of instalment credit on consumers and may provide some insight into future expenditures by consumers. Instalment credit may serve as an alteraaincluded as repayments in most of the components of the Federal Reserve series. In that segment of the total where estimates of repayments are developed from data on collections, the effect of not knowing the volume of charge-offs is to reduce moderately the derived estimates of credit extended. For a mathematical description of the relationship of credit extended and outstanding credit, see Appendix B by Paul A. Samuelson in Gottfried Haberler, Consumer Instalment Credit and Economic Fluctuations (National Bureau of Economic Research, New York, 1942). tive to the use of accumulated savings, or it may provide the only way in which the consumer can finance his purchases. The amount of such credit that is used reflects to some extent the demand for the goods involved, the willingness of individual buyers to commit their future incomes, and the availability of credit on acceptable terms. The terms on which credit is available vary somewhat from one type of credit to another. Downpayments may range from zero in the case of clothing or small items to one-third or more for automobiles. Maturities may range from a few months for some nondurable and small durable items to more than 3 years for repair and modernization loans and mobile homes. Contract terms are an important factor in the ability and willingness of consumers to use instalment credit to facilitate current purchases. Large downpayment requirements or large monthly instalments may make it impossible for some potential buyers to make purchases, particularly of the larger and more expensive items. The relationship of repayments to the outstanding amount of credit differs for each type of credit because of differences in the rate of credit extension and variations in contract terms. Personal loans and "other consumer goods paper" normally have the shortest maturities, and the volume of repayments on such loans during any period of time is correspondingly large compared with the outstanding amount. Maturities on automobile paper are somewhat longer, with the result that repayments are not so large relative to amounts outstanding. In the case of repair and modernization loans, where contracts for 5 years or more are common, repayments are comparatively small in relation to the amount of credit outstanding. Between credit extensions and repayments there is a direct relationship that stems from the nature of the instalment contract. Each instalment contract sets forth th° schedule of repayments to be followed. Ri "nts are to be made over a given number of months, and the payment in each month is to be only a fraction of the amount originally extended. Each month repayments originating from contracts written in the previous month add to the volume of repayments. At the same time, payments on earlier contracts that have expired drop out of theflowof repayments.3 The relationship between extensions and repayments results in the varying lag that is observable in repayments as credit extensions expand or contract. The length of this lag depends upon the maturities of the contracts involved and varies with changes in maturities. Wholesale transactions can affect the usual relationship of extensions to repayments for particular lender groups without affecting total consumer credit outstanding. When one type of lender sells consumer paper on its books to another lending institution, the transaction is customarily recorded in the Federal Reserve series as a rise in repayments to the seller and a decline in his consumer accounts receivable, and as a corresponding increase in the extensions and outstandings of the purchasing institution. Generally, however, adjustments are called for if such shifts in ownership of consumer paper are sizable. These adjustments are most frequent in nonautomotive consumer goods paper, and most of them involve a transfer between the retail parent and its finance subsidiary. Such transactions, although necessarily reflected in the outstanding balances of both seller and purchaser, often have little or no economic significance, and they have no effect on the debt position of consumers. Therefore, an effort is made to exclude such shifts from the estimates of extensions and repayments for both holder groups. This procedure also tends to prevent distortion of seasonal behavior 3 This pattern is interrupted only when delinquencies or prepayments occur. Some prepayments are the result of refinancing, when a new loan is made for the purpose of retiring an existing loan. In such cases, the transaction takes the form of equal increases in both extensions and repayments during the period. in the extensions and repayments series. It should be noted, however, that when such adjustments are made, the net balance of extensions over repayments for each of these two holder groups differs from the change in their holdings during that month. The ratio of repayments to the amount of instalment credit outstanding at the beginning of the month is sometimes used to estimate the average duration of such indebtedness. Letting R equal the ratio of repayments to the outstanding amount at the beginning of the period, the average maturity in months is *-••• This formula assumes that the level of credit extensions is stable, whereas in practice credit extensions are rarely stable over periods of more than a few months. The formula thus tends to understate or overstate the average maturity according to whether the volume of extensions is expanding or contracting. This formula sometimes is used to measure the average maturity of contracts currently being written. But in this use the limitations of the formula are even greater, because repayments on contracts currently being written are such a small proportion of each month's total repayments. RELATION TO OTHER STATISTICS Several features of the extensions and repayments data need to be borne in mind. Like the estimates of the amount outstanding, estimates of instalment credit extended include any financing and insurance charges that are part of the instalment contract. Similarly, instalment credit repayments include the payments on these charges. The inclusion of financing charges is general for most types of instalment contracts, because these charges 4 For a more detailed description of this formula, see Milan V. Ayres, Instalment Mathematics Handbook (Ronald Press, 1946), pp. 100-03. are usually written into the contract on a discount or add-on basis. The inclusion of insurance charges is already of importance in the case of automobile instalment credit and is becoming more significant for other types of credit. In addition, the figures on instalment credit extended and repaid include loans to refinance or consolidate other instalment obligations or to renew existing loans. These items simultaneously add to credit extended and credit repaid, without having any effect on the amount outstanding, apart from small differences in total financing charges. The exact amount of such refinancing is not known, but it is large enough to affect comparison of extensions and of repayments with such other aggregates as disposable personal income or consumer purchases of goods and services. Renewals and refinancing occur most frequently in the personal instalment loan category, and they often provide the occasion for extension of new credit as well. They are perhaps somewhat less common in the case of automobile loans, although no longer ago than 1955 one-fifth of all credit buyers of new cars still owed money on the cars that they were trading in.5 The inclusion of these various items in the estimates of instalment credit extended and repaid probably causes no serious difficulty for many analytical purposes. Most of the time the broad movements of credit extended and repaid would not appear significantly different if financing and insurance charges and loan renewals were excluded. Comparisons with certain other economic measures are complicated, however, by such characteristics of the data. For example, for the purpose of measuring the role of instalment credit extensions in financing the purchase of automobiles, adjustments would be required to eliminate renewals and refinancing from the series for extensions. Adjustments also would be required in the estimates of consumption expenditures for automobiles, as published by the Department of Commerce in the annual gross national product accounts. These estimates are intended to measure only current production and to exclude transfers of existing goods. Consequently, sales of used cars are not included, but the dealers' margins on such sales are included. Furthermore, in the Commerce series the estimates for automobile expenditures exclude some of the accessories purchased with new cars. Expenditures for these items are included instead in a separate series for expenditures on automobile parts and accessories. Finally, the adjustment that is made to eliminate business credit from the estimates of instalment credit extended differs from the adjustment made by the Department of Commerce to eliminate business purchases from the consumption expenditure estimates. ESTIMATES OF INSTALMENT CREDIT The estimates for instalment credit center around a set of national figures on the amounts of such credit outstanding, extended, and repaid. For noninstalment credit, on the other hand, the only estimates are those for outstanding balances. 5 Consumer Instalment Credit, Part IV, "Financing New Car Purchases" (Board of Governors of the Federal Reserve System, 1957). Estimates for instalment credit are made by type of credit for each major holder group— commercial banks, sales finance companies, other financial institutions, and retail outlets. Inasmuch as the series are built up from the parts to the whole, and there are differences among the holder groups in the sources of data and the methods of estimation, the various holder groups will be considered in turn. FINANCIAL INSTITUTIONS Financial institutions hold nearly 90 per cent of all consumer instalment credit outstanding and retail outlets the remainder. Among financial institutions, commercial banks are the major holders. Currently they account for more than two-fifths of all holdings by such institutions. Sales finance companies are next, with nearly one-third of the total for the financial group. Commercial banks. Commercial banks include all Federal Reserve member banks and all nonmember commercial banks in the United States, exclusive of banks in territories or possessions. Almost all of these banks engage in consumer credit activities—by direct lending to consumers, by buying retail instalment contracts, or both. Benchmarks and adjustments. The first official benchmarks for consumer paper held by commercial banks are those for 1942 shown in call reports of condition submitted by insured banks to supervisory authorities. The figures for earlier years are based on year-end estimates by the Russell Sage Foundation, the National Bureau of Economic Research, and the Federal Reserve Board. Schedule A, added to the call report with the 1942 revision, provided for insured banks to report instalment loans to individuals separately, by type of loan, on June and December dates. It was not until June 1961 that data by loan type became available for noninsured banks in the reports of the Federal Deposit Insurance Corporation. Noninsured banks hold less than 1 per cent of all consumer credit held by commercial banks. The distribution of loans held by noninsured banks for the period before 1961 is estimated from the loan distribution of country member banks. Call reports provide for reporting of instalment loans to individuals in four classifications: automobile, other consumer goods, repair and modernization, and personal. In some cases, however, these totals do not give an accurate picture of consumer liability for such credit. Therefore, it is necessary to make two types of adjustments in the totals. In connection with some loans to individuals, borrowers accumulate deposits that are assigned or pledged to assure payment of their loans at maturity. The amounts of such deposits are shown in total in the call reports. This total is distributed by type of loan on the basis of data reported in 1958 by a sample of commercial banks. The estimate for each type is then subtracted from the book value of instalment loans of that type as reported by banks. Then too, some loans to individuals are not strictly "consumer" types. Estimates of the portions considered to be nonconsumer are based primarily on a special survey of about 8,200 personal instalment loans made in June 1952, which obtained information on the purpose of "cash instalment loans to individuals." According to information in that survey, about 15 per cent of the total amount of personal instalment loans outstanding was for nonconsumer purposes. After the call report instructions relating to this item were modified for use in the December 1955 call, the estimated nonconsumer portion of personal instalment loans was revised to 10 per cent. In the June 1952 survey, banks were also asked whether the category "retail automobile instalment paper" included loans for the purchase of commercial vehicles, taxis, trucks, or farm equipment and, if so, to indicate the proportion of such loans to their total automobile paper. According to the replies, about 5 per cent of the amount of automobile paper held by all commercial banks was nonconsumer. The automobile instalment total is reduced by that amount. Repair and modernization loans reported by commercial banks are also adjusted to eliminate nonconsumer loans. This adjustment is based on data available each year from the Federal Housing Administration. In recent years about 15 per cent of these loans have been found to be on multifamily. dwell- ings, farm dwellings, or business property which, by definition, are nonconsumer; in earlier years this proportion was somewhat higher. An annual adjustment is made to eliminate the nonconsumer portion of both insured and noninsured repair and modernization loans at commercial banks. The accompanying table shows total "instalment loans to individuals" as reported by all commercial banks in the United States for June 29, 1963, and the adjustments made to exclude the amounts of accumulated deposits and of credit for nonconsumer purposes. for each type of loan, that is, purchased automobile paper, direct automobile loans, other consumer goods paper, repair and modernization loans, and personal loans. Banks in the reporting sample in each Federal Reserve district are divided into three size classes on the basis of the amount of consumer instalment credit outstanding on each bank's books.6 Because the composition of the sample may vary slightly from one month to the next, owing to nonresponse or to mergers among banks, data representing identical samples are summarized by size class each month for the current and preceding months. Collections for each type of loan at banks in each size class are calculated by adding extensions of credit during the current month to credit outstanding at the preceding month-end and subtracting current month-end outstandings. Within each Federal Reserve district and each size-of-bank class, two relationships are then calculated for each type of credit: the percentage change in credit outstanding, and the ratio of collections during the month to outstanding balances at the previous monthend. For each type of loan within each Federal Reserve district, weighted percentage changes are computed using weights based on the distribution by size class of each type of paper held by all banks in the district. The weighted percentage changes in sample outstandings are then applied to the credit outstanding at the preceding month-end to obtain outstandings at the close of the current month for all banks in each district. Collection ratios are weighted similarly by type of credit and then are multiplied by the corresponding outstanding balances at the preceding month-end to obtain an estimate of repayments for each Federal Reserve district, by type, for the current month. The month's extensions of credit for each loan type are then Outstanding, June 29,1963 (In millions of dollars) Instalment loans to individuals, total Less: Deposits accumulated Nonconsumer adjustment Consumer instalment credit, total 22,873 790 1,481 20,602 In 1953 certain changes were made in procedures and concepts. At that time instalment credit totals for commercial banks were revised to include data for institutions that had formerly been classified as industrial banks. It was found to be impractical to continue that segregation because these banks were broadening their activities and satisfactory criteria for separate classification were not available. Similarly, the series was revised to include all holdings of home repair and modernization paper by commercial banks. Earlier estimates had included only that portion insured under FHA Title I. Current estimates. The monthly estimates of consumer credit held by commercial banks are based on sample data collected by the Federal Reserve Banks. As of December 1963 the sample included 609 banks, accounting for approximately one-half of the total consumer instalment credit held by all commercial banks. Banks in the sample report their outstanding balances as of the month-end as well as the volume of loans made during the month 6 Classification of sample data by size class within each district was started in 1955 and is updated periodically. 10 derived by subtracting from outstanding credit at the end of the current month the amount outstanding at the previous month-end and then adding estimated repayments during the month. These steps lead to monthly estimates of instalment credit outstanding, extended, and repaid—by type of credit—for each of the 12 Federal Reserve districts. The district totals are then summed to produce national estimates for all commercial banks. Monthly estimates for the current period are obtained by extrapolating from the previous benchmark forward, using the procedure described above. Such estimates are later revised to benchmark data, by district and type of credit, using the straight-line method of adjustment described on pages 30-32. Estimates of instalment credit at commercial banks appear monthly in the Board of Governors' statistical release, G.19, "Consumer Credit." A breakdown of these totals by Federal Reserve district appears in the G.I8 release, "Consumer Instalment Credit at Commercial Banks." Monthly estimates for early years. For dates prior to June 1943 the monthly estimates were based on various sources of information. In 1940 and 1941, they were based on data for a sample of banks that reported to the Consumer Credit Division of the American Bankers Association, and beginning in 1942 on a sample collected by the Federal Reserve. Percentage changes shown by these sample data were applied to the June 1943 benchmark. Sales finance companies. Sales finance companies are engaged principally in purchasing instalment paper that arises from retail sales of passenger automobiles or other consumer goods or from outlays for repair and modernization of residential properties. Many of these companies have subsidiaries that engage in direct lending to consumers, and some others may be subsidiaries of large retailing or manufacturing corporations. Some of the larger companies also are heavily engaged in the financing or factoring of business accounts receivable or in financing sales of commercial, industrial, and farm equipment. In general, companies are classified in the Federal Reserve series as sales finance companies if more than half of their outstanding loans are in the form of purchased retail instalment contracts. Benchmark data and estimates for early years. In recent years, benchmark data for the sales finance company series have been obtained from periodic surveys of all finance companies. The latest of the surveys was conducted as of June 1960, when reports were obtained from about 4,500 companies accounting for an estimated 96 per cent of the aggregate outstanding consumer instalment credit held by all finance companies.7 A similar survey was made in 1955, and another is scheduled for 1965. Estimates of consumer loans by sales finance companies for earlier years were derived from three major sources of detailed information: the 1939 Census of Sales Finance Companies; the 1947 Survey of Sales Finance Companies conducted by the Board of Governors; and the 1950 Regulation W registration statement. As may be seen from the tabulation on page 12, the 1947 Survey was the principal benchmark of these three. One reason was that it provided greater detail; another was that the reporting was on a consolidated basis. The 1939 Census and 1950 registration statement were used only to adjust the levels of items for which they provided information. Breakdowns of the amount of paper purchased similar to the breakdowns of consumer instalment paper outstanding were reported in the 1939 Census and the 1947 Survey, but no such information was called for in the 1950 registration statement. Estimates of instalment credit outstanding before 1939 were derived from sample data 7 For a description of the June 1960 Survey, see "Survey of Finance Companies, Mid-1960," Federal Reserve Bulletin (October 1961), pp. 1140-60. 11 about 75 per cent of the other consumer goods paper, and more than 80 per cent of the personal loans held by all sales finance companies. They also hold about 40 per cent of the consumer repair and modernization loans on the books of sales finance companies. Estimates are based on the consolidated operations of these companies, and no attempt is made to separate the operations of small loan and industrial loan subsidiaries. In many cases such legal distinctions are not operating distinctions, and the loan subsidiaries and discount subsidiaries operate as a single company and often out of the same offices, where not prohibited by State laws. There is one major exception to the use of company reports on a consolidated basis. In the case of large retailing organizations that operate sales finance subsidiaries, an attempt is made to separate the retail credit operations from the sales finance credit operations inasmuch as both parts of the organization may hold consumer receivables and accept repayments. Paper held by such finance subsidiaries is included in consumer instalment credit estimates for sales finance companies, while paper retained by the parent retail organization is classified as retail credit. Reporting sales finance companies provide monthly figures on amounts of consumer instalment credit outstanding and amounts of such paper acquired during the month, by type of credit, and also on the number of motor vehicles financed during the month. In addition, the monthly reports cover certain categories of business credit services offered by sales finance companies: retail financing of commercial vehicles; wholesale automotive financing ("floor planning"); financing of nonautomotive consumer goods at wholesale; and business loans. Figures for credit outstanding, extended, and repaid are estimated separately for each major type of credit and then combined to get totals for the sales finance group. Monthly estimates of credit outstanding are extrapolated from the DETAIL PROVIDED ON TYPE OF OUTSTANDING PAPER 1939 Census Passenger vehicles Trucks, trailers, etc. Other retail paper 1947 Survey New motor vehicles Used motor vehicles Residential building repair and modernization Domestic appliances and 1950 Registration statement Retail automobile instalment credit Other retail instalment credit Repair and modernization credit Personal instalment cash loans furniture Other retail paper Wholesale motor vehicles Other wholesale paper Other business credit Direct instalment loans to individuals collected by the Russell Sage Foundation, the National Bureau of Economic Research, and the Department of Commerce. These data covered retail automobile paper and other retail instalment paper. The amount of repair and modernization loans and personal loans held by sales finance companies in the 1920's and early 1930's was negligible. All segments were adjusted to findings of the 1939 Census, and estimates of repair and modernization loans were adjusted to information from the Federal Housing Administration. Current estimates. The current estimates of consumer instalment credit at sales finance companies are developed from reports received each month from a sample of about 125 companies, including the major independent sales finance companies and the principal subsidiaries of large retailing or manufacturing corporations. Reporting companies account for about 85 per cent of the automobile credit, 12 latest benchmarks on the basis of changes in holdings of companies in the sample. The reporting companies are classified into four size groups, with weights assigned to each group on the basis of the relationship of the holdings of reporting companies in each group to those of all sales finance companies of similar size on the most recent benchmark date. Repayments are calculated as follows: outstandings at the end of the preceding month, plus extensions during the month, less outstandings at the end of the current month, equal repayments during the month. Two adjustments are made to exclude nonconsumer loans. The first is applied to the respondents' figures for retail automobile credit outstanding. It is necessary because most of these companies are not able to break down total credit outstanding on motor vehicles so as to distinguish outstandings on passenger vehicles from outstandings on other (commercial) vehicles. These same companies, however, do prepare such a breakdown of new paper acquired, and these data, combined with estimates for the average original maturity of retail automotive paper on commercial vehicles, provide a basis for estimating the nonconsumer component of the total. The second adjustment eliminates the nonconsumer part of repair and modernization loans made by sales finance companies. This is essentially the same as the corresponding adjustment for commercial banks, which was described in an earlier section. When new benchmark data for sales finance companies become available, monthly estimates for each type of credit are adjusted to the new levels by use of the straight-line method described on pages 30-32. Estimates of instalment credit at sales finance companies appear monthly in the Board's statistical release G.20, "Sales Finance Companies," as well as in the Federal Reserve Bulletin. Supplementary information. The Board's monthly release for sales finance companies also includes three other types of information that are derived from the reporting sample data but that are not published in the Bulletin. First, there are the estimates of business credit outstanding at, and extended by, all sales finance companies. Second, there are estimates of the number of motor vehicles financed by sales finance companies, with a breakdown showing passenger and commercial vehicles separately, both new and used. These series are constructed as follows: Inasmuch as companies in the monthly sample report both volume of automotive paper acquired and the number of vehicles represented by this financing, it is possible to derive the average amount of each contract. This figure is then divided into the estimated total amount of automotive credit extended by sales finance companies during the month, to yield the total number of units financed by all sales finance companies. The third series is credit sales of new passenger cars as a per cent of total number sold at retail. This series is developed in a manner similar to the second series, described above, except that the estimate of total number financed is made for passenger cars only, and it covers all lender groups. This figure is then divided by total unit sales of new cars (including imports and fleets), as reported by auto makers, to arrive at the percentage of these sales financed through the use of consumer instalment credit. Back data for each of these series are available beginning with 1947. Other financial institutions. "Other financial institutions" are classified into five major categories: credit unions; consumer finance companies; mutual savings banks; savings and loan associations; and all other financial firms engaged in the consumer loan business but not included elsewhere in the series. Industrial loan companies are included in the last named category. At the end of 1963 the instalment credit outstanding at institutions in these five categories was as follows: 13 Credit unions Consumer finance companies Mutual savings banks Savings and loan associations All other financial institutions (including industrial loan companies) (Millions of dollars) 5,622 4,590 200 504 943 Separate figures are published regularly for consumer receivables held by credit unions and consumer finance companies, but the figures for the other three lender groups are shown as a single total under the caption "other financial institutions." Credit unions. Current estimates of consumer credit held by credit unions are based on monthly reports from the Bureau of Federal Credit Unions in the Department of Health, Education, and Welfare. Prior to November 1964 these data were collected by the Federal Reserve Banks from a sample of nearly 1,300 credit unions, about half of them Federallychartered and half State-chartered. The sample accounted for more than 20 per cent of the consumer instalment credit held by these organizations. The credit unions in the monthly sample report total outstanding loan balances and total repayments; they do not report information on loans classified by type. Estimates of total outstandings for all credit unions are carried forward each month on the basis of percentage changes in credit outstanding as reported by the sample. The ratio of repayments to receivables for the sample is then used to calculate total repayments, and extensions are derived as the residual. This method involves weighting of sample reports by Federal Reserve district. Figures for total outstandings are adjusted to benchmark levels periodically, using the straight-line method described on pages 30-32. Benchmark data for both State- and Federally chartered credit unions are collected by the Bureau of Federal Credit Unions. Before such revisions are undertaken, benchmark data are adjusted to the consumer credit 14 concept by excluding real estate mortgage loans made by State-chartered credit unions. The amounts excluded are based mainly on an annual compilation made by the Bureau of Federal Credit Unions, which requests data from supervisory authorities in States that permit credit unions to make such loans. An additional allowance is made to cover these loans in a few States that permit them but do not report them separately. For the period 1939 through 1947, this adjustment for real estate mortgage loans was based on information obtained from a questionnaire sent in 1948 to State banking authorities. Estimates of total consumer instalment credit held by credit unions are shown monthly in the Federal Reserve Bulletin and on the "Consumer Credit" statistical release (G.19). Estimates of their holdings by type of credit are not published separately but are included with those for "other financial institutions." Similarly, estimates of credit union extensions and repayments are included in the category "other financial institutions." According to the 1950 Regulation W registration statement, about 63 per cent of all loans outstanding at credit unions were personal loans, 26 per cent aiitomobile loans, 6 per cent other retail loans, and 5 per cent repair and modernization loans. Later benchmark data, based on a 1956 survey made by the Bureau of Federal Credit Unions, indicated that the relative importance of automobile loans made in 1956 was substantially higher than in 1950, while personal loans had declined to about one-half of the total. Information from these two sources provided the benchmarks needed for developing estimates of outstandings by type of loan. For dates prior to 1950, estimates of the amounts of consumer instalment loans outstanding by type of loan were made on the assumption that changes in the portfolios of credit unions were proportionate to changes in the portfolios of banks. In the 1940's the estimates were based on the distribution of con- At the same time a somewhat broader definition of consumer finance companies was adopted. This definition incorporated in the series some companies formerly classified as industrial loan companies and other lending agencies. In the figures presented here, these groups have been combined prior to 1950 in order to avoid inconsistencies in classification. Current estimates of credit outstanding, extended, and repaid for consumer finance companies are based on reports from a sample of 340 companies, which account for about 60 per cent of the total instalment credit held by such concerns. The sample companies furnish reports on outstanding balances and extensions during the month, by type of credit. As in the commercial bank series, these sample data provide the basis for estimating amounts outstanding and collection ratios for all companies. When the collection ratios are applied to the preceding month's outstandings, they yield an estimate of current repayments. Total extensions of credit are then calculated as a residual. Estimates of amounts outstanding and of extensions by type of credit are shown in the Board's monthly statistical release G.22, "Consumer Credit at Consumer Finance Companies." When new benchmarks become available, the monthly figures are revised to the new benchmark levels by use of the straight-line method. The most recent benchmark data for consumer finance companies are those provided by the 1955 and 1960 Surveys of Finance Companies. The reported benchmark data for repair and modernization loans included some nonconsumer loans. The data have been adjusted to exclude these loans by use of the ratios reported for commercial banks. The Regulation W registration statement provided benchmark information for 1950 for the total amount of credit outstanding at consumer finance companies by type of loan. Yearend estimates for the period 1939-50 were extrapolated on the basis of percentage changes sumer loans at country member banks on call dates. Even though this procedure has limitations, these estimates were used to complete the "type" breakdown of the consumer credit series as a whole, since the amounts involved were small relative to the total credit outstanding. The repair and modernization component is adjusted to exclude nonconsumer loans on the same basis as previously described for commercial banks. The amount of nonconsumer paper in other components is negligible. Estimates of credit union holdings of consumer instalment credit during the 1920's and 1930's from the Russell Sage Foundation (Rolf Nugent), the National Bureau of Economic Research, and the Department of Commerce were comparable with these later estimates except for the adjustment to exclude real estate loans. Throughout most of the period virtually all loans were personal instalment loans, with a small amount of lending for automobile purchases and for home repair and modernization beginning in the mid-1930's. Estimates of monthly repayments on instalment loans by type of loan are derived through the use of collection ratios at commercial banks. Consumer finance companies. Estimates for consumer finance companies cover the consolidated consumer lending operations of companies that have one-half or more of their consumer receivables in loans made under effective State small loan laws. Consequently, the bulk of the credit they extend is in the form of direct personal loans to consumers. Information in the 1950 Regulation W registration statement indicated the need for some revision in the series as constructed at that time. The statements revealed that a number of institutions had classified themselves as small loan companies although more than one-half of their receivables were purchased paper on automobiles or other consumer goods. Hence, it was necessary to reclassify them as sales finance companies. 15 standing at a sample of mutual savings banks have been collected and published by the National Association of Mutual Savings Banks. This item consists largely of loans to individuals, and percentage changes in it were applied to the June and December figures for consumer loans, described above, to obtain monthly estimates. Prior to June 1947 no monthly information was available, and consumer loans outstanding at mutual savings banks were estimated for the months between June and December dates on the basis of the changes in consumer loans at commercial banks, with the monthly estimates adjusted to benchmarks by the straightline method. The estimates of total credit outstanding are distributed by type of credit on the basis of benchmark information from periodic call report data (since June 1961) and from the 1950 registration statement. Proportions for earlier dates were extrapolated, employing commercial bank data in the same way as described earlier for credit unions. The singlepayment loan category and the repair and modernization component are adjusted to exclude nonconsumer loans, using the same percentages that are used for commercial banks. Estimates of monthly repayments of instalment loans assume that the collection ratios for each type of credit are the same for mutual savings banks as for commercial banks. The commercial bank ratios are applied to balances at mutual savings banks at the end of the preceding month. Extensions are then calculated as the residual. Savings and loan associations. In addition to their primary activity, which is to make real estate mortgage loans, savings and loan associations make two types of loans that fall in the consumer credit category: (1) repair and modernization loans and (2) loans to stockholders against their share accounts in the association. Repair and modernization loans are a part of the instalment loan category. Share loans, however, are included in the in loans by type as shown by the State supervisory reports for States having small loan laws. Monthly estimates for each year of the decade ending September 1950 were obtained by applying to the preceding year-end estimate (as adjusted to the 1950 benchmark) the month-to-month percentage changes for the particular year as indicated by the reporting sample of consumer finance companies. The monthly estimates were then adjusted to the year-end estimate by the straight-line method. Changes in the types of loans held by consumer finance companies were assumed to be similar to those reported by commercial banks in the 1940-45 period and to those for industrial loan companies in 1946-50. Year-end estimates of personal instalment loans outstanding at consumer finance companies for the period before 1939 are those prepared by Rolf Nugent. These estimates account for virtually all of the consumer credit held by State-regulated companies. These companies also engaged in a small amount of lending for the purchase of automobiles and major household durable goods and for home repair in the years immediately before World War II. Mutual savings banks. Benchmark information on consumer credit outstanding at mutual savings banks became available from regular reports of condition made twice each year to bank supervisory agencies effective with data for June 1957. Before that, the item "other loans to individuals" outstanding at such institutions was available from the all-bank series for June and December dates beginning with 1947 and for June dates 1943-46. Data for loans other than mortgage loans were reported for insured mutual savings banks for June and December back to 1939, and these were used with all-bank data in estimating consumer loans at all mutual savings banks for December dates in 1943-46 and for June and December dates back to December 1939. Beginning with June 1947, monthly data on total loans other than mortgage loans out- 16 single-payment loan category of noninstalment credit under "other financial institutions." The Federal Home Loan Bank Board has made available for year-end dates back to 1939 information on (1) the total amount of loans not secured by first mortgages held by all savings and loan associations and (2) the amount held by associations that are members of the Federal Home Loan Bank System (that is, Federally chartered associations). The latter total is broken down between secured (share) and unsecured (repair and modernization) loans. To obtain totals for repair and modernization loans for all associations, it is necessary to estimate the amounts of these loans held by nonmember associations. The distribution of total loans at member savings and loan associations according to secured or unsecured types is used to estimate the breakdown for nonmember associations. The totals for repair and modernization loans are then adjusted to exclude nonconsumer loans by applying the same percentages used to adjust such loans held by commercial banks. Monthly figures for repair and modernization loans at all savings and loan associations between benchmarks are estimated on the basis of the relationship to such loans at commercial banks on the most recent benchmark date. These monthly estimates subsequently are adjusted to the end-of-year benchmarks by straight-line interpolation. Monthly repayments of repair and modernization loans are estimated by using the collection ratio for such loans at commercial banks, and extensions are calculated as a residual. Monthly estimates subsequently are adjusted to end-of-year data on outstanding credit by the straight-line method. The benchmark estimates for repair and modernization loans are subtracted from total nonmortgage loans in order to derive benchmark estimates for share loans outstanding. Monthly estimates of share loans at savings and loan associations are extrapolated from these benchmarks on the basis of their relationship to single-payment loans at commercial banks. The estimates are adjusted to end-ofyear benchmarks by the straight-line method. Industrial loan companies and other lending agencies. Monthly estimates of instalment credit outstanding at industrial loan companies and other lending agencies are based on reports from a sample of about 60 companies accounting for approximately 10 per cent of the total credit held by these companies. They report their outstanding balances and extensions during the month, by type of loan. As in the preparation of estimates for most other types of lenders, the percentage change during a month in sample outstandings is applied to the preceding month-end balance to obtain an estimate of outstanding credit by type for the current month-end. Collection ratios for the sample group are applied to universe outstandings to estimate repayments, and extensions are calculated as the residual. The method used involves weighting of sample reports by Federal Reserve district. When new benchmarks become available, the monthly figures are adjusted to the new levels. All estimates for repair and modernization loans are adjusted to exclude the nonconsumer portion in the same manner as for commercial banks. Benchmark data for this category of lenders for recent years were obtained in the Surveys of Finance Companies for 1955 and 1960. In the 1960 Survey, reports were returned by approximately 1,600 industrial loan companies, cooperative credit associations, and loan funds operated by churches, fraternal orders, or others. The Regulation W registration statement for the end of September 1950 provided the most complete benchmark for these institutions in earlier years. For the period December 1939 through September 1950, separate monthly estimates were made for industrial loan companies and for all other lenders. These monthly estimates, described below, were then combined and the 17 totals were adjusted to the 1950 registration statement figures by the straight-line method. For industrial loan companies the monthly estimates for the December 1939-September 1950 period were made by applying the monthly percentage changes shown by the reporting sample to an estimate for the end of 1944 derived from a special Federal Reserve survey. Year-end estimates before 1939 were derived from the Nugent (Russell Sage Foundation) estimates for industrial banking companies and from information for States in which industrial loan companies operated. The other component of Nugent's series, industrial banks, is included in the commercial bank estimates for those years. For the other lenders monthly estimates for the period December 1939 through September 1950 were benchmarked on an estimate for the end of 1939 prepared by the Russell Sage Foundation. These monthly estimates were obtained by applying to the end-of-1939 figure one-half of the percentage change shown by the sample of consumer finance companies, since over that period the amount of credit held by such companies had increased about twice as rapidly as for the group of miscellaneous lenders. Year-end estimates prepared by the Russell Sage Foundation were used also for the period prior to 1939. Distributions by type of loan for industrial loan and consumer finance companies were based on data from the 1950 registration statement and carried through the period 1944-51, using changes for each type of loan reported by the industrial loan company sample. Prior to 1944, the distributions were based on data for commercial banks. arising from sales of automobiles and other major durable goods to consumers. Only that part of the instalment paper that retailers own and carry on their books as customer accounts is included in the estimates for retail outlets. The remainder is included in estimates for the banks, sales finance companies, or other institutions that purchase the paper. Noninstalment (charge-account) credit arising from retail sales is nearly always carried on the retailers' books. General estimating methods. RETAIL OUTLETS Retail outlets hold nearly one-eighth of consumers' instalment receivables. In addition, they originate and then sell to financial institutions a large part of the instalment paper Estimates of consumer instalment credit held by retail outlets are based largely on data from monthly reporting samples. Those reporting currently to the Federal Reserve System—department stores, furniture stores, household appliance stores, and four large mail-order companies— hold around two-thirds of all consumer instalment credit outstanding at retail establishments. Estimates for these kinds of business are customarily adjusted to year-end benchmarks for instalment accounts receivable as compiled by the Bureau of the Census in its Retail Trade Survey. Outstanding credit at the remaining kinds of business, for which the Federal Reserve System does not collect monthly sample data, are estimated by kind of business between benchmark dates and extrapolated from the latest year-end benchmark by using ratios of receivables to weighted sales derived from the Bureau of the Census Survey data. These estimates, published monthly in the Federal Reserve Bulletin and in the "Consumer Credit" release (G.19), are shown for department stores and mail-order companies combined, and separately for furniture stores, household appliance stores, automobile dealers, and "all other" retailers. It is necessary to make two adjustments in the figures that the Bureau of the Census reports for retail receivables so that they will conform to the consumer credit concept. The first is to add an estimate for the amount of consumer credit arising from retail sales made at 18 wholesale outlets. The second is to deduct nonconsumer credit owed to retail outlets. Both are percentage adjustments derived from detailed data for credit sales and for accounts receivable which were collected in the Census of Business in 1939 and 1948. In addition, the second adjustment utilized the proportion of retail commodity sales made to consumers, as estimated by the Bureau of Labor Statistics in its inputoutput studies. Wholesale adjustment. The estimated amounts added to the series to cover consumer credit extended by wholesalers have been adjusted to Census benchmarks for both 1939 and 1948. In the 1948 Census of Business for Wholesale Trade, data were collected for wholesale sales by line of trade and by class of customer, with separate totals for a category defined as "sales to household consumers, individual users, and to farmers." Sales in this category were concentrated in a relatively few wholesale firms that did a large retail business and used credit practices similar to those of competitive retailers. Two types of wholesale outlets—"merchant wholesalers" and "manufacturers' sales branches (with stocks)" —included lines in which a substantial proportion of total sales were to consumers. The estimates of credit sales and credit receivables of the household consumer group in each of those trade lines were made as follows: 1. The distribution of sales by type of transaction (credit or cash) was made on the basis of the distribution in comparable retail trade lines as indicated by the Census of Retail Trade. 2. Year-end estimates of instalment and charge accounts receivable were estimated by applying to the estimates of instalment sales and charge sales, respectively, the ratios of instalment receivables to sales and of charge receivables to sales, at retail stores in comparable trade lines. Available information indicated that virtually all of the wholesale credit to consumers was on a charge-account basis, and this was the assumption used for the purpose of adjusting estimates to data from the 1939 Census. Nonconsumer adjustment. The nonconsumer adjustment in the 1939 Retail Census data eliminated from both the charge and the instalment sectors those kinds of business that were predominantly nonconsumer: lumber and building material dealers; plumbing, paint, and electrical supply stores; farm equipment dealers; feed, farm, and garden supply stores; and office and store machinery and equipment dealers. This adjustment assumed that the amount of consumer receivables held by the kinds of business excluded were roughly equal to the nonconsumer receivables of those trade lines that were retained. The adjustment in the 1948 Retail Census data, on the other hand, eliminated the nonconsumer portion of the credit held by each kind of business; for this purpose, ratios derived in an input-output study of the Bureau of Labor Statistics, mentioned earlier, were used. Estimates of nonconsumer instalment and charge-account receivables for each trade line were derived from nonconsumer sales (estimated as mentioned earlier) by using ratios of receivables to sales based on the Census for Wholesale Trade and the Census for Retail Trade. Available sources indicated that in most cases the retail ratio was not representative of the relationship between nonconsumer receivables and nonconsumer sales. Hence it was necessary to use the wholesale ratio. The particular wholesale ratio to be used was selected on the basis of the distribution of nonconsumer sales by commodities. If the nonconsumer sales of a given kind of retail business were largely in one commodity line, a single appropriate wholesale ratio for that line was used. But if these sales were distributed among several commodities, a weighted average of the several appropriate wholesale ratios was employed. In a few kinds of retail business nearly all of the sales were to nonconsumers, with the result that the retail ratio of receivables to 19 sales was heavily weighted by the nonconsumer transactions. Wholesale ratios for these lines of business appeared to differ from the retail relationships so much as to be inappropriate for use with the reported retail receivables. In such cases retail relationships were used. This was true of the adjustments for lumber dealers, business machine dealers, and gasoline stations. Through a spot check it was found that, except at automotive and farm machinery dealers, nonconsumer credit sales were on a charge-account rather than an instalment basis. Therefore, it was not necessary to make nonconsumer adjustments for most of the instalment components. Retail instalment credit by holder. For estimating purposes, instalment credit held by retailers is divided into five categories: department stores, mail-order companies, furniture stores, household appliance stores, and "all other" retail stores. Department stores. For nearly three decades department store accounts receivable have been reported to the Federal Reserve System by a comprehensive sample of stores. The current monthly estimates of consumer credit outstanding are based on reports from about 500 stores. These stores are representative of all 12 Federal Reserve districts. Approximately 400 stores report both charge and instalment outstandings and collections, while the remainder report these figures only for charge accounts. The sample represents more than two-thirds of the national total for each type of credit outstanding. Department store outlets of the large mail-order companies are not included in this sample, but are incorporated regularly in consolidated reports from such companies. Each Federal Reserve district reports monthly totals for instalment and charge accounts receivable and collections of respondent stores. These data are combined into national totals weighted by Federal Reserve district. From the totals for the nation as a whole, these two figures are calculated: (1) the per- centage change for the month in accounts receivable and (2) the ratio of collections during the month to receivables at the end of the preceding month. (Weights based on 1948 Census data are up-dated regularly to reflect changes in the relative importance of each Federal Reserve district in the total. ) The percentage change so derived each month is applied to the estimate for the preceding month to obtain the estimate of accounts receivable at the end of the current month. Weighted collection ratios are applied to the amount outstanding for the preceding month to give an estimate of repayments. Extensions for the current month are then derived by subtracting from outstanding credit at the end of the current month the total outstanding at the end of the preceding month and then adding current repayments. Estimates have been adjusted to Census findings for 1939 and 1948 and in the later years compared with the results of the Census annual survey. Since the beginning of the Census survey program, which the Board helped to initiate in the early 1950's, the Federal Reserve estimates of accounts receivable and those from the Census surveys have corresponded so closely that no adjustment has seemed necessary. For the 193O's and 1940's the department store data are adjusted to findings of the annual Retail Credit Survey conducted by the Department of Commerce until 1941 and then by the Federal Reserve through 1951. For the earlier years of this period as well as for most of the 1920's, total accounts receivable at department stores were available from Rolf Nugent's estimates, which were based on returns from a national sample of department stores. Since the Nugent estimates covered all general merchandise stores, they were considerably higher than the combined charge-account and instalment estimates for department stores in years when the series overlapped, but the year-to-year movements in the two corresponded closely. Therefore, 20 percentage changes in the Nugent series were used to carry estimates of total department store receivables back to 1923. Percentage changes were used also to develop figures for total receivables in the 1919-22 period, but these were based on a more limited coverage. The instalment portion of accounts receivable at department stores had been estimated for the years 1925-40 by Duncan Holthausen using data from the Federal Reserve together with information from the Department of Commerce, the National Bureau of Economic Research, and retail trade associations. During 1928 and 1929, the earliest years for which separate figures for both charge and instalment accounts receivable were available, charge accounts constituted the bulk of the total. The proportion of total credit transacted on an instalment basis was extremely small at that time, but it was increasing. The estimated division of receivables by type for the period up to 1928 took into account both the upward trend in instalment credit and the effects of changing economic conditions on the use of each type of credit. After the division of accounts receivable between charge and instalment had been made, the year-to-year changes in estimated charge accounts receivable were compared with changes in early Federal Reserve estimates of department store sales. A high degree of correlation existed between the two. Comparison with fragmentary information for that period indicates that the estimating error is probably small. Mall-order companies Although charge accounts receivable at mail-order companies are reported separately only for benchmark dates, the instalment balances and collections on these balances have been reported monthly since 1929 by the four large companies. These instalment balances account for virtually all of the mail-order company receivables. Currently totals for amounts outstanding and collected are reported separately by these companies for each type of holder; that is, separate 21 figures are shown for the amount held by the parent company, that sold to banks, and that transferred to sales finance companies, including subsidiaries. These data are not shown separately in the materials published by the Board but are combined with corresponding estimates for department stores, banks, and finance companies, respectively. Extensions for each type of holder are derived by adding current repayments to the change in outstandings recorded during the current month. Historically figures for instalment credit outstanding at mail-order companies are available from several sources. Rolf Nugent published year-end figures for the years 1923-37 together with percentage changes for earlier years. Instalment receivables also have been included in Moody's Industrial Manual; however, these figures are less meaningful because for several years in the early 1920's they included such items as real estate mortgage loans and employee loans in reported totals for customer accounts receivable. Furniture stores. Current monthly estimates of accounts receivable at furniture stores are based on reports of nearly 450 stores throughout the United States, which provide figures on both instalment and charge accounts outstanding and collected. Reporting stores account for approximately one-eighth of all instalment accounts receivable held by stores of this type. Instalment credit outstanding at all furniture stores is estimated as follows: percentage changes in the sample data by Federal Reserve districts are combined into a weighted percentage change for the United States. The weights used were derived from a special Census tabulation by Federal Reserve districts as of the end of 1948. The percentage change is applied to the preceding figure for instalment credit. Then for sample stores, district ratios of collections during the month to accounts receivable at the end of the preceding month are combined similarly to obtain a weighted total ratio for collections. An estimate of re- payments is obtained by applying this weighted collection ratio to the estimated total outstanding at the preceding month-end. Extensions for the current month are then derived by subtracting from outstanding credit at the end of the current month the preceding month's outstanding credit and then adding repayments for the current month. Estimates of instalment credit outstanding are adjusted regularly to end-of-year figures from the Census Survey of Retail Trade. Other benchmark data for the monthly furniture store series were provided by the 1939 Census and by the Retail Credit Survey through 1951.8 The Survey respondents held about one-fourth of the instalment receivables of all furniture stores. A small adjustment is made in the benchmark for consumer credit arising from instalment sales to consumers by wholesalers. Nonconsumer transactions on instalment credit at retail furniture stores are too small to require adjustment. The series as constructed goes back to December 1939 on a monthly basis. The yearend estimates for 1919-38 are extrapolations based on Rolf Nugent's aggregates for 1923-38 and his estimates of annual percentage changes for prior years. The instalment component of total credit at furniture stores was estimated for 1926-38 using Retail Credit Survey data as adjusted (and extended back from 1928 to 1926) jointly by the Department of Commerce and the National Bureau of Economic Research.9 These estimates include paper sold as well as that retained by the dealer, but this seems of little consequence since data from the Retail Credit Survey and from the Census, as well as information from sales finance company reports covering a long period, indicate 8 Conducted by the Department period 1928-41 and by the Federal 9 Duncan McC. Holthausen, The stalment Credit, 1929-38 (National search, 1940). that furniture stores sold little paper to financial institutions. For 1919-25 instalment credit was estimated as a percentage of total credit, the trend in this percentage being extrapolated back from 1926-38 with the aid of Seligman's separate figures for instalment and charge credit at furniture stores in 192310 and Ayres' 1923 and 1925 totals for the instalment component.11 Charge-account credit was then estimated as a residual for this 1919-38 period, the results being checked against the movement shown by Raymond Goldsmith's estimates of expenditures of nonfarm individuals for household goods.12 Household appliance stores. Estimates of instalment accounts receivable and collections of household appliance stores are based on monthly reports of some 50 stores representing about 10 per cent of all instalment accounts receivable in this category. Benchmark data for this series, as for furniture stores, are derived from Census data and from Retail Credit Surveys. In most of the Survey years some 2,000 household appliance stores reported, providing instalment receivables coverage of about 25 per cent of the national total. Current monthly estimates are derived by applying to the preceding month-end estimate for credit outstanding a weighted percentage change figure. As in the furniture stores series, percentage changes in the sample data by Federal Reserve district are weighted to obtain a national figure. Monthly collection ratios (instalment collections as a percentage of the end of preceding month's instalment receivables) for the sample are applied to estimated total instalment accounts receivable to obtain monthly aggregates for collections. Estimates of credit extended are derived by subtracting 10 E. R. A. Seligman, The Economics of Instalment Selling, Vol. I (Harper and Brothers, 1927). 11 Milan V. Ayres, Instalment Selling and Its Financing (a pamphlet, Third National Automotive Financing Conference, The National Association of Finance Companies, Chicago, November 15-16, 1926). 12 Raymond W. Goldsmith, A Study of Saving in the United States, Vol. I (Princeton University Press, 1955). of Commerce during the Reserve thereafter. Volume of Consumer InBureau of Economic Re- 22 stores; automobile tire and accessory stores; gasoline service stations; general merchandise stores; and all other retailers. Estimates of the amount outstanding for these two groupings (with no breakdown for the components of "other retail outlets") are published monthly in the Federal Reserve Bulletin and on the "Consumer Credit" release (G.19). Estimates for credit held by automobile dealers are based on end-of-month estimates of the Bureau of the Census for dealer-held receivables. For the most recent months, estimates are based on the changes in automobile paper outstanding at financial institutions; later they are adjusted to the Census data. For the period before 1961 a ratio-to-weighted-sales method was used for estimating outstandings between benchmark dates; this method is described below. Credit extended by automobile dealers is estimated by reference to the amounts of credit they hold, using the month-to-month relationships of automobile credit extended to that held by banks, finance companies, and other nonretail groups. Repayments are computed by subtracting outstanding credit at the end of the current month from the amount outstanding at the preceding month-end and then adding current extensions. For the 1930's and 1940's the annual Retail Credit Survey provided benchmark information for automobile dealers. Current benchmark data for each of the remaining major types of retail instalment credit, which make up the "other retail outlet" group, are derived from year-end Census figures for instalment accounts receivable. These have been interpolated and extrapolated by indicator series based on lagged sales. The sales data used are those reported by the Census Bureau each month. The lag patterns are of the form : iSo , ( n - 1)S, from outstanding credit at the end of the current month the preceding month's outstanding credit and then adding repayments for the current month. The current monthly series for appliance stores is adjusted by the straight-line method to Census data for year-end instalment accounts receivable. The estimates of instalment accounts receivable for years prior to 1940 were derived in part from data in the Retail Credit Survey and in part from Nugent's series for utility-operated and other household equipment stores. This distinction by type of store was not made in estimates from 1939 forward, or in estimates for earlier years made by Ayres, Seligman, and the National Bureau of Economic Research, or in any of the Retail Credit Survey data. The method of estimation for the period before 1940 was the same as that described for furniture stores. In estimating consumer instalment credit for the 1930's and 1940's, the National Bureau of Economic Research and the Department of Commerce included in the estimated holdings of appliance dealers both the amounts held by dealers and the amounts sold to financial institutions. Household appliance stores generally sell a larger proportion of their paper to financial institutions than do other kinds of nonautomotive retailers. The Retail Credit Survey for several years and, for some overlapping and earlier years, Nugent's estimates of intermediary financing provided data for allocating to financial institutions that portion of the paper that appliance stores had originated and then sold. All other retail stores. The Federal Reserve does not collect monthly data for instalment credit held by the remaining kinds of retail stores. However, it does prepare monthly estimates for automobile dealers, even though they customarily hold only a small fraction of the instalment paper they originate, and for "other retail outlets," a group that represents seven other types of retail trade: jewelry stores; lumber, building, hardware dealers; apparel (n-2)S_, 23 (n-3)S-3 maturity of instalment contracts) weighted successively 5,4,3,2, and 1, beginning with the most recent month. The values of n used for each line of business are those found empirically to minimize the error in movement of the indicator series from one benchmark to the next. Sources for benchmark data prior to 1940 are the same as those for household appliance stores. Extensions and repayments for these retailers have not been reported monthly to either the Bureau of the Census or the Federal Reserve. Census data for 1939 and 1948 permitted derivation of an average collection ratio for each component. A relationship of these ratios to the collection pattern shown by the Federal Reserve sample of department stores was established for each of the seven groups. These relationships, adjusted from time to time for differences in certain credit patterns, have been used with the currently reported department store data to estimate repayments relative to outstandings and to derive instalment extensions of the "all other retail" group. Where Reco is the indicator of receivables at the end of the given month, n is the average number of full months given buyers to pay for credit purchases in the particular line of business, and S is sales during the month. A more concise expression of this formula is: Reco = / (-i where S_i is sales in ith month preceding period. For example, if a dealer's instalment contracts averaged 5 months to maturity (assumed to be paid exactly on schedule), his receivables for any particular month would be composed of all of the most recent month's instalment credit granted, four-fifths of the amount for the previous month, three-fifths for the second previous month, and so forth. This suggests that, in this case, the most reasonable relationship between receivables and sales would be one that made the receivables of any given month a function of the previous 5 months' sales (the number of months equal to average ESTIMATES OF NONINSTALMENT CREDIT collected by the Federal Reserve Banks. As of June 1963 the sample included about 375 banks, accounting for approximately onefourth of all single-payment loans held by commercial banks. Monthly estimates of single-payment loans are adjusted to benchmark totals by the straight-line method. These benchmarks—like those for bank-held instalment credit—are obtained from the regular reports of condition made to supervisory agencies by all commercial banks. According to a 1952 survey covering about 8,700 such loans in 180 commercial banks, about one-half of the volume of all singlepayment loans made by commercial banks to individuals are for nonconsumer purposes. Consumer noninstalment credit represents obligations of consumers scheduled to be retired in a single payment. This ordinarily takes the form of open-account transactions, with payment due upon billing. Noninstalment credit is divided into three classes: single-payment loans, charge accounts, and service credit. Single-payment loans are held primarily by commercial banks, while charge accounts and service credit are owed to a variety of establishments and professional practitioners. SINGLE-PAYMENT LOANS Monthly estimates of single-payment loans at commercial banks are based on sample data 24 Hence, in order to develop benchmark data for consumer single-payment loans, total holdings of such loans as reported semiannually by commercial banks are reduced by that percentage. Single-payment loans also are held by mutual savings banks, savings and loan associations (share loans), and pawnbrokers. In the noninstalment credit series their holdings are grouped under the label, "other financial institutions." Sources of data and estimating methods for single-payment loans at mutual savings banks and savings and loan associations are described earlier in the sections dealing with instalment credit at those institutions. For pawnbrokers, monthly values are straight-line interpolations between year-end figures, based on original estimates made by Rolf Nugent for the years 1923 through 1937.1 { These estimates cover all of the credit extended by pawnbrokers, but do not include forfeited pledges. The Nugent estimates are brought forward on the basis of annual information available from supervisory authorities of four States (Indiana, New Jersey, Oregon, and Pennsylvania) and published reports of some large companies in other States. Currently, these sources cover about 25 per cent of the estimated total credit outstanding at pawnshops included in the single-payment loan series. nationwide sample of about 500 stores accounting for nearly 90 per cent of all such credit. Month-end estimates are prepared from weighted Federal Reserve district totals in the same manner as the estimates of instalment accounts receivable at these stores. Bureau of the Census data indicate that the small amount of charge-account credit outstanding at mail-order companies moves in about the same way as such credit at department stores. Since separate figures for charge accounts of mail-order companies are not available monthly, the totals for department stores and mail-order companies combined are interpolated between benchmark dates by use of the monthly reports of charge accounts receivable at department stores. Sources are the same as those described in the discussion of instalment accounts receivable at department stores. Estimates of charge accounts receivable were adjusted by the straight-line method to Bureau of the Census findings by Federal Reserve district for 1939 and 1948. Estimated national totals for later years have been compared with year-end figures from the Census Surveys of Retail Trade, but no adjustment has been necessary. For earlier years benchmark data were provided by Rolf Nugent's estimates and by Retail Credit Surveys. Other retail outlets. For estimating charge accounts outstanding, retail outlets other than department stores and mail-order houses are divided into eleven groups: other general merchandise stores; furniture stores; household appliance stores; jewelry stores; the hardwarelumber group; the apparel group; the food group; drug and proprietary stores; automobile tire and accessory stores; gasoline service stations; and all other retail stores. Furniture stores. Charge accounts of furniture stores are reported monthly to the various Federal Reserve Banks. The district figures are combined into a weighted U. S. total. These data have been adjusted to Census findings for 1939 and 1948 and, insofar as necessary, to CHARGE ACCOUNTS Estimates of charge accounts receivable are divided into three major categories according to holder: department stores and mail-order houses; other retail outlets; and gasoline and fuel oil companies and general credit-card businesses. Department stores and mail-order houses. Charge accounts receivable at department stores are derived from monthly reports of a 1 Nugent, op. cit., pp. 374-82. 25 eludes estimates for the amount outstanding on general credit cards, that is, those covering travel, dining, and miscellaneous expenses. Estimates of gasoline and fuel oil credit in this sector exclude any amounts outstanding at establishments classified as retail trade. The amounts included in the credit-card estimates cover only the consumer portion, which for most of the components accounts for one-fifth or less of the total amount owed by all holders of these cards. Consumer use of credit cards has grown rapidly since World War II. Benchmark data based on a 1958 survey of all companies extending credit of this type provided a basis for carrying the series back to 1948. Although gasoline credit cards were in limited use before the war, the amount of such credit outstanding was negligible, and no attempt has been made to prepare estimates for those years. Currently, the series is based on monthly reports of receivables from a sample of oil companies selected by size of 1958 customer receivables to be representative of gasoline credit card and fuel oil credit used by consumers. Month-to-month percentage changes derived from sample data are weighted in three size groups to give a monthly percentage change, which is then applied to the estimated total outstanding balance at the end of the preceding month to obtain an estimated total of outstandings at the end of the current month. Monthly or quarterly reports from the major companies in the general credit-card field provide a basis for estimating that portion of the total. Nonconsumer adjustments for all credit-card components are based on percentages of the total outstanding balances. These percentages are derived from estimates provided by the individual respondents. year-end estimates by the Bureau of the Census. Retail Credit Surveys provided benchmark data for the 1930's and a basis for estimating a split in the Nugent figures for earlier years. (See section describing estimates of instalment receivables at furniture stores.) Other. Data on charge accounts receivable have not been collected by the Federal Reserve for the remaining kinds of business during most of the period covered by the consumer credit series. For the years 1953-58, the Bureau of the Census made only year-end estimates, but since then it has made month-end estimates for major kinds of business; however, these have not been available in time for use in the current consumer credit aggregates. The Bureau's year-end estimates, adjusted to include consumer credit extended by wholesalers and to exclude nonconsumer credit extended by retailers, are used as benchmark data. Monthly estimates between benchmarks are interpolations based on weighted sales.14 Errors accumulated during a 12-month period through use of this method generally have been extremely small. Prior to 1953 the series has been adjusted to the benchmark estimates provided in the Censuses of 1939 and 1948, the Retail Credit Surveys made by the Department of Commerce or by the Federal Reserve in the 1930's and 1940's, and Rolf Nugent's estimates of total retail receivables in the 1920's and early 1930's when all or nearly all credit transactions at most kinds of business were on a charge-account basis. Credit cards. The credit-card category consists primarily of oil-company receivables, arising from consumers' use of gasoline credit cards and purchases of fuel oil. It also in14 Tests made on series for which both sales and charge accounts receivable were available monthly showed that the smallest average difference between reported receivables and the movement described by a weighted sales series occurred with a 3-month weighting system. This is in general agreement with information available on the average period of time elapsing between purchases on and payment of charge accounts. Differences by kind of business appeared to be small; consequently, the 3-month weighting pattern was adopted for all remaining retail groups. SERVICE CREDIT Service credit is the amount owed by individuals to professional practitioners and service establishments. Estimates are made for all 26 service areas in which any appreciable amount of consumer credit is known to exist. The quality of some of the component estimates is below the standards maintained in other segments of the series, but these estimates are included in order to give the most complete coverage possible for total consumer credit. It appears that the estimates understate the amount of credit in the service area. The largest component of this type of credit is the amount owed to hospitals, doctors, and other medical practitioners.15 Another substantial component of service credit is that owed to public utilities, which is measured after deduction of deposits and prepayments. The remainder represents amounts owed for a variety of personal services such as cleaning and dyeing, education, and recreation. Services performed by retailers and financial institutions are covered in other segments of the consumer credit series and are excluded from estimates of service credit. Even though various other categories of service, such as that provided by rental housing, account for a large part of all consumption expenditures, they too are excluded, either because the components fall outside the consumer credit concept or because the amount of credit involved is negligible. Medical care. Monthly estimates of service credit owed by consumers to doctors, dentists, and hospitals between benchmark dates are trend projections based on data for absenteeism in industry as estimated over several years by the Public Health Service. For the period from 1952 through 1959, annual estimates for medical debt as of the end of January were provided by the Survey of Consumer Finances, which was made for the Federal Reserve by the Survey Research Center of the University of Michigan. Figures for subsequent years are based on the relationship of these estimates to the Department of Commerce annual totals of consumption expenditures for medical care. The projected ratio is applied to each year's expenditure estimate as it becomes available. Estimates for the 1940's were extrapolated on the basis of the relationship that existed in the 1952-59 period. These estimates were linked to Rolf Nugent's year-end estimates of credit outstanding for services of private practitioners and hospitals to yield estimates for the two decades prior to World War II. Public utilities. The public utility segment includes consumer credit outstanding for gas, electricity, water, and residential telephones. Monthly estimates for the period beginning with 1950 are based on the following types of reported data. (1) End-of-month figures for indebtedness on Bell System residential telephones, net of advance billings and customers' deposits, are supplied by the American Telephone and Telegraph Company. The series includes amounts owed on business toll calls charged to residential telephones, but excludes personal toll calls charged to business telephones. Data are not available to permit adjustment for these factors. (2) Semiannual estimates of amounts outstanding for electric and gas utilities are supplied by the Edison Electric Institute and the American Gas Association. These estimates are net of deposits; and they are adjusted to exclude prepayments on budget fuel accounts, since the prepayments involve no consumer credit. Monthly data between benchmark dates are interpolated through use of seasonal patterns as shown in studies made by the American Gas Association. For the decade of the 1940's, year-end figures were extrapolated by use of the Department of Commerce estimates of consumer service expenditures for gas and electricity. Monthly interpolations between year-end points were based on the percentage changes in monthly data on employment and earnings in gas and electric utilities published by the Department of Labor. Estimates for each yearend in the 1920's and 1930's were based on 15 If consumers owe such credit to financial institutions, it is classified as loan credit—either single-payment or personal instalment—rather than as service credit. 27 Nugent's estimates of service credit at public utility companies. Private education. The only educational institutions carrying any appreciable amount of consumer credit are the colleges and universities.16 Correspondence schools generally operate on a pay-as-you-go basis, and the final payment usually precedes or is coincident with completion of a course. Most commercial business and trade schools operate on a similar basis. Benchmark data on the amount outstanding on student loan funds at colleges and universities are from the Office of Education of the Department of Health, Education, and Welfare. That Office conducts the Biennial Survey of Education in the United States, which shows credit arising from student loan funds and held by institutions of higher learning. Amounts outstanding on student loans from Federal funds are not included in the biennial survey totals, but the figures are available from the Office of Education. Since the Federal loan program was established in 1958, these figures have been included annually in the benchmarks for service credit outstanding on higher education. Straight-line interpolations are used between benchmark dates. Monthly data are extrapolated from the latest benchmark date on the basis of the trend in the ratio of student debt to Department of Commerce data on expenditures for higher education. Between 1936 and 1948, the Survey of Education did not include an item for student loan funds outstanding. Year-end estimates for intervening years were based on the relationship of student debt to consumption expenditures for higher education as indicated in the 1936 and 1948 Surveys, with allowances being made for the decline and subsequent rise in student debt relative to expenditures during the war and early postwar years. Prior to 1936 lt; Loans for higher education made by financial institutions are not included in the service credit sector of the consumer credit estimates but in personal instalment loans of the institution holding the credit. 28 estimates for these loans outstanding were made only in combination with credit for recreation and other services. The totals were small relative to the service total and were used with the major service credit components. Recreation. Consumer credit for recreation arises principally from fees charged by golf and other types of social clubs. Benchmark data were obtained from the 1950 Survey of Consumer Expenditures by the Bureau of Labor Statistics, which reported both expenditures and amounts owed for recreation and education combined. The estimate for recreation credit outstanding at the end of 1950 was obtained by subtracting the amount outstanding on student loan funds from the estimated total for recreation and education. Year-end receivables have been estimated for later years by applying to the annual consumption figures for recreation the 1950 relationship of the recreation credit estimate to the Department of Commerce estimate of consumption expenditures for recreation. Monthly data are interpolated by the straightline method between year-end points. The same method was used for making estimates for years from the mid-1930's to 1950. As mentioned above, separate estimates of recreation credit were not made for earlier years. Funeral and legal expenses. Year-end estimates of credit outstanding for funeral and legal services are extrapolated from a 1950 benchmark of such expenditures provided by the Bureau of Labor Statistics' Survey of Consumer Expenditures, using relationships of credit at the year-end to annual consumption expenditure data provided by the Department of Commerce. Monthly data are derived by straight-line interpolation between year-end points. For receivables of one segment, funeral directors and embalmers, secondary benchmarks based on the Business Census for 1933 and for 1935 were interpolated and extrapolated to 1950 by a corresponding series prepared by Rolf Nugent. Cleaning, dyeing, pressing, and repair of garments. Trade association data indicate that cleaning and dyeing establishments transact on a charge-account basis a substantial proportion of their business—perhaps as much as onefifth of the total. Year-end estimates for credit outstanding were derived from these data and from the annual estimates of consumption expenditures for cleaning and dyeing from the Department of Commerce. Monthly estimates between year-end points are based on changes in the Department of Labor's monthly data on employment and earnings in cleaning and dyeing establishments. Automobile repair services. Service credit for automobile repairs includes only the amount outstanding at service garages. Credit for automobile repairs that is carried on the books of automobile dealers and other retailers is included in the consumer credit series either in instalment credit on other consumer goods or in charge accounts outstanding. In making estimates for this sector, it was assumed that the relationship of year-end re- ceivables to consumer expenditures in service garages (derived from the Department of Commerce data) would be the same as that shown by charge accounts at automobile tire and accessory stores. Interpolation between year-end benchmarks and extrapolation from the latest year-end figures make use of the seasonal pattern for charge accounts of automobile tire and accessory stores in deriving end-of-month estimates. Other services. Remaining services involving some consumer credit but for which no benchmark or monthly credit data are available include radio, television, and other household repair services; accessory and jewelry repair; and dressmaking (not in shops). Credit for these services, which account for no more than 1 per cent of all service credit, is estimated by assuming that one-tenth of the Department of Commerce figures for annual expenditures are made on a 30-day credit basis. The straight-line method of interpolation is used between year-end points. SPECIAL ADJUSTMENTS tended also tend to rise and fall twice during the year. This is particularly true of nonautomotive consumer goods paper, which shows wider seasonal variations than other segments. This type of credit has its first seasonal peak late in the spring. From this point it usually declines somewhat in the summer months and then gradually increases during the remainder of the year. It reaches its highest point with the Christmas peak in retail sales. Extensions of personal loans tend to expand from a comparatively low level in January and February to a high point around the middle of the year. The increase during this period is accelerated temporarily in the spring by an expansion in loans to pay income taxes. Ex- SEASONAL AND RELATED ADJUSTMENTS The monthly amounts of instalment credit extended and repaid reflect various seasonal influences, for the most part closely related to the expenditure patterns for the commodities associated with each type of credit. Automobile instalment credit extended, for example, tends to increase during the spring, with the seasonal expansion in automobile sales. After some decline during the summer, it tends to rise again in the fall when most new models are introduced. Seasonal variations in automobile credit extended have been somewhat less in recent years than before World War II. Two other types of instalment credit ex- 29 tensions of personal loans then decline gradually until about November, but increase sharply thereafter to another seasonal peak in December. Repair and modernization loan volume, on the other hand, increases from a seasonal low in January and February to a high during the warm months, then drops off sharply near the end of the year. Because repayments on the typical instalment contract are distributed evenly over a number of months, data on repayments show much less variation than data on extensions. The seasonal movements in repayments that do occur are related to some extent to the seasonal movements in extensions. The relationship between the two is a complex one because of the wide variety of contract maturities. In the case of personal loans, seasonal variations in credit repaid tend to accompany, in a dampened form, the seasonal fluctuations in credit extended. This reflects to a considerable extent the importance of renewals, which are reported both as repayments on old loans and as extensions of new credit. Seasonal adjustments for both the instalment credit extended and the credit repaid series are calculated by using a variation of the Census Method II for electronic computers. This basic method was described in an article by Julius Shiskin and Harry Eisenpress.17 Preliminary to the preparation of seasonal factors, the automobile credit series is adjusted for changes in the dates of new-model introductions, and all estimates are adjusted for year-to-year differences in the number of trading days in each month. In making trading day adjustments, unadjusted totals of credit extended and repaid in a given month are multiplied by the ratio of the average number of trading days per month in that year to the actual number in the month. The actual number in each month and year 17 "Seasonal Adjustments by Electronic Computer Methods," Journal of the American Statistical Association, December 1957, pp. 415-49. 30 is calculated for retail credit as the number of calendar days in the month or year minus Sundays and principal holidays (New Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day). For credit held by financial institutions, the count used for retail credit is modified by deducting one-half of a trading day from a given month and adding it to the following month, whenever the last day of the month in question falls on a Saturday, Sunday, or holiday. The number of trading days and the seasonal factors used in making the adjusted estimates for 1963 are shown in the accompanying table. There are no series for extensions and repayments of noninstalment credit, but outstanding balances are adjusted for seasonal variation and for the changing date of Easter by using computer techniques similar to those used for instalment credit. Monthly changes in noninstalment credit, seasonally adjusted, represent the differences between seasonally adjusted outstandings. Seasonal factors are reviewed for accuracy annually at the time new benchmark data are incorporated. Any revisions in the seasonally adjusted figures that may result from this review are published in the Federal Reserve Bulletin. STRAIGHT-LINE ADJUSTMENT TO BENCHMARKS In almost every segment of the consumer credit statistics, preliminary estimates are adjusted periodically to more complete annual or survey data, much of it from the Bureau of the Census. Since no information is available as to when the difference between the preliminary estimates and the benchmark figures arises or at what rate it has accumulated, it is assumed that the observed error at the end of the period has accumulated gradually over the entire period, with the minimum error occurring at the beginning of the period and the maximum SEASONAL FACTORS AND NUMBER OF TRADING DAYS USED IN ADJUSTING ESTIMATES OF CREDIT EXTENDED AND REPAID FOR 1963 Type of credit and institution Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Seasonal factors Credit extended: Auto paper Commercial banks Sales finance cos Credit unions Auto dealers 90.5 86.5 80.0 100.0 91.5 88.0 91.0 100.0 100.5 96.5 97.5 100.0 109.5 104.5 106.0 100.0 112.5 109.0 107.0 100.0 112.5 115.0 110.5 100.0 107.0 109.0 104.5 100.0 96.5 100 5 102.0 100.0 90.5 90 5 101.0 100.0 99.5 105.0 99.5 100.0 99.5 102.0 102.5 100.0 90.0 93.5 98.5 100.0 107 5 99.5 87.5 86.5 73.5 91.5 80.5 91.0 94.5 74.0 88.5 88.5 95.5 91.0 86.0 97.0 99.0 100.5 105.0 96.5 103.0 100.5 103.0 107.0 99.0 103.5 108.5 110.5 112.0 101.5 105.0 104.5 105.0 96.5 91.5 96.0 99.5 103.5 105.5 95.0 101.5 106.0 102.5 101.0 102.5 98.0 96.0 92.0 97.5 104.0 97.5 101.5 100.0 101.0 116.5 111.0 116.0 109.0 102.5 160.0 Home repair and modernization loans Commercial banks Miscellaneous lenders 73.5 70.5 75.5 80.0 84.5 100.5 104.5 88.0 114.0 129.5 115.5 100.0 112.5 103.5 110.5 124.0 112.5 109.0 106.5 94.0 102.5 116.0 88.0 85.0 Personal loans Commercial banks Sales finance cos Consumer finance cos Credit unions Miscellaneous lenders 96.0 87.0 85.0 91.5 94.5 95.5 91.5 88.5 93.0 99.5 98.5 91.0 93.0 99.5 103.0 110.0 97.5 100.5 104.0 95.0 102.0 94.0 95.0 105.5 107.5 106.5 97.5 102.0 112.0 97.0 100.0 98.5 102.5 99.0 92.0 100.5 101.5 98.5 100.5 102.0 101.5 108.5 91.5 97.0 98.5 92.0 97.5 91.0 88.0 93.0 95.5 105.5 109.5 102.5 106.0 102.0 130.0 143.0 107.5 112.0 100.0 98.5 101.5 98.0 97.0 100.0 99.0 100.5 99.0 100.0 98.5 99.5 101.5 99.5 100.5 100.5 100.0 99.0 103.5 101.0 102.0 96.5 98.0 94.5 102.0 101.0 102.5 100.0 104.0 101.0 101.0 102.5 102.0 98.0 99.5 98.5 103.0 93.0 99.5 104.5 108.0 106.5 101.5 99.0 98.5 102.0 99.5 110.5 102.0 95.0 97.0 100.5 105.0 104.5 99.0 97.5 100.0 101.5 99.5 100.0 98.5 99.5 102.0 98.5 98.0 97.5 102.0 99.0 99.5 101.5 98.5 97.0 91.0 98.0 97.0 94.0 101.5 102.0 101.0 104.0 100.5 96.0 97.5 94.0 98.5 98.0 97.5 96.5 108.0 102.0 106.5 97.0 100.5 96.5 102.0 102.0 98.5 99.5 97.5 97.5 99.0 98.0 98.5 98.0 101.0 99.5 101.5 101.5 102.0 104.5 98.0 99.5 103.5 102.0 101.5 105.0 101.5 100.5 97.5 94.5 101.0 95.5 90.5 107.0 103.0 99.0 99.5 93.5 99.0 94.0 99.5 98.5 98.0 99.5 99.5 99.5 97.5 99.5 98.0 101.5 100.5 96.5 98.0 100.5 100.0 101.5 94.0 101.0 105.5 100.5 101.5 98.5 102.5 96.0 101.0 96.5 97.5 97.0 96.5 96.0 102.5 97.0 96.0 96.0 100.0 98.0 98.5 94.5 88.0 96.5 101.0 108.5 108.0 103.0 101.0 99.5 118.5 121.5 111.0 107.0 26 26.5 27 26.5 24 24.5 27 27 25 24.5 Other consumer goods paper Commercial banks Sales finance cos Consumer finance cos Credit unions Retail outlets Credit repaid: Auto paper Commercial banks Sales finance cos Credit unions Auto dealers Other consumer goods paper Commercial banks Sales finance cos Consumer finance cos Credit unions Retail outlets Home repair and modernization loans Commercial banks Miscellaneous lenders Personal loans Commercial banks Sales finance cos Consumer finance cos Credit unions Miscellaneous lenders Number of trading days Retail . Financial .. 26 26 24 24 26 25.5 26 26.5 at the end. A straight-line type of adjustment is used to provide a correction that corresponds to this assumption. The table on page 32 illustrates how the monthly estimates of personal instalment loans' held by sales finance companies were adjusted for the period from mid-1955 through mid1960 to Survey data for June 30, 1960. 26 26 25 24.5 25 25.5 According to data obtained in the Survey for June 30, 1960, personal instalment loans outstanding at sales finance companies totaled $988,985,000 as shown in Column 4. The estimate that had been made for that date, based on sample data, was $970,835,000, as shown in Column 2. The factors required to correct the sample-based series—the ratios of 31 Column 4 to Column 2—moved up from 1.00000 for the June 1955 benchmark to 988 985 —-!—- or 1.01869 for the June 1960 bench9/0,835 mark. The growth in the factor over this 60month period totaled >*™ - . = . 0 , 8 6 9 - ,00000 = 0.01869. The average monthly growth was 0.01869 -f- 60, or 0.00031. This was the factor applicable to the first month after the initial benchmark; the factor was double this percentage for the second month; triple for the third; and so on. In this procedure the total percentage error is divided into equal "percentage point" amounts and accumulated by months. A TYPICAL STRAIGHT-LINE ADJUSTMENT (Dollar amounts in thousands) Month1 Number of months between Estimated benchseries marks (2) (1) 1955—June 2 $421,000 Correction factor (3) Adjusted estimates (col. 2 x col. 3) (4) 31.00000 2$421,000 1955—July Aug Sept Oct Nov Dec 1 2 3 4 5 6 427,000 431,000 434,000 438,000 447,000 465,000 1.00031 1.00062 1.00093 1.00124 1.00155 1.00186 427,133 431,269 434,406 438,546 447,696 465,869 I960—June 60 970,835 31.01869 4988,985 1 Computations are shown only for July-December 1955 and for June 1960. Figures for intervening months were computed in the same manner. 2 Benchmark from Survey of Finance Companies, June 30, 1955. 3 Benchmark ratio calculated as Col. 4 -f- Col. 2. 4 Benchmark from Survey of Finance Companies, June 30, 1960. KEY TO SYMBOLS USED IN TABLES N.S.A. S.A. Not seasonally adjusted. Seasonally adjusted. Zero; Amounts insignificant in terms of the particular unit (e.g. less than 500,000 when the unit is millions); or No figure to be expected (e.g. one or more series in a table may start at a later date than others shown). Minus signs are used to indicate a decrease. 32 1. TOTAL CONSUMER CREDIT, 1919-63 [In millions of dollars] Instalment End of period Total Total Automobile paper Other consumer goods paper Noninstalment Repair and modernization loans1 Personal loans Total Singlepayment loans Charge accounts Service credit 1919 1920 1921 1922 1923 1924 2,642 2,964 2,966 3,166 3,652 4,025 800 969 919 1,047 1,368 1,646 304 376 317 295 526 670 409 490 484 619 684 779 5 7 9 10 12 16 82 96 109 123 146 181 1,842 1,995 2,047 2,119 2,284 2,379 306 354 404 430 512 561 1,298 1,379 1,358 1,391 1,456 1,482 238 262 285 298 316 336 1925 1926 1927 1928 1929 4,715 5,227 5,344 6,258 7,116 2,115 2,363 2,319 2,935 3,524 914 977 765 1,134 1,384 951 ,083 ,183 ,331 ,544 22 24 26 28 27 228 279 345 442 569 2,600 2,864 3,025 3,323 3,592 671 745 812 928 1,040 1,549 1,701 1,765 1,901 1,996 380 418 448 494 556 1930 1931 1932 1933 1934 6,351 5,315 4,026 3,885 4,218 3,022 2,463 1,672 1,723 1,999 986 684 356 493 614 ,432 ,214 834 799 889 25 22 18 15 37 579 543 464 416 459 3,329 2,852 2,354 2,162 2,219 955 712 505 418 473 1,833 1,635 1,374 1,286 1,306 541 505 475 458 440 1935 1936 1937 1938 1939 5,190 6,375 6,948 6,370 7,222 2,817 3,747 4,118 3,686 4,503 992 1,372 1,494 1,099 1,497 ,000 ,290 ,505 ,442 ,620 253 364 219 218 298 572 721 900 927 1,088 2,373 2,628 2,830 2,684 2,719 561 698 792 773 787 1,354 1,428 1,504 1,403 1,414 458 502 534 508 518 1940 1941 1942 1943 1944 8,338 9,172 5,983 4,901 5,111 5,514 6,085 3,166 2,136 2,176 2,071 2,458 742 355 397 ,827 ,929 ,195 819 791 371 376 255 130 119 1,245 1,322 974 832 869 2,824 3,087 2,817 2,765 2,935 800 845 713 613 624 1,471 1,645 1,444 1,440 1,517 553 597 660 712 794 1945 1946 1947 1948 1949 5,665 8,384 11,598 14,447 17,364 2,462 4,172 6,695 8,996 11,590 455 981 1,924 3,018 4,555 816 1,290 2,143 2,901 3,706 182 405 718 853 898 1,009 1,496 1,910 2,224 2,431 3,203 4,212 4,903 5,451 5,774 746 1,122 1,356 1,445 1,532 1,612 2,076 2,381 2,722 2,854 845 1,014 1,166 1,284 1,388 1950 1951 1952 1953 1954 21,471 22,712 27,520 31,393 32,464 14,703 15,294 19,403 23,005 23,568 6,074 5,972 7,733 9,835 9,809 4,799 4,880 6,174 6,779 6,751 ,016 ,085 ,385 ,610 ,616 2,814 3,357 4,111 4,781 5,392 6,768 7,418 8,117 8,388 8,896 1,821 1,934 2,120 2,187 2,408 3,367 3,700 4,130 4,274 4,485 1,580 1,784 1,867 1,927 2,003 1955 1956 1957 1958 1959 38,830 42,334 44,970 45,129 51,542 28,906 31,720 33,867 33,642 39,245 13,460 14,420 15,340 14,152 16,420 7,641 8,606 8,844 9,028 10,630 ,693 ,905 2,101 2,346 2,809 6,112 6,789 7,582 8,116 9,386 9,924 10,614 11,103 11,487 12,297 3,002 3,253 3,364 3,627 4,129 4,795 4,995 5,146 5,060 5,104 2,127 2,366 2,593 2,800 3,064 1960 1961 1962 1963 56,028 57,678 63,164 69,890 42,832 43,527 48,034 53,745 17,688 17,223 19,540 22,199 11,525 11,857 12,605 13,766 3,139 3,191 3,246 3,389 10,480 11,256 12,643 14,391 13,196 14,151 15,130 16,145 4,507 5,136 5,456 5,959 5,329 5,324 5,684 5,871 3,360 3,691 3,990 4,315 1940—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 7,048 6,911 6,990 7,168 7,406 7,592 7,606 7,706 7,755 7,875 7,981 8,338 4,487 4,478 4,548 4,678 4,841 5,003 5,067 5,143 5,173 5,247 5,344 5,514 1,516 1,546 1,598 1,685 1,785 1,878 1,933 1,960 1,953 1,986 2,026 2,071 1,576 1,531 1,531 1,559 1,596 1,634 1,625 1,646 1,663 1,693 1,733 1,827 297 295 292 297 302 310 318 333 347 352 364 371 ,098 ,106 ,127 ,137 ,158 ,181 ,191 ,204 ,210 ,216 ,221 ,245 2,561 2,433 2,442 2,490 2,565 2,589 2,539 2,563 2,582 2,628 2,637 2,824 780 771 764 761 762 764 766 770 778 787 793 800 1,252 1,121 1,126 1,167 1,224 1,240 1,192 1,207 1,222 1,269 1,283 1,471 529 541 552 562 579 585 581 586 582 572 561 553 1941_j an .. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 8,166 8,079 8,181 8,535 8,914 9,124 9,203 9,346 9,313 9,195 9,040 9,172 5,495 5,527 5,613 5,865 6,122 6,295 6,401 6,487 6,400 6,267 6,143 6,085 2,112 2,159 2,235 2,394 2,561 2,693 2,775 2,813 2,741 2,653 2,560 2,458 1,758 1,732 1,729 1,795 1,863 1,887 1,897 1,929 1,921 1,891 1,880 1,929 369 369 362 366 369 373 375 382 390 391 382 376 ,256 ,267 ,287 ,310 ,329 ,342 ,354 ,363 ,348 ,332 ,321 1,322 2,671 2,552 2,568 2,670 2,792 2,829 2,802 2,859 2,913 2,928 2,897 3,087 801 799 795 806 826 832 829 828 830 836 842 845 1,310 1,177 1,184 1,265 1,348 1,371 1,348 1,406 1,457 1,476 1,449 1,645 560 576 589 599 618 626 625 625 626 616 606 597 For note see p. 37. 33 1. TOTAL CONSUMER CREDIT, 1919-63 - Continued [In millions of dollars] Noninstalment Instalment End of month Total Total Automobile paper Repair Other consumer and modemization goods paper loans' Personal loans Total Singlepayment loans Charge accounts Service credit 1942-Jan.................. Feb..••.............. Mar.•............... Apr .•............... May ..•............. June ............... . July ................. Aug................. Sept................. Oct.................. Nov ................. Dec....•............ 8,751 8,328 8,119 7,928 7,671 7,308 6,921 6,622 6,415 6,227 5,996 5,983 5,796 5,527 5,336 5,111 4,841 4,550 4,265 3,991 3,749 3,511 3,309 3,166 2,296 2,128 1,981 1,824 1,675 1,529 1,391 1,254 1,119 983 865 742 1,847 1,782 1,756 1,719 1,646 1,542 1,441 1,358 1,294 1,241 1,194 1,195 361 348 334 324 311 297 281 268 263 257 256 255 1,292 1,269 1,265 1,244 1,209 1,182 1,152 1,111 1,073 1,030 994 974 2,955 2,801 2,783 2,817 2,830 2,758 2,656 2,631 2,666 2,716 2,687 2,817 833 823 816 803 788 771 759 750 742 734 728 713 1,516 1,360 1,343 1,383 1,388 1,328 1,244 1,227 1,267 1,328 1,300 1,444 606 618 624 631 654 659 653 654 657 654 659 660 1943-Jan .................. Feb...•.•............ Mar................. Apr................. May •..•............ June ................ July ................. Aug .••.............. Sept.••.............. Oct.................. Nov•••.............. Dec..•.•............ 5,558 5,256 5,107 5,055 4,977 4,916 4,753 4,662 4,689 4,727 4,738 4,901 2,920 2,713 2,566 2,454 2,341 2,275 2,184 2,125 2,107 2,085 2,081 2,136 646 568 499 455 423 396 376 369 368 363 359 355 1,099 1,028 971 943 898 863 817 785 775 773 780 819 248 230 211 195 183 173 163 153 148 141 135 130 927 887 885 861 837 843 828 818 816 808 807 832 2,638 2,543 2,541 2,601 2,636 2,641 2,569 2,537 2,582 2,642 2,657 2,765 700 682 673 671 665 652 631 621 637 650 647 613 1,275 1,179 1,173 1,223 1,240 1,252 1,210 1,191 1,223 1,277 1,295 1,440 663 682 695 707 731 737 728 725 722 715 715 712 1944--Jan.•••.............. Feb.•..•............. Mar•................ Apr ....•............ May ..•............. June ..••............ July ................. Aug................. Sept .............. '" Oct.••............... Nov••............... Dec................. 4,614 4,440 4,496 4,545 4,664 4,722 4,672 4,672 4,713 4,771 4,843 5,111 2,044 1,983 1,999 1,982 1,992 2,015 2,019 2,023 2,030 2,048 2,079 2,176 346 343 345 352 366 385 403 411 409 407 402 397 765 721 706 695 692 685 668 666 674 699 728 791 124 120 116 112 109 110 110 112 113 113 116 119 809 799 832 823 825 835 838 834 834 829 833 869 2,570 2,457 2,497 2,563 2,672 2,707 2,653 2,649 2,683 2,723 2,764 2,935 589 572 572 588 608 637 636 632 623 627 626 624 1,268 1,148 1,173 1,210 1,265 1,262 1,219 1,221 1,267 1,308 1,344 1,517 713 737 752 765 799 808 798 796 793 788 794 794 1945-Jan.................. Feb....•............. Mar................. Apr.•..•............ May ...•............ June ............... . July ................. Aug ..•.............. Sept•................ Oct•................. Nov................. Dec................. 4,867 4,682 4,781 4,768 4,858 4,940 4,896 4,879 4,902 5,075 5,261 5,665 2,116 2,059 2,090 2,078 2,087 2,115 2,116 2,111 2,126 2,199 2,293 2,462 385 375 380 379 378 385 392 394 403 414 432 455 754 715 713 698 688 685 669 662 664 699 735 816 120 122 126 127 134 142 147 153 156 166 175 182 857 847 871 874 887 903 908 902 903 920 951 1,009 2,751 2,623 2,691 2,690 2,771 2,825 2,780 2,768 2,776 2,876 2,968 3,203 620 617 617 637 665 697 702 697 687 692 713 746 1,343 1,197 1,255 1,227 1,252 1,268 1,230 1,230 1,253 1,351 1,415 1,612 788 809 819 826 854 860 848 841 836 833 840 845 1946--Jan .................. Feb.................. Mar................. Apr••............... May ................ June ............... . July ................. Aug ................. Sept................. Oct .................. Nov................. Dec................. 5,569 5,575 5,803 6,118 6,397 6,570 6,659 6,936 7,169 7,467 7,802 8,384 2,483 2,529 2,631 2,787 2,928 3,055 3,177 3,339 3,476 3,655 3,853 4,172 475 495 525 578 627 665 708 759 806 859 914 981 800 796 813 853 892 918 942 981 1,015 1,078 1,148 1,290 190 199 213 230 247 266 286 311 333 359 381 405 1,018 1,039 1,080 1,126 1,162 1,206 1,241 1,288 1,322 1,359 1,410 1,496 3,086 3,046 3,172 3,331 3,469 3,515 3,482 3,597 3,693 3,812 3,949 4,212 778 808 841 872 897 915 936 965 997 1,033 1,076 1,122 1,463 1,361 1,419 1,525 1,592 1,605 1,561 1,643 1,704 1,788 1,869 2,076 845 877 912 934 980 995 985 989 992 991 1,004 1,014 1947-Jan.................. Feb.................. Mar ................. Apr................. May •.•............. June .•.............. July ................. Aug..•.............. Sept................. Oct.................. Nov .•............... Dec•••••.•..•...•.•• 8,299 8,302 8,585 8,940 9,334 9,573 9,670 9,842 10,117 10,463 10,844 11,598 4,291 4,408 4,613 4,854 5,083 5,297 5,456 5,617 5,766 5,978 6,265 6,695 1,049 1,126 1,225 1,322 1,418 1,504 1,572 1,636 1,690 1,751 1,834 1,924 1,287 1,298 1,344 1,417 1,487 1,551 1,581 1,617 1,675 1,770 1,905 2,143 422 426 443 474 502 536 568 604 643 676 702 718 1,533 1,558 1,601 1,641 1,676 1,706 1,735 1,760 1,758 1,781 1,824 1,910 4,008 3,894 3,972 4,086 4,251 4,276 4,214 4,225 4,351 4,485 4,579 4,903 1,159 1,179 1,190 1,203 1,224 1,247 1,262 1,281 1,299 1,324 1,342 1,356 1,829 1,661 1,697 1,777 1,875 1,857 1,787 1,778 1,880 1,995 2,067 2,381 1,020 1,054 1,085 1,106 1,152 1,172 1,165 1,166 1,172 1,166 1,170 1,166 For note see p. 37. 34 1. TOTAL CONSUMER CREDIT, 1919-63 - Continued [In millions of dollars] NoninstaIment Instalment End of month Total Total Automobile paper Repair Other consumer and modgoods ernization paper loans 1 Personal loans Total Singlepayment loans Charge accounts Service credit 11,467 11,372 11,734 12,166 12,529 12,802 12,956 13,168 13,498 13,653 13,816 14,447 6,813 6,898 7,178 7,477 7,703 7,902 8,108 8,326 8,549 8,597 8,705 8,996 2,007 2,082 2,246 2,396 2,489 2,577 2,701 2,820 2,911 2,934 2,974 3,018 2,159 2,141 2,204 2,293 2,375 2,432 2,474 2,539 2,640 2,665 2,714 2,901 713 720 734 763 788 802 811 821 835 844 855 853 1,934 1,955 1,994 2,025 2,051 2,091 2,122 2,146 2,163 2,154 2,162 2,224 4,654 4,474 4,556 4,689 4,826 4,900 4,848 4,842 4,949 5,056 5,111 5,451 1,367 1,383 1,400 1,404 1,429 1,437 1,423 1,422 1,430 1,425 1,440 1,445 2,118 1,894 1,937 2,036 2,122 2,176 2,132 2,119 2,215 2,329 2,378 2,722 1,169 1.197 1.219 1.249 1,275 1,287 1,293 1,301 1,304 1,302 1,293 1,284 July ................. Aug ................. Sept. ................ Oct.................. Nov ................. Dec................. 14,002 13,702 13,796 14,190 14,583 14,880 14,989 15,292 15,695 16,086 16,489 17,364 8,892 8,855 8,974 9,205 9,509 9,786 9,996 10,290 10,561 10,847 11,135 11,590 3,010 3,038 3,179 3,358 3,560 3,719 3,881 4,077 4,223 4,365 4,488 4,555 2,834 2,801 2,773 2,808 2,883 2,942 2,974 3,036 3,139 3,264 3,392 3,706 830 810 802 802 813 834 832 854 863 879 895 898 2,218 2,206 2,220 2,237 2,253 2,291 2,309 2,323 2,336 2,339 2,360 2,431 5,110 4,847 4,822 4,985 5,074 5,094 4,993 5,002 5,134 5,239 5,354 5,774 1,442 1,439 1,432 1,419 1,436 1,441 1,438 1,447 1,462 1,479 1,519 1,532 2,380 2,103 2,068 2,212 2,266 2,272 2,169 2,170 2,278 2,369 2,451 2,854 1,288 1,305 1,322 1,354 1,372 1,381 1,386 1.385 1,394 1,391 1,384 1,388 1950-Jan .................. Feb.................. Mar ................. Apr ................. May ................ June ................ July ................. Aug ................. Sept ................. Oct.................. Nov ................. Dec................. 17,017 16,846 17,109 17,569 18,198 18,785 19,487 20,083 20,607 20,783 20,799 21,471 11,599 11,669, 11,888 12,136 12,534 13,030 13,578 14,045 14,452 14,570 14,492 14,703 4,613 4,717 4,868 5,024 5,220 5,504 5,825 6,032 6,191 6,212 6,133 6,074 3,671 3,643 3,690 3,760 3,887 4,004 4,159 4,349 4,546 4,611 4,588 4,799 889 887 872 872 897 922 945 971 996 1,014 1,021 1,016 2,426 2,422 2,458 2.480 2,530 2,600 2,649 2,693 2,719 2,733 2,750 2,814 5,418 5,177 5,221 5,433 5,664 5,755 5,909 6,038 6,155 6,213 6,307 6.768 1,526 1,527 1,546 1,576 1,646 1,643 1,669 1,683 1,698 1,770 1,871 1,821 2,509 2,245 2,255 2,388 2,518 2,581 2,677 2,787 2,879 2,882 2,876 3.367 1,383 1.405 1,420 1.469 1,500 1,531 1,563 1,568 1,578 1,561 1,560 1,580 1951-Jan.................. Feb.................. Mar................. Apr................. May ................ June ................ July ................. Aug ................. Sept................. Ocl.. ................ Nov ................. Dec ............... ,. 21,167 20,827 20,861 20,823 21,029 21,087 20,893 21,164 21,417 21,644 21,932 22,712 14,564 14,409 14,382 14,321 14,376 14,437 14,369 14,622 14,766 14,826 14,946 15,294 5,984 5,910 5,875 5,873 5,932 5,996 5,992 6,108 6,157 6,095 6,048 5,972 4,727 4,639 4,591 4,502 4,445 4,393 4,289 4,354 4,389 4,478 4,572 4,880 1,001 988 987 989 1,002 1,003 1,012 1.029 1,045 1,064 1,082 1,085 2,852 2,872 2,929 2,957 2,997 3,045 3,076 3,131 3,175 3,189 3,244 3,357 6,603 6,418 6,479 6,502 6,653 6,650 6,524 6,542 6,651 6,818 6,986 7,418 1,826 1,862 1.906 1,923 1,973 1,938 1,924 1,916 1,912 1,931 1,977 1,934 3,189 2,926 2,909 2,882 2,956 2,955 2,830 2,856 2,946 3,114 3,243 3,700 1,588 1,630 1,664 1,697 1,724 1,757 1,770 1,770 1,793 1,773 1.766 1,784 1952-Jan .................. Feb.................. Mar................. Apr................. May ................ June ................ July ................. Aug ................. Sept. ................ Oct.................. Nov................. Dec ................. 22,161 21,866 21,819 22,205 23,020 23,802 24,146 24,452 24,891 25,581 26,085 27,520 15,121 15,030 15,032 15,234 15,834 16,588 17,044 17,329 17,669 18,216 18,579 19,403 5,881 5,848 5,824 5,916 6,249 6,662 6,878 6,946 7,055 7,293 7,504 7,733 4,776 4,683 4,647 4,667 4,812 5,001 5,133 5,252 5,400 5,626 5,712 6,174 1,074 1,073 1,071 1,091 1,132 1,174 1.216 1,254 1,297 1,345 1,374 1,385 3,390 3,426 3,490 3,560 3,641 3,751 3,817 3,877 3,917 3,952 3,989 4,111 7,040 6,836 6,787 6,971 7,186 7,214 7,102 7,123 7,222 7,365 7,506 8,117 1,941 1,987 2,009 2,021 2,073 2,073 2,039 2,040 2,047 2,045 2,126 2,120 3,324 3,033 2,944 3,101 3.253 3,267 3,185 3,200 3,286 3,452 3.515 4,130 1,775 1,816 1,834 1,849 1,860 1,874 1,878 1,883 1,889 1.868 1,865 1,867 1953-Jan .................. Feb.................. Mar................. Apr................. May ................ 27,330 27,071 27,538 28,107 28,766 29,160 29,394 29,694 29,933 30,237 30,417 31,393 19,586 19,720 20,150 20,551 21,016 21,467 21,887 22,146 22,317 22,503 22,654 23,005 7,899 8,093 8,397 8,693 8,996 9,241 9,514 9,677 9,772 9,875 9,898 9,835 6,145 6,070 6,100 6,124 6,200 6,287 6,337 6,369 6,379 6,422 6,485 6,779 1,380 1,381 1,392 1,412 1,441 1,472 1,500 1,524 1,557 1,585 1,609 1,610 4,162 4,176 4,261 4,322 4,379 4,467 4,536 4,576 4,609 4,621 4,662 4,781 7,744 7,351 7,388 7,556 7,750 7,693 7,507 7,548 7,616 7,734 7,763 8,388 2,171 2,144 2,241 2,275 2,326 2,224 2,110 2,168 2,172 2,178 2,155 2,187 3,716 3,336 3,274 3,383 3,500 3,530 3,453 3,418 3,474 3,613 3,669 4,274 1,857 1,871 1,873 1,898 1,924 1,939 1,944 1,962 1,970 1.943 1,939 1,927 1948-Jan .................. Feb.................. Mar ................. Apr................. May ................ June ••.•....••.•.•.. July ................. Aug ................. Sept ................. Ocl.. ................ Nov ................. Dec................. 1949-Jan ................. , Feb.................. Mar ................. Apr ................. May ................ June •.•••............ June .•••...........• July ................. Aug ................. Sept. ................ OCI.. ................ Nov................. Dec................. For note see p. 37. 35 TOTAL CONSUMER CREDIT, 1919-63 — Continued [In millions of dollars] Instalment End of month Total Total Automobile paper Noninstalment Other Repair consumer and modgoods ernization paper loans1 Personal loans Total Singlepayment loans Charge accounts Service credit 1954—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 30,550 29,888 29,554 29,838 30,090 30,352 30,431 30,461 30,595 30,813 31,103 32,464 22,638 22,365 22,160 22,207 22,268 22,501 22,658 22,740 22,803 22,881 22,983 23,568 9,650 9,497 9,403 9,416 9,459 9,604 9,722 9,769 9,781 9,768 9,720 9,809 6,622 6,490 6,331 6,296 6,256 6,261 6,234 6,214 6,218 6,280 6,377 6,751 1,595 1,581 [,571 ,575 1,594 ,596 ,604 1,615 ,622 ,628 ,626 ,616 4,771 4,797 4,855 4,920 4,959 5,040 5,098 5,142 5,182 5,205 5,260 5,392 7,912 7,523 7,394 7,631 7,822 7,851 7,773 7,721 7,792 7,932 8,120 8,896 2,138 2,108 2,126 2,158 2,285 2,306 2,280 2,290 2,316 2,359 2,391 2,408 3,787 3,396 3,257 3,449 3,527 3,561 3,514 3,468 3,526 3,640 3,785 4,485 1,987 2,019 2,011 2,024 2,010 1,984 1,979 1,963 1,950 1,933 1,944 2,003 1955—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 31,938 31,755 32,094 32,911 33,695 34,593 34,971 35,683 36,294 36,684 37,248 38,830 23,512 23,604 24,046 24,591 25,204 25,969 26,501 27,138 27,628 27,881 28,170 28,906 9,861 10,028 10,410 10,796 11,254 11,794 12,234 12,714 13,069 13,239 13,318 13,460 6,668 6,563 6,554 6,596 6,665 6,770 6,811 6,891 6,967 7,034 7,182 7,641 1,574 ,552 ,533 ,538 ,552 ,572 1,585 1,613 ,640 ,666 ,681 1,693 5,409 5,461 5,549 5,661 5,733 5,833 5,871 5,920 5,952 5,942 5,989 6,112 8,426 8,151 8,048 8,320 8,491 8,624 8,470 8,545 8,666 8,803 9,078 9,924 2,365 2,431 2,494 2,516 2,621 2,726 2,663 2,729 2,783 2,810 2,940 3,002 3,986 3,565 3,435 3,664 3,759 3,796 3,719 3,744 3,831 3,961 4,079 4,795 2,075 2,155 2,119 2,140 2,111 2,102 2,088 2,072 2,052 2,032 2,059 2,127 1956—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 38,170 37,822 38,095 38,554 39,203 39,679 39,706 40,117 40,369 40,488 41,005 42,334 28,787 28,825 29,019 29,332 29,676 30,062 30,304 30,671 30,760 30,897 31,144 31,720 13,475 13,566 13,732 13,878 14,043 14,237 14,361 14,509 14,515 14,465 14,433 14,420 7,525 7,439 7,386 7,445 7,529 7,626 7,666 7,775 7,815 7,956 8,157 8,606 ,665 ,660 ,667 ,685 ,724 ,756 ,775 ,807 ,840 1,874 1,898 ,905 6,122 6,160 6,234 6,324 6,380 6,443 6,502 6,580 6,590 6,602 6,656 6,789 9,383 8,997 9,076 9,222 9,527 9,617 9,402 9,446 9,609 9,591 9,861 10,614 2,923 2,933 3,049 3,087 3,251 3,240 3,158 3,183 3,239 3,169 3,258 3,253 4,231 3,787 3,731 3,796 3,966 4,077 3,958 3,993 4,091 4,180 4,327 4,995 2,229 2,277 2,296 2,339 2,310 2,300 2,286 2,270 2,279 2,242 2,276 2,366 1957_jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 41,520 41,075 41,011 41,530 42,187 42,661 42,862 43,252 43,365 43,405 43,636 44,970 31,468 31,372 31,396 31,641 32,013 32,440 32,792 33,102 33,202 33,285 33,356 33,867 14,364 14,377 14,464 14,618 14,800 15,034 15,220 15,373 15,426 15,440 15,393 15,340 8,421 8,271 8,156 8,128 8,206 8,284 8,325 8,352 8,356 8,371 8,434 8,844 1,889 1,886 ,892 ,906 ,940 ,968 ,994 2,037 2,061 2,091 2,107 2,101 6,794 6,838 6,884 6,989 7,067 7,154 7,253 7,340 7,359 7,383 7,422 7,582 10,052 9,703 9,615 9,889 10,174 10,221 10,070 10,150 10,163 10,120 10,280 11,103 3,205 3,242 3,291 3,304 3,437 3,416 3,328 3,348 3,365 3,292 3,315 3,364 4,444 3,980 3,827 4,040 4,211 4,272 4,229 4,292 4,296 4,363 4,458 5,146 2,403 2,481 2,497 2,545 2,526 2,533 2,513 2,510 2,502 2,465 2,507 2,593 1958—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 44,078 43,150 42,627 42,768 43,066 43,204 43,111 43,286 43,254 43,285 43,543 45,129 33,490 33,053 32,724 32,672 32,692 32,794 32,863 32,954 32,859 32,836 32,913 33,642 15,176 14,981 14,753 14,659 14,589 14,573 14,557 14,513 14,334 14,171 14,081 14,152 8,635 8,403 8,301 8,236 8,260 8,280 8,284 8,327 8,355 8,444 8,557 9,028 2,097 2,082 2,076 2,087 2,126 2,152 2,177 2,221 2,260 2,299 2,332 2,346 7,582 7,587 7,594 7,690 7,717 7,789 7,845 7,893 7,910 7,922 7,943 8,116 10,588 10,097 9,903 10,096 10,374 10,410 10,248 10,332 10,395 10,449 10,630 11,487 3,362 3,372 3,369 3,364 3,452 3,499 3,442 3,498 3,519 3,497 3,564 3,627 4,597 4,024 3,827 3,999 4,204 4,202 4,114 4,136 4,190 4,299 4,370 5,060 2,629 2,701 2,707 2,733 2,718 2,709 2,692 2,698 2,686 2,653 2,696 2,800 1959_j a n .. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 44,676 44,361 44,526 45,261 46,147 47,026 47,541 48,344 48,907 49,411 49,954 51,542 33,590 33,597 33,812 34,336 34,928 35,704 36,338 37,100 37,623 38,101 38,451 39,245 14,181 14,242 14,392 14,699 15,010 15,437 15,785 16,138 16,321 16,500 16,506 16,420 8,943 8,854 8,830 8,900 9,041 9,204 9,319 9,496 9,638 9,808 10,013 10,630 2,333 2,335 2,357 2,391 2,451 2,506 2,565 2,629 2,688 2,737 2,778 2,809 8,133 8,166 8,233 8,346 8,426 8,557 8,669 8,837 8,976 9,056 9,154 9,386 11,086 10,764 10,714 10,925 11,219 11,322 11,203 11,244 11,284 11,310 11,503 12,297 3,581 3,675 3,729 3,789 3,897 3,962 3,927 3,999 4,046 4,012 4,075 4,129 4,648 4,149 4,040 4,145 4,341 4,386 4,320 4,281 4,288 4,378 4,459 5,104 2,857 2,940 2,945 2,991 2,981 2,974 2,956 2,964 2,950 2,920 2,969 3,064 For note see p. 37. 36 1. TOTAL CONSUMER CREDIT, 1919-63 — Continued [In millions of dollars] Instalment Total Automobile paper Other consumer goods paper 50,942 50,712 50,857 51,903 52,570 53,272 53,483 53,852 54,113 54,244 54,567 56,028 39,135 39,180 39,412 40,014 40,484 41,105 41,449 41,829 42,022 42,106 42,242 42,832 16,390 16,491 16,685 17,025 17,277 17,594 17,724 17,847 17,843 17,800 17,790 17,688 10,547 10,423 10,365 10,437 10,501 10,634 10,668 10,731 10,820 10,909 11,003 11,525 1961—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 55,013 54,144 53,92954,026 54,434 54,815 54,750 55,078 55,149 55,340 55,915 57,678 42,346 41,875 41,671 41,627 41,787 42,089 42,141 42,358 42,334 42,494 42,737 43,527 17,456 17,241 17,139 17,087 17,143 17,272 17,285 17,292 17,133 17,153 17,211 17,223 1962—Jan Feb Mar Apr May June '. July Aug Sept Oct Nov Dec 56,689 56,084 56,210 57,215 58,173 58,959 59,205 59,837 60,030 60,441 61,203 63,164 43,188 42,979 43,075 43,711 44,338 45,056 45,490 46,020 46,145 46,526 47,052 48,034 1963—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 62,462 61,989 62,149 63,167 64,135 64,987 65,491 66,308 66,538 67,088 67,746 69,890 47,920 47,852 48,075 48,806 49,484 50,307 50,894 51,526 51,718 52,257 52,695 53,745 End of month I960—Jan Feb Mar May'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'. June July Aug Sept Oct Nov Dec 1 Total Noninstalment Repair and modernization loans1 Charge accounts Total 2,800 2,812 2,831 2,871 2,935 2,984 3,020 3,074 3,109 3,129 3,144 3,139 9,398 9,454 9,531 9,681 9,771 9,893 10,037 10,177 10,250 10,268 10,305 10,480 11,807 11,532 11,445 11,889 12,086 12,167 12,034 12,023 12,091 12,138 12,325 13,196 4,059 4,146 4,225 4,280 4,386 4,384 4,373 4,401 4,460 4,432 4,478 4,507 4,625 4,180 4,016 4,328 4,435 4,529 4,413 4,390 4,411 4,504 4,605 5,329 3,123 3,206 3,204 3,281 3,265 3,254 3,248 3,232 3,220 3,202 3,242 3,360 11,353 11,123 10,990 10,900 10,912 10,944 10,931 10,989 11,056 11,142 11,264 11,857 3,100 3,076 3,067 3,075 3,102 3,125 3,134 3,170 3,188 3,193 3,204 3,191 10,437 10,435 10,475 10,565 10,630 10,748 10,791 10,907 10,957 11,006 11,058 11,256 12,667 12,269 12,258 12,399 12,647 12,726 12,609 12,720 12,815 12,846 13,178 14,151 4,502 4,571 4,608 4,585 4,712 4,738 4,732 4,823 4,916 4,894 5,025 5,136 4,754 4,187 4,141 4,229 4,375 4,440 4,327 4,360 4,366 4,448 4,601 5,324 3,411 3,511 3,509 3,585 3,560 3,548 3,550 3,537 3,533 3,504 3,552 3,691 17,128 17,157 17,339 17,710 18,075 18,479 18,770 19,018 18,972 19,193 19,416 19,540 11,681 11,456 11,308 11,373 11,450 11,567 11,574 11,637 11,691 11,777 11,960 12,605 3,148 3,112 3,099 3,106 3,143 3,171 3,193 3,226 3,239 3,250 3,259 3,246 11,231 11,254 11,329 11,522 11,670 11,839 11,953 12,139 12,243 12,306 12,417 12,643 13,501 13,105 13,135 13,504 13,835 13,903 13,715 13,817 13,885 13,915 14,151 15,130 4,924 4,976 5,125 5,215 5,363 5,386 5,351 5,401 5,403 5,355 5,420 5,456 4,846 4,292 4,168 4,375 4,596 4,644 4,511 4,580 4,642 4,768 4,884 5,684 3,731 3,837 3,842 3,914 3,876 3,873 3,853 3,836 3,840 3,792 3,847 3,990 19,582 19,678 19,930 20,376 20,794 21,236 21,593 21,819 21,725 21,971 22,107 22,199 12,453 12,250 12,149 12,197 12,272 12,422 12,459 12,607 12,702 12,845 13,046 13,766 3,211 3,185 3,177 3,200 3,245 3,281 3,316 3,357 3,377 3,400 3,407 3,389 12,674 12,739 12,819 13,033 13,173 13,368 13,526 13,743 13,914 14,041 14,135 14,391 14,542 14,137 14,074 14,361 14,651 14,680 14,597 14,782 14,820 14,831 15,051 16,145 5,430 5,479 5,539 5,562 5,674 5,709 5,683 5,789 5,844 5,830 5,894 5,959 5,071 4,511 4,374 4,581 4,793 4,783 4,760 4,839 4,833 4,898 4,999 5,871 4,041 4,147 4,161 4,218 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper." Singlepayment loans Personal loans 37 Service credit 2. INSTALMENT CREDIT, 1919-63 [In millions of dollars] Financial institutions End of period Total Total Commercial banks Sales finance Credit unions Retail outlets Consumer finance cos.1 Other* Total Department stores* Furniture stores Appliance stores Automobile dealers3 800 969 919 1,047 1,368 1,646 164 214 219 280 397 515 19 25 31 39 52 69 73 105 93 136 222 293 4 6 7 8 10 12 68 78 88 97 113 141 636 755 700 767 971 1,131 31 44 35 36 41 46 253 300 300 375 412 458 60 64 68 96 97 109 258 309 255 199 348 435 2,115 2,363 2,319 2,935 3,524 815 1,019 1,054 1,353 1,745 94 116 136 167 201 529 669 628 816 1,074 14 16 18 21 22 178 218 272 349 448 1,300 1,344 1,265 1,582 1,779 65 89 112 143 160 506 536 549 552 583 142 153 181 210 253 484 440 276 508 586 1930 1931 1932 1933 1934 3,022 2,463 1,672 1,723 1,999 1,563 1,319 958 1,001 1,203 204 173 137 127 169 880 684 418 507 630 22 21 19 20 24 457 441 384 347 380 1,459 1,144 714 722 796 155 138 103 118 146 539 454 313 299 314 216 172 107 108 121 352 191 44 65 57 1935 1936 1937 1938 1939 2,817 3,747 4,118 3,686 4,503 1,860 2,580 2,804 2,414 3,065 415 655 706 742 1,079 974 1,353 1,415 969 1,197 36 57 81 101 132 435 515 602 602 657 957 1,167 1,314 1,272 1,438 187 257 289 282 354 336 406 445 425 439 142 164 191 172 183 110 96 93 90 123 1940 1941 1942 1943 1944 5,514 6,085 3,166 2,136 2,176 3,918 4,480 2,176 1,413 1,486 1,452 1,726 862 532 574 1,575 1,797 588 252 262 171 198 128 103 99 720 759 598 526 551 1,596 1,605 990 723 690 394 320 181 127 127 474 496 331 235 230 196 206 111 37 19 167 188 53 31 33 1945 1946 1947 1948 1949 2,462 4,172 6,695 8,996 11,590 1,776 3,235 5,255 7,120 9,257 745 1,567 2,625 3,529 4,439 300 677 1,355 2,011 2,944 102 151 235 334 438 629 840 1,040 1,246 1,436 686 937 1,440 1,876 2,333 131 209 379 470 596 240 319 474 604 740 17 38 79 127 178 28 47 101 159 236 1950 1951 1952 1953 1954 14,703 15,294 19,403 23,005 23,568 11,805 12,124 15,581 18,963 19,450 5,798 5,771 7,524 8,998 8,796 3,711 3,654 4,711 5,927 6,144 590 635 837 1,124 1,342 1,286 1,555 1,866 2,137 2,257 420 509 643 777 911 2,898 3,170 3,822 4,042 4,118 746 924 1,107 1,064 1,242 827 810 943 1,004 984 267 243 301 377 377 287 290 389 527 463 1955 1956 1957 1958 1959 28,906 31,720 33,867 33,642 39,245 24,398 26,977 29,200 28,659 33,570 10,601 11,777 12,843 12,780 15,227 8,447 9,117 9,609 8,844 10,319 1,678 2,014 2,429 2,668 3,280 2,623 2,940 3,124 3,085 3,337 1,049 1,129 1,195 1,282 1,407 4,508 4,743 4,668 4,983 5,676 1,511 1,408 1,393 1,882 2,292 1,044 1,187 1,210 1,128 1,225 365 377 361 292 310 487 502 478 506 481 1960 1961 1962 1963 42,832 43,527 48,034 53,745 37,218 37,935 41,782 46,992 16,672 17,008 19,005 21,6K) 11,472 11,273 12,194 13,523 3,923 4,330 4,902 5,622 3,670 3,799 4,131 4,590 1,481 1,525 1,550 1,647 5,615 5,595 6,252 6,753 2,414 2,421 3,013 3,427 1,107 1,058 1,073 1,086 333 293 294 287 359 342 345 328 1940—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 4,487 4,478 4,548 4,678 4,841 5,003 5,067 5,143 5,173 5,247 5,344 5,514 3,101 3,131 3,204 3,313 3,446 3,591 3,658 3,728 3,742 3,781 3,844 3,918 1,113 1,130 1,157 1,197 1,254 1,330 1,345 1,382 1,399 1,414 1,443 1,452 1,197 1,207 1,240 1,300 1,361 1,414 1,459 1,483 1,475 1,497 1,532 1,575 132 133 140 144 150 156 160 164 166 167 168 171 659 661 667 672 681 691 694 699 702 703 701 720 1,386 1,347 1,344 1,365 1,395 1,412 1,409 1,415 1,431 1,466 1,500 1,596 335 325 326 333 338 339 332 332 339 350 363 394 425 417 412 418 428 429 428 431 437 446 454 474 176 172 170 173 178 183 186 188 190 194 195 196 124 126 130 138 146 153 158 159 158 160 163 167 1941—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec., 5,495 5,527 5,613 5,865 6,122 6,295 6,401 6,487 6,400 6,267 6,143 6,085 3,962 4,029 4,114 4,312 4,517 4,679 4,792 4,854 4,787 4,685 4,583 4,480 1,482 1,518 1,541 1,615 1,692 1,756 1,803 1,829 1,832 1,795 1,761 1,726 1,592 1,620 1,671 1,773 1,884 1,966 2,019 2,047 1,984 1,928 1,867 1,797 171 174 179 188 195 201 206 208 207 204 201 198 717 717 723 736 746 756 764 770 764 758 754 759 1,533 1,498 1,499 1,553 1,605 1,616 1,609 1,633 1,613 1,582 1,560 1,605 370 359 358 372 379 371 349 340 323 307 304 320 459 454 452 465 481 486 486 505 499 495 490 496 189 186 187 198 209 216 220 227 225 219 211 206 169 172 178 190 203 213 219 221 214 206 197 188 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 •.. For notes see p. 42. 38 2. INSTALMENT CREDIT, 1919-63 — Continued [In millions of dollars] Financial institutions End of month Total Total Commercial banks Sales finance cos. Credit unions Retail outlets Consumer finance cos.1 Other* Total Department stores2 Furniture stores Appliance stores Automobile dealers^ 1942—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct. Nov. Dec. 5,796 5,527 5,336 5,111 4,841 4,550 4,265 3,991 3,749 3,511 3,309 3,166 4,272 4,071 3,908 3,715 3,509 3,307 3,105 2,893 2,700 2,500 2,332 2,176 1,650 1,581 1,534 1,468 1,391 1,320 1,241 1,164 1,085 1,003 928 862 1,689 1,573 1,461 1,347 1,241 1,130 1,027 919 828 738 665 588 186 180 178 173 167 163 158 151 146 138 132 128 747 737 735 727 710 694 679 659 641 621 607 598 1,524 1,456 1,428 1,396 1,332 1,243 1,160 1,098 1,049 1,011 977 990 297 282 278 271 252 226 204 192 182 175 173 181 474 462 459 456 443 418 393 374 358 342 331 331 198 197 192 187 178 165 155 144 136 126 118 111 176 163 151 139 127 115 104 94 83 72 63 53 1943—Jan.. Feb. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 2,920 2,713 2,566 2,454 2,341 2,275 2,184 2,125 2,107 2,085 2,081 2,136 2,012 1,859 1,755 ,657 ,577 ,535 1,483 ,446 ,431 ,408 ,395 ,413 799 732 685 642 613 591 570 555 547 537 532 532 520 459 403 364 334 309 291 278 270 263 255 252 121 116 117 112 109 109 106 105 105 103 102 103 572 552 550 539 521 526 516 508 509 505 506 526 908 854 811 797 764 740 701 679 676 677 686 723 162 152 143 138 129 123 112 107 107 109 117 127 304 286 272 269 259 251 239 235 232 231 231 235 102 95 87 81 74 68 61 54 49 44 39 37 48 42 37 34 32 31 30 30 32 31 32 31 1944_j a n .. Feb.. Mar. Apr. May, June July. Aug. Sept. Oct.. Nov. Dec. 2,044 1,983 1,999 1,982 1,992 2,015 2,019 2,023 2,030 2,048 2,079 2,176 ,377 ,352 ,380 ,371 ,383 ,413 ,433 ,439 ,439 1,438 ,444 ,486 523 510 518 518 525 541 549 553 553 556 559 574 242 237 236 236 241 249 261 266 265 265 265 262 100 98 102 99 99 100 99 99 99 97 97 99 512 507 524 518 518 523 524 521 522 520 523 551 667 631 619 611 609 602 586 584 591 610 635 690 115 107 105 103 100 97 91 92 94 102 111 127 215 204 199 197 200 199 195 194 196 204 214 230 31 28 25 24 22 21 19 18 18 19 19 19 30 30 29 30 31 33 35 36 36 35 34 33 1945__j an .. Feb., Mar. Apr. May, June, July. Aug. Sept. Oct.. Nov. Dec. 2,116 2,059 2,090 2,078 2,087 2,115 2,116 2,111 2,126 2,199 2,293 2,462 ,468 ,446 ,478 ,481 ,500 ,532 ,550 ,553 ,566 ,614 ,679 ,776 578 571 589 594 607 625 635 636 647 674 703 745 253 247 247 246 247 253 257 262 266 277 289 300 97 95 97 96 96 98 98 97 96 96 98 102 540 533 545 545 550 556 560 558 557 567 584 629 648 613 612 597 587 583 566 558 560 585 614 686 119 112 112 108 104 101 96 93 94 103 114 131 211 204 202 200 200 200 196 195 196 206 217 240 18 16 16 15 14 15 14 14 14 14 16 17 31 29 29 28 27 27 27 27 27 27 27 28 1946—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 2,483 2,529 2,631 2,787 2,928 3,055 3,177 3,339 3,476 3,655 3,853 4,172 1,827 1,884 1,978 2,109 2,233 2,351 2,472 2,616 2,736 2,880 3,030 3,235 786 822 881 954 ,029 ,100 ,170 ,253 ,318 ,395 ,472 ,567 310 323 340 373 404 429 460 496 536 579 624 677 101 103 106 110 115 121 125 129 133 139 144 151 630 636 651 672 685 701 717 738 749 767 790 840 656 645 653 678 695 704 705 723 740 775 823 937 123 119 120 127 129 132 130 135 142 156 174 209 228 227 231 239 246 251 250 256 258 267 286 319 17 18 18 19 20 22 25 28 31 34 35 38 28 29 30 33 35 36 38 40 42 43 45 47 1947—Jan.. Feb.. Mar. Apr., May. June, July. Aug. Sept. Oct.. Nov. Dec. 4,291 4,408 4,613 4,854 5,083 5,297 5,456 5,617 5,766 5,978 6,265 6,695 3,379 3,504 3,685 3,882 4,077 4,260 4,413 4,554 4,663 4,817 5,007 5,255 ,657 ,725 ,826 ,928 2,037 2,140 2,216 2,288 2,351 2,428 2,514 2,625 714 762 823 890 952 1,013 1,065 1,116 1,162 1,221 1,288 1,355 154 158 165 172 181 191 200 206 211 216 223 235 854 859 871 892 907 916 932 944 939 952 982 1,040 912 904 928 972 1,006 1,037 1,043 1,063 1,103 1,161 1,258 1,440 207 208 221 237 249 255 254 259 270 288 325 379 306 302 306 317 327 337 338 344 355 375 410 474 37 40 40 44 45 52 56 59 63 67 73 79 51 55 61 66 71 77 81 84 88 92 96 101 Mar. For notes see p. 42. 39 2. INSTALMENT CREDIT, 1919-63 — Continued [In millions of dollars] Retail outlets Financial institutions End of month Total Total Commercial banks Sales finance Credit Consumer finance cos.1 Other1 Total Department stores2 Furniture stores Appliance stores Automobile dealers3 Other 1948_ Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 6,813 6,898 7,178 7,477 7,703 7,902 8,108 8,326 8,549 8,597 8,705 8,996 5,422 5,529 5,769 6,027 6,212 6,375 6,562 6,739 6,901 6,929 6,995 7,120 2,716 2,761 2,873 3,006 3,090 3,185 3,279 3,370 3,446 3,466 3,492 3,529 1,420 1,467 1,562 1,661 1,733 1,771 1,833 1,895 1,954 1,959 1,979 2,011 237 242 253 266 275 287 299 310 320 322 325 334 ,049 ,059 ,081 1,094 ,114 ,132 ,151 ,164 ,181 ,182 ,199 ,246 ,391 ,369 ,409 ,450 ,491 ,527 ,546 ,587 ,648 ,668 ,710 ,876 361 351 364 374 382 387 389 404 418 426 433 470 453 448 455 4*64 477 490 490 503 525 520 541 604 77 78 82 90 98 104 109 115 122 123 123 127 105 109 119 128 132 136 143 150 155 156 157 159 395 383 389 394 402 410 415 415 428 443 456 516 1949_jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec.. 8,892 8,855 8,974 9,205 9,509 9,786 9,996 10,290 10,561 10,847 11,135 11,590 7,109 7,088 7,229 7,437 7,709 7,959 8,171 8,435 8,644 8,849 9,043 9,257 3,536 3,507 3,556 3,639 3,761 3,875 3,956 4,066 4,160 4,268 4,347 4,439 2,001 2,014 2,090 2,192 2,319 2,423 2,521 2,648 2,738 2,822 2,897 2,944 331 331 339 348 360 374 385 399 411 418 428 438 ,241 ,236 ,244 ,258 ,269 ,287 ,309 ,322 ,335 ,341 ,371 ,436 ,783 ,767 ,745 ,768 ,800 ,827 ,825 ,855 ,917 ,998 2,092 2,333 437 464 449 451 454 454 446 453 475 499 531 596 569 553 544 549 560 569 569 579 596 625 658 740 121 117 117 118 124 131 139 145 152 159 164 178 157 157 165 175 187 195 204 214 221 228 234 236 499 476 470 475 475 478 467 464 473 487 505 583 1950—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec.. 11,599 11,669 11,888 12,136 12,534 13,030 13,578 14,045 14,452 14,570 14,492 14,703 9,341 9,426 9,636 9,851 10,197 10,646 11,116 11,494 11,817 11,897 11,802 11,805 4,503 4,537 4,652 4,751 4,940 5,171 5,393 5,607 5,819 5,869 5,808 5,798 2,960 3,008 3,073 3,160 3,265 3,427 3,618 3,733 3,825 3,819 3,757 3,711 441 447 463 475 498 525 551 573 585 586 585 590 948 944 951 960 972 991 ,006 ,019 ,192 ,215 .230 ,286 489 490 497 505 522 532 548 562 396 408 422 420 2,258 2,243 2,252 2,285 2,337 2,384 2,462 2,551 2,635 2,673 2,690 2,898 572 592 591 599 615 621 642 665 687 696 697 746 713 699 700 709 720 728 741 755 777 780 779 827 175 176 181 187 195 205 219 243 260 262 263 267 237 240 244 249 255 264 277 283 286 290 288 287 561 536 536 541 552 566 583 605 625 645 663 771 1951—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 14,564 14,409 14,382 14,321 14,376 14,437 14,369 14,622 14,766 14,826 14,946 15,294 11,749 11,628 11,628 11,617 11,696 11,782 11,778 11,965 12,025 12,009 12,049 12,124 5,791 5,720 5,724 5,720 5,736 5,747 5,705 5,764 5,738 5,753 5,760 5,771 3,659 3,597 3,555 3,534 3,555 3,597 3,597 3,684 3,725 3,695 3,682 3,654 584 583 587 586 593 600 604 614 619 623 625 635 ,296 ,305 ,330 ,341 ,361 ,387 ,412 ,433 ,463 ,452 ,480 ,555 419 423 432 436 451 451 460 470 480 486 502 509 2,815 2,781 2,754 2,704 2,680 2,655 2,591 2,657 2,741 2,817 2,897 3,170 717 739 737 717 703 685 660 721 785 816 854 924 787 768 750 734 723 712 692 694 701 717 729 810 262 257 249 243 236 231 227 228 233 236 237 243 282 277 275 275 278 283 284 292 297 294 293 290 767 740 743 735 740 744 728 722 725 754 784 903 1952—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 15,121 15,030 15,032 15,234 15,834 16,588 17,044 17,329 17,669 18,216 18,579 19,403 12,064 12,048 12,083 12,271 12,776 13,438 13,853 14,089 14,353 14,765 15,097 15,581 5,769 5,769 5,807 5,898 6,143 6,458 6,648 6,793 6,945 7,158 7,310 7,524 3,591 3,552 3,516 3,551 3,731 3,985 4,143 4,180 4,253 4,409 4,548 4,711 634 640 651 667 696 729 752 774 791 808 818 837 ,563 ,571 ,589 1,624 ,652 ,698 ,731 ,751 ,761 ,776 ,788 ,866 507 516 520 531 554 568 579 591 603 614 633 643 3,057 2,982 2.949 2,963 3,058 3,150 3,191 3,240 3,316 3,451 3,482 3,822 880 867 873 878 906 931 936 955 994 1,046 1,024 1,107 776 756 742 743 769 793 808 824 838 863 880 943 237 228 222 220 225 241 253 259 270 277 282 301 285 282 279 283 301 324 337 341 347 362 375 389 879 849 833 839 857 861 857 861 867 903 921 1,082 1953—Jan.. Feb.. Mar. 19,586 19,720 20,150 20,551 21,016 21,467 21,887 22,146 22,317 22,503 22,654 23,005 15,859 16,095 16,569 16,996 17,422 17,832 18,252 18,497 18,655 18,790 18,878 18,963 7,665 7,797 8,059 8,286 8,491 8,675 8,843 8,931 8,969 9,009 9,006 8,998 4,804 4,897 5,028 5,156 5,312 5,456 5,631 5,739 5,811 5,885 5,929 5^927 846 861 896 927 955 994 1,025 1,051 1,077 1,093 1,107 1,124 ,895 ,888 ,916 ,942 ,957 ,992 2,029 2,042 2,051 2,052 2,070 2,137 649 652 670 685 707 715 724 734 747 751 766 777 3,727 3,625 3,581 3,555 3,594 3,635 3,635 3,649 3,662 3,713 3,776 4,042 1,074 1,013 970 921 929 934 920 928 940 954 980 1,064 911 905 898 898 905 912 918 923 925 932 952 1,004 295 296 299 310 320 333 340 348 353 357 366 377 400 411 428 444 463 478 496 510 514 524 528 527 1,047 1,000 986 982 977 978 961 940 930 946 950 1,070 M^y! June. July. Aug.. Sept. Oct.. Nov. Dec. For notes see p. 42. 40 2. INSTALMENT CREDIT, 1919-63 — Continued [In millions of dollars] Financial institutions End of month Total Total Commercial banks Sales finance Credit Retail outlets Consumer finance Otheri Total Department stores2 Furniture stores Appliance stores Automobile dealers3 Other 1954_j an .. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 22,638 22,365 22,160 22,207 22,268 22,501 22,658 22,740 22,803 22,881 22,983 23,568 18,758 18,518 18,420 18,483 18,566 18,784 18,951 19,045 19,106 19,140 19,173 19,450 8,914 8,755 8,714 8,722 8,729 8,783 8,789 8,784 8,767 8,759 8,728 8,796 5,839 5,750 5,664 5,666 5,697 5,799 5,918 5,977 6,010 6,030 6,043 6,144 ,108 ,122 ,147 ,173 ,196 ,233 ,258 ,284 ,305 ,312 ,326 ,342 2,125 2,113 2,111 2,126 2,126 2,144 2,158 2,157 2,169 2,171 2,184 2,257 772 778 784 796 818 825 828 843 855 868 892 911 3,880 3,847 3,740 3,724 3,702 3,717 3,707 3,695 3,697 3,741 3,810 4,118 1,019 1,089 1,056 1,059 1,055 1,066 1,063 1,066 1,075 1,098 1,134 1,242 968 943 921 913 911 910 906 910 910 919 936 984 368 363 357 354 351 353 357 356 359 363 365 377 514 501 489 485 482 486 488 485 480 473 465 463 1,011 951 917 913 90S 902 893 878 873 888 910 1,052 1955—Jan.. Feb.. Mar. Apr. May. June July. Aug. Sept. Oct.. Nov. Dec. 23,512 23,604 24,046 24,591 25,204 25,969 26,501 27,138 27,628 27,881 28,170 28,906 19,510 19,706 20,164 20,682 21,268 22,001 22,528 23,134 23,601 23,823 24,027 24,398 8,829 8,883 9,057 9,248 9,472 9,773 9,935 10,151 10,328 10,412 10,489 10,601 6,180 6,274 6,480 6,716 6,995 7,317 7,631 7,943 8,169 8,271 8,325 8,447 ,331 ,351 ,388 ,423 ,462 ,507 ,535 ,576 ,617 1,638 ,651 ,678 2,254 2,265 2,291 2,332 2,352 2,398 2,423 2,449 2,464 2,482 2,523 2,623 916 933 948 963 987 ,006 ,004 ,015 ,023 ,020 ,039 ,049 4,002 3,898 3,882 3,909 3,936 3,968 3,972 4,003 4,028 4,058 4,143 4,508 1,209 ,179 ,195 ,211 ,224 ,235 ,231 ,244 ,270 ,283 ,332 ,511 954 935 924 917 925 932 938 956 961 973 995 1,044 373 366 356 353 351 352 353 355 352 349 352 365 456 454 461 468 478 491 499 508 510 504 494 487 1,010 964 946 960 958 958 951 940 935 949 970 1,101 1956—Jan.. Feb.. Mar. Apr. May. June, July. Aug. Sept. Oct.. Nov. Dec. 28,787 28,825 29,019 29,332 29,676 30,062 30,304 30,671 30,760 30,897 31,144 31,720 24,394 24,517 24,779 25,099 25,400 25,877 26,117 26,396 26,476 26,565 26,782 26,977 10,615 10,659 10,782 10,985 11,139 11,414 11,508 11,591 11,604 11,674 11,715 11,777 8,440 8,465 8,531 8,581 8,647 8,772 8,856 8,960 8,997 8,983 9,089 9,117 ,666 ,692 ,722 ,756 ,792 ,832 ,860 ,908 1,933 ,962 ,986 2,014 2,632 2,657 2,687 2,715 2,740 2,774 2,811 2,843 2,839 2,847 2,863 2,940 ,041 ,044 ,057 ,062 ,082 1,085 ,082 ,094 ,103 1,099 ,129 ,129 4,394 4,308 4,239 4,233 4,276 4,184 4,187 4,274 4,285 4,331 4,363 4,743 ,471 ,435 ,377 ,380 ,389 ,248 ,241 ,287 ,270 ,270 ,231 ,408 1,028 1,025 1,021 1,024 1,033 1,047 1,055 1,075 1,085 1,106 1,136 1,187 356 349 343 339 342 346 352 359 364 365 371 377 486 487 490 493 497 502 506 510 510 507 504 502 1,053 1,012 1,008 997 1,015 1,041 1,033 1,043 1,056 1,083 1,121 1,269 1957—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 31,468 31,372 31,396 31,641 32,013 32,440 32,792 33,102 33,202 33,285 33,356 33,867 26,865 26,895 27,031 27,421 27,735 28,128 28,584 28,865 28,975 29,082 29,071 29,200 11,712 11,741 11,820 12,069 12,234 12,421 12,608 12,711 12,764 12,860 12,838 12,843 9,096 9,056 9,070 9,128 9,201 9,326 9,506 9,596 9,629 9,618 9,597 9,609 2,009 2,034 2,069 2,116 2,155 2,212 2,265 2,321 2,352 2,387 2,402 2,429 2,926 2,929 2,927 2,962 2,972 2,996 3,040 3,057 3,049 3,040 3,049 3,124 ,122 ,135 ,145 ,146 ,173 ,173 ,165 ,180 ,181 ,177 ,185 ,195 4,602 4,476 4,364 4,219 4,278 4,311 4,208 4,236 4,228 4,202 4,285 4,668 ,387 ,351 ,304 ,176 ,229 ,249 ,144 ,161 ,167 ,134 ,199 ,393 1,144 1,125 1,106 1,095 1,102 ,107 ,107 ,123 ,122 ,131 ,148 ,210 363 360 354 350 350 353 354 352 354 355 354 361 495 491 488 488 489 493 495 496 494 489 484 478 1,213 1,149 1,112 1,110 1,108 1,109 1,108 1,104 1,091 1,093 1,100 1,226 1958—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 33,490 33,053 32,724 32,672 32,692 32,794 32,863 32,954 32,859 32,836 32,913 33,642 28,954 28,699 28,453 28,540 28,526 28,609 28,763 28,840 28,467 28,385 28,372 28,659 12,749 12,562 12,456 12,579 12,612 12,676 12,776 12,834 12,633 12,645 12,660 12,780 9,502 9,451 9,335 9,256 9,188 9,173 9,195 9,165 8,983 8,877 8,812 8,844 2,401 2,403 2,410 2,452 2,477 2,509 2,544 2,578 2,591 2,615 2,630 2,668 3,106 3,086 3,061 3,059 3,039 3,037 3,038 3,033 3,012 2,999 2,999 3,085 ,196 ,197 ,191 ,194 ,210 ,214 ,210 ,230 ,248 ,249 ,271 ,282 4,535 4,354 4,272 4,132 4,167 4,184 4,100 4,112 4,391 4,453 4,542 4,983 ,381 ,326 ,343 ,241 ,278 ,310 ,241 ,251 ,543 ,586 ,644 ,882 ,163 ,125 ,082 ,064 ,058 ,052 ,045 ,054 1,047 ,056 ,070 ,128 349 340 331 320 314 307 301 297 295 291 290 292 479 479 477 479 482 487 493 497 496 495 498 506 1,163 1,084 1,039 1,028 1,035 1,028 1,020 1,013 1,010 1,025 1,040 1,175 I959_j an .. Feb.. Mar. Apr. May, June, July. Aug. Sept. Oct., Nov. Dec. 33,590 33,597 33,812 34,336 34,928 35,704 36,338 37,100 37,623 38,101 38,451 39,245 28,751 28,817 29,092 29,610 30,148 30,862 31,491 32,179 32,643 33,022 33,248 33,570 12,931 12,981 13,150 13,462 13,758 14,098 14,390 14,688 14,886 15,063 15,131 15,227 8,835 8,825 8,883 9,025 9,191 9,455 9,703 9,927 10,097 10,227 10,281 10,319 2,651 2,678 2,723 2,781 2,833 2,917 2,972 3,069 3,130 3,183 3,230 3,280 3,074 3,064 3,057 3,056 3,054 3,073 3,100 3,140 3,157 3,175 3,215 3,337 1,260 1,269 ,279 ,286 ,312 ,319 ,326 ,355 ,373 ,374 ,391 ,407 4,839 4,779 4,720 4,725 4,782 4,843 4,846 4,920 4,979 5,079 5,203 5,676 ,805 ,807 ,781 ,781 ,807 ,839 ,826 ,863 ,903 ,962 2,040 2,292 ,100 ,088 ,059 ,061 ,067 ,079 1,087 ,108 ,118 1,135 1,158 1,225 290 286 286 286 288 290 291 298 299 298 303 310 500 494 490 492 494 501 505 508 506 503 494 481 1,144 1,104 1,104 1,105 1,126 1,134 1,137 1,143 1,153 1,181 1,208 1,368 For notes see p. 42. 41 2. INSTALMENT CREDIT, 1919-63 - Continued [In millions of dollars] Retail outlets Financial institutions End of month Total Total Commercial banks Sales finance Credit Consumer finance Other* Total Department stores2 Furniture stores Appliance stores Automobile dealers3 Other I960—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 39,135 39,180 39,412 40,014 40,484 41,105 41,449 41,829 42,022 42,106 42,242 42,832 33,744 34,004 34,291 34,860 35,349 35,939 36,360 36,763 36,944 36,987 37,065 37,218 15,389 15,478 15,507 15,801 16,024 16,282 16,401 16,546 16,623 16,627 16,653 16,672 10,347 10,464 10,635 10,784 10,936 11,146 11,291 11,414 11,463 11,470 11,473 11,472 3,274 3,310 3,385 3,476 3,546 3,636 3,691 3,767 3,810 3,850 3,885 3,923 3,341 3,350 3,354 3,388 3,405 3,445 3,525 3,569 3,580 3,568 3,578 3,670 ,393 ,402 ,410 ,411 ,438 1,430 ,452 ,467 ,468 ,472 1,476 1,481 5,391 5,177 5,120 5,154 5,135 5,164 5,088 5,066 5,077 5,119 5,175 5,615 2,124 2,016 2,033 2,067 2,067 2,087 2,037 2,028 2,063 2,116 2,168 2,414 1,182 1,154 1,124 1,108 1,092 1,093 1,079 1,080 1,070 1,065 1,068 1,107 307 306 305 304 307 311 313 317 322 324 325 333 470 462 457 455 449 442 430 418 402 386 375 359 1,308 1,239 1,201 1,220 1,220 1,231 1,229 1,223 1,220 1,228 1,239 1,402 1961—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 42,346 41,875 41,671 41,627 41,787 42,089 42,141 42,358 42,334 42,494 42,737 43,527 37,947 37,561 37,318 37,224 37,275 37,466 37,467 37,584 37,474 37,501 37,572 37,935 17,539 17,285 17,148 17,072 17,079 17,113 17,094 17,121 16,993 16,988 16,974 17,008 11,405 11,288 11,163 11,113 11,087 11,144 11,130 11,113 11,104 11,088 11,100 11,273 3,878 3,883 3,914 3,956 4,011 4,096 4,132 4,192 4,218 4,252 4,297 4,330 3,645 3,621 3,603 3,606 3,607 3,622 3,633 3,659 3,650 3,671 3,684 3,799 ,480 1,484 ,490 ,477 ,491 1,491 1,478 ,499 ,509 ,502 ,517 ,525 4,399 4,316 4,353 4,401 4,510 4,623 4,674 4,772 4,860 4,994 5,165 .5,595 1,327 1,367 1,452 1,545 1,650 1,748 1,811 1,896 1,979 2,097 2,208 2,421 1,069 1,040 1,011 995 989 991 981 987 994 997 1,015 1,058 323 313 305 297 296 296 295 295 294 291 288 293 356 352 352 351 352 354 352 350 343 341 342 342 1,324 1,244 1,233 1,213 1,223 1,234 1,235 1,244 1,250 1,268 1,312 1,481 1962—Jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct., Nov. Dec. 43,188 42,979 43,075 43,711 44,338 45,056 45,490 46,020 46,145 46,526 47,052 48,034 37,993 37,887 37,968 38,460 38,984 39,585 40,013 40,492 40,561 40,864 41,256 41,782 16,964 16,967 17,062 17,366 17,686 18,024 18,251 18,460 18,491 18,680 18,847 19,005 11,468 11,361 11,283 11,359 11,440 11,570 11,682 11,796 11,787 11,860 11,986 12,194 4,277 4,277 4,315 4,402 4,488 4,581 4,639 4,734 4,762 4,814 4,861 4,902 3,782 3,783 3,795 3,826 3,836 3,876 3,907 3,948 3,969 3,974 4,009 4,131 ,502 ,499 ,513 ,507 ,534 ,534 ,534 ,554 ,552 ,536 ,553 ,550 5,195 5,092 5,107 5,251 5,354 5,471 5,477 5,529 5,583 5,662 5,796 6,252 2,158 2,153 2,227 2,339 2,430 2,522 2,545 2,609 2,675 2,737 2,835 3,013 1,036 1,018 998 991 997 990 989 999 998 ,002 ,019 ,073 288 285 281 280 280 283 283 285 284 285 287 294 310 298 314 350 342 356 358 338 333 338 319 345 1,403 1,338 1,287 1,291 1,305 1,320 1,302 1,298 1,293 1,300 1,336 1,527 1963—Jan.. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. 47,920 47,852 48,075 48,806 49,484 50,307 50,894 51,526 51,718 52,257 52,695 53,745 42,335 42,371 42,531 43,149 43,723 44,373 44,878 45,375 45,687 46,161 46,462 46,992 19,129 19,256 19,450 19,882 20,229 20,602 20,874 21,101 21,145 21,391 21,486 21,610 12,668 12,556 12,460 12,506 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 4,864 4,876 4,928 5,034 5,139 5,251 5,330 5,412 5,458 5,529 5,569 5,622 4,134 4,138 4,139 4,174 4,191 4,241 4,276 4,329 4,381 4,425 4,461 4,590 ,540 ,545 ,554 ,553 ,581 ,586 ,591 ,627 ,630 ,629 ,644 ,647 5,585 5,481 5,544 5,657 5,761 5,934 6,016 6,151 6,031 6,096 6,233 6,753 2,478 2,480 2,566 2,686 2,797 2,925 2,999 3,107 3,025 3,077 3,172 3,427 ,049 ,027 ,002 992 994 997 994 1,004 1,009 1,015 1,032 1,086 290 284 278 273 274 274 274 276 279 280 282 287 308 288 315 324 319 331 343 341 321 325 326 328 1,460 1,402 1,383 1,382 1,377 1,407 1,406 1,423 1,397 1,399 1,421 1,625 1 2 Consumer finance cos. are included with "other" financial institutions until 1950. Includes mail-order houses. 3 Automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. 42 3. INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, 1919-63 [In millions of dollars] End of period Automobile paper Total Total Purchased Direct Repair Other and con- modPersumer erniza- sonal goods tion loans paper loans End of month 1 3 5 5 7 9 10 12 16 12 14 16 20 27 34 10 14 18 21 24 8 10 10 12 13 22 24 26 28 27 45 58 71 92 121 17 16 13 20 32 25 23 18 18 20 13 12 10 11 16 25 22 18 15 27 124 100 78 63 74 78 155 227 239 415 55 113 163 149 237 23 42 64 90 178 30 77 112 125 166 183 241 112 104 135 124 182 255 274 363 1,452 1,726 862 532 574 615 785 283 144 160 339 447 149 58 59 276 338 134 86 101 232 309 153 76 87 165 161 124 77 75 440 471 302 235 252 1945 1946 1947. 1948 1949 745 1,567 2,625 3,529 4,439 209 480 891 1,328 1,795 66 169 352 575 849 143 311 539 753 946 114 299 550 794 1,016 110 242 437 568 715 312 546 747 839 913 1950 1951 1952 1953 1954 5,798 5,771 7,524 8,998 8,796 2,471 2,446 3,262 4,082 3,937 1,177 1,135 1,633 2,215 2,269 1,294 1,311 1,629 1,867 1,668 1,456 1,315 1,751 2,078 1,880 834 888 [,137 1,317 ,303 1,037 1,122 1,374 1,521 1,676 1955 1956 1957 1958 1959 10,601 11,777 12,843 12,780 15,227 5,305 5,726 6,355 6,184 7,352 3,243 3,651 4,130 4,014 4,827 2,062 2,075 2,225 2,170 2,525 2,042 2,464 2,557 2,269 2,640 1,338 1,469 1,580 1,715 2,039 1,916 2,118 2,351 2,612 3,196 1960 1961 1962 1963 16,672 17,008 19,005 21,610 8,136 8,251 9,635 11,249 5,316 5,391 6,184 7,246 2,820 2,860 3,451 4,003 2,759 2,761 2,824 3,123 2,200 2,198 2,261 2,361 3,577 3,798 4,285 4,877 1919. 1920. 1921. 1922. 1923. 1924. 19 25 31 39 52 69 2 4 6 8 10 14 1 2 3 4 6 2 3 4 5 6 8 1925. 1926 1927. 1928 1929 94 116 136 167 201 19 24 29 35 40 9 10 11 14 16 1930 1931 1932, 1933 1934 204 173 137 127 169 42 39 31 38 52 1935, 1936 1937. 1938, 1939 415 655 706 742 1,079 1940 1941 1942. 1943. 1944 1940—j an . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,113 [,130 1,157 1,197 [,254 1,330 1,345 [,382 1,399 1,414 1,443 1,452 432 446 461 482 515 550 560 574 584 595 607 615 246 253 260 274 294 316 319 325 328 332 337 339 186 193 201 208 221 234 241 249 256 263 270 276 175 171 111 188 197 222 220 233 232 227 237 232 134 133 131 135 139 144 147 152 156 160 163 165 372 380 388 392 403 414 418 423 427 432 436 440 1941—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,482 1,518 1,541 1,615 1,692 1,756 1,803 1,829 1,832 1,795 1,761 1,726 634 646 662 709 756 796 820 840 846 826 802 785 349 354 362 389 416 440 458 473 480 470 457 447 285 292 300 320 340 356 362 367 366 356 345 338 231 244 244 261 281 300 319 322 325 316 320 309 164 164 161 163 165 168 168 170 172 171 165 161 453 464 474 482 490 492 496 497 489 482 474 471 Automobile paper Total Total Purchased Direct Repair Other and con- modsumer ernizagoods tion paper loans 1942—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,650 1,581 1,534 1,468 1,391 1,320 1,241 1,164 1,085 1,003 928 862 734 687 658 618 577 538 495 460 415 369 326 283 417 389 374 349 324 302 274 259 230 202 176 149 317 298 i 284 i 269 ! 253 236 221 201 185 167 150 134 302 295 286 275 259 243 225 207 190 175 163 153 156 151 146 142 138 134 129 125 125 124 124 124 1943_j a n . Feb. Mar. M*ay June July Aug. Sept. Oct. Nov. Dec. 799 732 685 642 613 591 570 555 547 537 532 532 248 221 198 182 171 161 152 150 149 148 146 144 128 110 95 84 77 71 66 64 63 62 60 58 120 111 103 98 94 90 86 86 86 86 86 86 145 129 116 106 100 92 87 81 77 74 75 76 121 114 106 100 95 91 87 84 83 81 79 77 1944_j a n . Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 523 510 518 518 525 541 549 553 553 556 559 574 141 140 140 144 149 156 162 164 163 162 160 160 56 55 54 54 55 58 63 64 64 62 61 59 85 85 86 90 94 98 99 100 99 100 99 101 79 73 70 69 69 71 71 71 72 77 80 87 74 71 70 68 68 69 70 71 73 73 75 75 1945_jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 578 571 589 594 607 625 635 636 647 674 708 745 159 158 164 165 166 171 173 174 179 186 195 209 57 56 56 56 55 56 56 57 59 60 63 66 102 102 108 109 111 115 117 117 120 126 132 143 92 88 88 89 90 92 93 93 93 99 106 114 75 76 78 79 82 86 89 92 94 100 106 110 1946—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 786 822 881 954 1,029 1,100 1,170 1,253 1,318 1,395 1,472 1,567 222 234 250 279 306 329 349 377 396 421 450 480 70 74 81 94 105 112 118 131 139 148 159 169 152 160 169 185 201 217 231 246 257 273 291 311 127 115 132 140 152 170 185 205 223 236 257 274 299 121 131 141 150 162 172 187 200 214 226 242 1947—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1,657 1,725 1,826 1,928 2,037 2,140 2,216 2,288 2,351 2,428 2,514 2,625 515 552 601 643 685 723 751 779 800 823 858 891 184 198 220 239 256 278 290 303 318 327 342 352 331 354 381 404 429 445 461 476 482 496 516 539 323 334 349 372 401 427 444 454 466 485 511 550 248 252 262 279 297 319 338 359 385 408 423 437 43 3. INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, 1919-63 - Continued [In millions of dollars] Other con... Repair and mod- sumer erniza- goods paper tion loans loans 561 577 610 639 661 683 707 729 738 739 747 753 594 597 619 658 676 690 710 731 761 768 775 794 442 445 456 476 491 508 518 527 542 553 564 568 754 762 776 792 802 820 831 843 846 837 834 839 1954-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Automobile paper End of month Total - - Total Purchased Direct I- Automobile paper Personar - - - - End of month 2,092 1,997 1,955 1,939 1,925 1,913 1,887 1,871 1,855 1,852 1,858 1,880 1,303 1,290 1,279 1,281 1,293 1,293 1,301 1,308 1,312 1,317 1,311 1,303 1,521 1,533 1,561 1,577 1,581 1,611 1,626 1,638 1,645 1,650 1,653 1,676 8,829 8,883 9,057 9,248 9,472 9,773 9,935 10,151 10,328 10,412 10,489 10,601 3,962 4,025 4,173 4,306 4,469 4,676 4,808 4,981 5,114 5,195 5,239 5,305 2,294 2,344 2,435 2,516 2,631 2,793 2,870 2,993 3,079 3,152 3,193 3,243 1,668 1,681 1,738 1,790 1,838 1,883 1,938 1,988 2,035 2,043 2,046 2,062 1,906 1,269 1,897 1,248 1,902 1,231 1,901 1,236 1,244 1,925 1,960 1,260 1,965 1,271 1,974 1,288 1,990 1,307 1,992 I 1,325 2,015 1,332 1,338 2,042 1,692 1,713 1,751 1,805 1,834 1,877 1,891 1,908 1,917 1,900 1,903 1,916 10,615 10,659 10,782 10.985 11,139 11,414 11,508 11,591 11,604 11,674 11,715 11,777 5,320 5,374 5,466 5,549 5,627 5,695 5,736 5,782 5,757 5,732 5,722 5,726 3,254 3,297 3,352 3,409 3,469 3,529 3,579 3,628 3,633 3,636 3,640 3,651 2,066 2,077 2,114 2,140 2,158 2,166 2,157 2,154 2,124 2,096 2,082 2,075 2,045 2,033 2,040 2,101 2,134 2,296 2,315 2,312 2,324 2,394 2,430 2,464 1,317 1,310 1,310 1,323 1,348 1,371 1,386 1,407 1,430 1,452 1,466 1,469 1,933 1,942 1,966 2,012 2,030 2,052 2,071 2,090 2,093 2,096 2,097 2,118 Dec. 11,712 11,741 11,820 12,069 12,234 12,421 12,608 12,711 12,764 12,860 12,838 12,843 5,742 5,784 5,865 5,979 6,083 6,186 6,263 6,330 6,355 6,383 6,365 6,355 3,658 3,690 3,739 3,810 3,878 3,955 4,015 4,071 4,102 4,140 4,132 4,130 2,084 2,094 2,126 2,169 2,205 2,231 2,248 2,259 2,253 2,243 2,233 2,225 2,387 2,373 2,362 2,448 2,457 2,490 2,557 2,538 2,545 2,582 2,566 2,557 1,456 1,446 1,444 1,453 1,471 1,492 1,510 1,538 1,554 1,576 1,586 1,580 2,127 2,138 2,149 2,189 2,223 2,253 2,278 2,305 2,310 2,319 2,321 2,351 1,138 1,153 1,186 1,207 1,232 1,276 1,293 1,312 1,335 1,347 1,351 1,374 1958-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12,749 12,562 12,456 12,579 12,612 12,676 12,776 12,834 12,633 12,645 12,660 12,780 6,315 6,252 6,188 6,194 6,195 6,213 6,233 6,240 6,190 6,151 6,139 6,184 4,097 4,053 3,997 3,991 3,990 4,000 4,017 4,033 4,008 3,990 3,988 4,014 2,218 2,199 2,191 2,203 2,205 2,213 2.216 2,207 2,182 2,161 2,151 2,170 2,502 2,394 2,350 2,401 2,387 2,380 2,404 2,410 2,221 2,232 2,240 2,269 1,569 1,553 1,544 1,550 1,571 1,589 1,608 1,635 1,659 1,688 1,708 1,715 2,363 2,363 2,374 2,434 2,459 2,494 2,531 2,549 2,563 2,574 2,573 2,612 1,386 1,398 1,431 1,447 1,459 1.485 1,497 1,500 1,507 1,505 1,501 1,521 1959-Jan. Feb. Mar. Apr. May 12,931 12,981 13,150 13,462 13,758 14,098 14,390 14,688 14,886 15,063 15,131 15,227 6,242 6,299 6,404 6,577 6,731 6,918 7,066 7,204 7,279 7,369 7,385 7,352 4,046 4,079 4,140 4,250 4,352 4,489 4,596 4,703 4,769 4,841 4,854 4,827 2,196 2,220 2,264 2,327 2,379 2,429 2,470 2,501 2,510 2,528 2,531 2,525 2,326 2,303 2,308 2,337 2,382 2,425 2,474 2,528 2,557 2,582 2,592 2,640 1,713 1,709 1,720 1,748 1,790 1,831 1,876 1,916 1,953 1,991 2,017 2,039 2,650 2,670 2,718 2,800 2,855 2,924 2,974 3,040 3,097 3,121 3,137 3,196 1949-1an. Feb. Mar. Apr. May lune July Aug. Sept. Oct. Nov. Dec. 3,536 3,507 3,556 3,639 3,761 3,875 3,956 4,066 4,160 4,268 4,347 4,439 1,320 1,327 1,373 1,430 1,493 1,539 1,598 1,659 1,703 1,747 1,781 1,795 568 575 600 632 663 685 715 751 776 807 831 849 752 752 773 798 830 854 883 908 927 940 950 946 810 782 773 783 816 836 847 863 889 929 958 1,016 565 562 567 574 588 612 620 647 665 688 706 715 841 836 843 852 864 888 891 897 903 904 902 913 1955-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. I 950-1an. 4,503 4,537 4,652 4,751 4,940 5,171 5,393 5,607 5,819 5,869 5,808 5,798 1,820 1,861 1,929 1,992 2,081 2,206 2,339 2,440 2,519 2,530 2,495 2,471 865 889 924 956 998 1,058 1,124 1,162 1,202 1,208 1,191 1,177 955 972 1,005 1,036 1,083 1,148 1,215 1,278 1,317 1,322 1,304 1,294 1,058 1,048 1,082 1,106 1,163 1,208 1,263 1,338 1,429 1,463 1,444 1,456 712 714 705 708 729 754 773 795 816 830 833 834 913 914 936 945 967 1,003 1,018 1,034 1,055 1,046 1,036 1,037 1956-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. 5,791 5,720 5,724 5,720 5,736 5,747 5,705 5,764 5,738 5,753 5,760 5,771 2,447 2,435 2,435 2,444 2,468 2,479 2,467 2,499. 2,516 2,496 2,475 2,446 1,154 1,136 1,122 1,118 1,133 1,144 1,143 1,158 1,170 1,159 1,151 1,135 1,293 1,299 1,313 1,326 1,335 1,335 1,324 1,341 1,346 1,337 1,324 1,311 1,476 1,429 1,415 1,394 1,376 1,365 1,334 1,329 1,270 1,281 1,293 1,315 822 812 811 815 823 825 831 845 858 874 887 888 1,046 1,044 1,063 1,067 1,069 1,078 1,073 1,091 1,094 1,102 1,105 1,122 1957-1an. Feb. Mar. Apr. May 5,769 5,769 5,807 5,898 6,143 6,458 6,648 6,793 6,945 7,158 7,310 7,524 2,426 2,434 2,449 2,503 2,649 2,821 2,907 2,950 3,004 3,093 3,170 3,262 .1,123 1,128 1,132 1,161 1,251 1,356 1,407 1,433 1,470 1,524 1,572 1,633 1,303 1,306 1,317 1,342 1,398 1,465 1,500 1,517 1,534 1,569 1,598 1,629 1,323 1,301 1,291 1,289 1,331 1,394 1,444 1,495 1,537 1,609 1,659 1,751 882 881 881 899 931 967 1,004 1,036 1,069 1,109 1,130 l,137 7,665 7,797 8,059 8,286 8,491 8,675 8,843 8,931 8,969 9,009 9,006 8,998 3,337 3,428 3,575 3,723 3,858 3,949 4.047 4,103 4,123 4,141 4,126 4,082 1,685 1,733 1,814 1,902 1,989 2,043 2,109 2,151 2,183 2,213 2,220 2,215 1,652 1,695 1,761 1,821 1,869 1,906 1,938 1,952 1,940 1,928 1,906 1,867 1,809 1,835 1,909 1,956 1,990 2,029 2,062 2,070 2,057 2,060 2,061 2,078 1,133 1,136 1,144 1,160 1,184 1,212 1,237 1,258 1,282 1,303 1,318 1,317 Dec. 1951-Jan. Feb. Mar. Apr. May lune July Aug. Sept. Oct. Nov. Dec. I 952-1an. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 1953-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. - - - - 1,807 1,773 1,755 1,745 1,735 1,729 1,724 1,714 1,696 1,681 1,657 1,668 365 380 412 441 460 484 513 540 559 569 572 575 Nov. Purchased Direct 2,191 2,162 2,164 2,180 2,195 2,237 2,251 2,253 2,259 2,259 2,249 2,269 926 957 1,022 1,080 1,121 1,167 1,220 1,269 1,297 1,308 1,319 1,328 Feb. Mar. Apr. May June July Aug. Sept. Oct. - Total Personal loans 3,998 3,935 3,919 3,925 3,930 3,966 3,975 3,967 3,955 1,940 3,906 3,937 2,716 2,761 2,873 3,006 3,090 3,1853,279 3,370 3,446 3,466 3,492 3,529 1948-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total Repair Other and conmodsumer ernization goods paper loans 44 Nov. Dec. Nov. Dec. June July Aug. Sept. Oct. Nov. June July Aug. Sept. Oct. Nov. Dec. 8,914 8,755 8,714 8,722 8,729 8,783 8,789 8,784 8,767 8,759 8,728 8,796 I 3. INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, 1919-63 - Continued [In millions of dollars) Repair and modsumer ernizagoods tion paper loans Personal loans 2,538 2,568 2,619 2,689 2,744 2,787 2,803 2,820 2,812 2,802 2,824 2,820 2,787 2,789 2,673 2,685 2,697 2,719 2,732 2,730 2,738 2,739 2,732 2,759 2,031 2,030 2,032 2,056 2,090 2,123 2,140 2,169 2,190 2,201 2,207 2,200 3,211 3,237 3,270 3,348 3,384 3,432 3,453 3,502 3,531 3,530 3,537 3,577 1962-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 16,964 16,967 17,062 17,366 17,686 18,024 18,251 18,460 18,491 18,680 18,847 19,005 8,264 8,309 8,422 8,625 8,836 9,052 9,202 9.324 9,299 9,438 9,569 9,635 2,805 2,788 2,802 2,810 2,836 2,861 2,861 2,859 2,821 2,824 2,851 2,860 3,742 3,596 3,449 3,309 3,202 3,095 3,026 2,962 2,864 2,820 2,764 2,761 2,171 2,148 2,134 2,141 2,155 2,170 2,179 2,191 2,206 2,210 2,210 2,198 3,566 3,566 3,589 3,642 3,670 3,712 3,719 3,763 3,175 3,769 3,765 3,798 1963-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 19,129 19,256 19,450 19,882 20,229 20,602 20,874 21,101 21,145 21,391 21,486 21,610 9,708 9,811 9,978 10,248 10,489 10,718 10,898 11,009 10,915 11,128 11,202 11,249 Automobile paper End of month Total Total Purchased 1960-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 15,389 15,478 15,507 15,801 16,024 16,282 16,401 16,546 16,623 16,627 16,653 16,672 7,360 7,421 7,532 7,711 7,853 8,009 8,076 8,145 8,165 8,157 8,177 8,136 4,822 4,854 4,913 5,021 5,110 5,221 5,273 5.325 5,353 5,355 5,353 5,316 1961-Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 17,539 17,285 17,148 17,072 17,079 17,113 17,094 17,121 16,993 16,988 16,974 17,008 8,060 7,975 7,976 7,981 8,052 8,136 8,171 8,199 8,141 8,188 8,235 8,251 5,255 5,187 5,174 5,170 5,216 5,275 5,310 5,340 5,326 5,365 5,384 5,391 Direct Other con- Automobile paper - - - - Total Total 4S End of month Purchased Direct - - Repair and Other modPerconsumer emiza- sonal goods tion loans paper loans 5,379 5,398 5,457 5,569 5,692 5,823 5,923 6,011 6,012 6,095 6,164 6,184 2,885 2,911 2,965 3,056 3,144 3,229 3,279 3,314 3,287 3,343 3,405 3,451 2,718 2,690 2,656 2,653 2,682 2,716 2,736 2,730 2,738 2,755 2,173 2,824 2,170 2,147 2,132 2,143 2,165 2,188 2,210 2,231 2,247 2,262 2,270 2,261 3,812 3,821 3,852 3,945 4,003 4,068 4,103 4,174 4,208 4,225 4,235 4,285 6,216 6,281 6,386 6,549 6,695 6,849 6,916 7,013 7,012 7,117 7,218 7,246 3,492 3,530 3,592 3,699 3,794 3,869 3,922 3,936 3,903 3,951 3,984 4,003 2,861 2,865 2,866 2,895 2,930 2,973 2,986 3,012 3,033 3,013 3,084 3,123 2,239 2,220 2,209 2,229 2,258 2,286 2,312 2,336 2,352 2,310 2,373 2,361 4,321 4,360 4,397 4,510 4,552 4,625 4,618 4,744 4,185 4,820 4,827 4,871 4. INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, 1919-63 [In millions of dollars] End of period Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1919 1920 1921 1922 1923 1924 73 105 93 136 222 293 42 61 54 86 164 215 31 44 39 50 58 78 1925 1926 1927 1928 1929 529 669 628 816 1,074 402 501 445 572 736 127 168 183 244 337 1 1930 1931 1932 1933 1934 880 684 418 507 630 568 432 259 368 All 309 243 146 122 123 9 3 9 13 17 21 974 1,353 1 415 969 1 197 770 1,077 1 120 707 878 111 126 156 114 115 67 117 98 102 148 26 33 41 46 56 1940 . 1941 1942 1943 1944 1 575 1,797 588 252 262 1 187 1,363 341 131 153 136 167 78 34 28 190 201 117 42 33 62 66 52 45 48 1945 1946 1947 1948 1949 300 677 1 355 2,011 2 944 164 377 802 1,333 2 265 24 67 185 287 447 58 141 242 225 90 54 92 126 166 142 1950 1951 1952 1953 1954 3,711 3,654 4 711 5,927 6 144 2,956 2,863 3 630 4,688 4 870 532 452 680 816 841 61 63 60 46 31 162 276 341 377 402 1955 1956 1957 1958. 1959 8 447 9,117 9,609 8,844 10,319 6 905 7,238 7,393 6 310 7,187 1 048 1,277 1,509 1 717 2,114 28 32 31 36 72 466 570 676 781 946 11,472 11,273 12,194 13,523 7,528 6811 7,449 8,228 2,739 3 100 3,123 3,383 139 161 170 158 1,066 1,201 1,452 1,754 1,197 1,207 1,240 1,300 1 361 1 414 1,459 1,483 1,475 1,497 1,532 1 575 879 890 922 978 032 079 ,118 ,130 ,112 ,131 ,156 187 115 114 115 118 122 124 125 127 128 130 130 136 147 147 146 147 149 152 157 166 175 176 186 190 56 56 57 57 58 59 59 60 60 60 60 62 1,592 1,620 1,671 1,773 1,884 1,966 2,019 2,047 1,984 1,928 1,867 1,797 ,206 236 ,287 ,383 ,485 ,561 ,609 ,625 ,554 ,495 ,437 363 134 133 134 138 145 149 152 158 160 162 162 167 190 190 188 189 190 191 193 198 204 206 203 201 62 61 62 63 64 65 65 66 66 65 65 66 1935 1936 1937. . 1938 1939 . ... .. 1960 1961 1962 1963 1940—Jan Feb Mar Apr May June July Aug Sent Oct Nov Dec 1941 Jan Feb Mar Apr May June July Aug Seot Oct Nov Dec Total End of month Other consumer goods paper Repair and modernization loans Personal loans 1942—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1,689 1,573 1,461 1,347 1,241 1,130 1,027 919 828 738 665 588 . . .. 1,270 1,167 1,064 963 871 781 701 613 538 466 405 341 161 157 157 151 147 137 127 118 109 99 90 78 193 185 176 170 161 151 140 131 126 120 118 117 65 64 64 63 62 61 59 57 55 53 52 52 1943_j a n Feb Mar Apr May June July Aug Sept Oct Nov Dec 520 459 403 364 334 309 291 278 270 263 255 252 290 247 207 185 168 153 145 140 138 135 133 131 69 63 57 51 46 42 39 38 36 36 34 34 112 102 92 82 75 69 63 57 53 49 45 42 49 47 47 46 45 45 44 43 43 43 43 45 1944—Jan Feb Mar Apr May . . June... ., July Aug Sept Oct.... Nov Dec 242 237 236 236 241 249 261 266 265 265 265 262 127 126 127 130 138 147 157 162 161 161 159 153 32 30 29 28 28 28 29 30 30 30 30 28 39 38 35 34 31 30 30 30 30 30 31 33 44 43 45 44 44 44 45 44 44 44 45 48 1945—Jan Feb Mar Apr May June July 253 247 247 246 247 253 257 262 266 111 289 300 146 141 139 138 138 141 144 145 149 153 160 164 27 25 24 23 21 20 19 20 20 23 23 24 34 35 37 38 41 44 46 49 50 53 56 58 46 46 47 47 47 48 48 48 47 48 50 54 310 323 340 373 404 429 460 496 536 579 624 677 170 176 188 207 225 236 255 274 298 322 345 377 25 28 29 33 37 39 43 47 51 57 61 67 61 64 67 74 82 88 54 55 56 59 60 66 106 115 125 133 141 69 72 75 85 92 714 762 823 890 952 1,013 1,065 1,116 1,162 1,221 1,288 1,355 403 437 478 522 564 601 632 661 687 718 758 802 67 78 87 97 104 114 121 129 137 157 169 185 150 150 157 169 178 190 202 215 226 233 241 242 94 97 101 102 106 108 110 111 112 113 120 126 Sept . Oct Nov Dec 1946—Jan Feb . Mar Apr May June July Aug Sept Oct Nov Dec 1947 Jan Feb Mar Apr May June.. July Aug Sept Oct Nov Dec 46 Automobile paper 97 65 4. INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, 1919-63 — Continued [In millions of dollars] Automobile paper Other consumer goods paper Repair and modernization loans Repair End of month Total 1948—Jan.. . Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.. Nov.. Dec. 1,420 1,467 1,562 1,661 1,733 1,771 1,833 1,895 1,954 1,959 1,979 2,011 1949—Jan.. . Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. Automobile paper Other consumer goods paper and modernization loans Personal loans End of month Total 1,037 1,079 1,109 1,164 1,220 1,271 1,280 1,304 1,333 207 211 218 233 254 264 273 280 290 289 286 287 236 238 245 252 248 245 243 239 235 232 225 137 141 145 146 148 150 151 152 154 155 157 166 1954__jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 5,839 5,750 5,664 5,666 5,697 5,799 5,918 5,977 6,010 6,030 6,043 6,144 4,615 4,543 4,477 4,483 4,521 4,617 4,720 4,774 4,803 4,815 4,811 4,870 803 790 771 766 760 765 779 784 791 798 810 841 47 45 43 42 40 39 37 36 34 33 32 31 2,001 2,014 2,090 2,192 2,319 2,423 2,521 2,648 2,738 2,822 2,897 2,944 1,335 1,354 1,437 1,542 1,665 1,761 1,850 1,968 2,057 2,142 2,220 2,265 296 309 318 327 341 358 381 404 422 431 438 447 204 186 171 163 156 150 140 130 116 107 99 90 166 165 164 160 157 154 150 146 143 142 140 142 1955—Jan.. Feb. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 6,180 6,274 6,480 6,716 6,995 7,317 7,631 7,943 8,169 8,271 8,325 8,447 4,902 4,991 5,193 5,418 5,680 5,976 6,255 6,529 6,729 6,808 6,839 6,905 844 847 849 855 872 1,012 1,048 29 28 26 25 24 23 23 25 25 26 26 28 1950—Jan... Feb... Mar.. Apr... May.. June.. July.. Aug.., Sept.. Oct... Nov.. Dec... 2,960 3,008 3,073 3,160 3,265 3,427 3,618 3,733 3,825 3,819 3,757 3,711 2,293 2,349 2,416 2,493 2,582 2,714 2,873 2,964 3,034 3,038 2,995 2,956 446 446 452 467 484 511 540 559 576 568 546 532 83 78 71 66 64 63 62 63 65 64 63 61 138 135 134 134 135 139 143 147 150 149 153 162 1956—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept., Oct.. Nov. Dec. 8,440 8,465 8,531 8,581 8,647 8,772 8,856 8,960 8,997 8,983 9,089 9,117 6,903 6,921 6,974 7,013 7,073 7,170 7,232 7,309 7,328 7,294 7,263 7,238 1,040 1,043 1,045 1,047 1,046 1,067 1,080 1,095 1,108 ,122 1,248 1,277 28 28 28 29 29 30 30 30 30 32 31 32 1951—Jan.. . Feb... Mar.. Apr... May.. June., July.. Aug... Sept.. Oct... Nov.. Dec... 3,659 3,597 3,555 3,534 3,555 3,597 3,597 3,684 3,725 3,695 3,682 3,654 3,591 3,552 3,516 3,551 3,731 3,985 4,143 4,180 4,253 4,409 4,548 4,711 4,804 4,897 5,028 5,156 5,312 5,456 5,631 5,739 5,811 5,885 5,929 5,927 2,900 2,844 2,807 2,797 2,820 2,866 2,871 2,941 2,968 2,932 2,910 2,863 2,801 2,761 2,722 2,747 2,901 3,104 3,212 3,226 3,270 3,396 3,515 3,630 517 508 497 481 469 457 445 450 456 454 452 452 60 57 56 54 55 55 56 57 58 60 61 63 182 188 195 202 211 219 225 236 243 249 259 276 1957—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept., Oct.. Nov., Dec. 9,096 9,056 9,070 9,128 9,201 9,326 9,506 9,596 9,629 9,618 9,597 9,609 7,176 7,141 7,138 7,158 7,215 7,316 7,401 7,465 7,486 7,464 7,435 7,393 1,315 1,304 1,315 1,343 1,352 1,367 ,447 1,465 1,474 ,478 1,479 1,509 31 32 32 32 33 33 34 34 34 36 33 31 449 447 447 448 467 510 555 575 603 630 645 680 60 58 56 55 56 56 56 56 57 59 59 60 281 286 291 301 307 315 320 323 323 324 329 341 1958—Jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. Dec. 9,502 9,451 9,335 9,256 9,188 9,173 9,195 9,165 8,983 8,877 8,812 8,844 7,284 7,157 6,999 6,886 6,804 6,758 6,707 6,641 6,511 6,386 6,303 6,310 1,503 1,571 1,604 1,632 1,641 1,657 ,726 ,752 ,688 ,701 ,718 ,717 32 32 32 33 34 34 34 35 35 36 36 36 3,705 3,792 3,916 4,032 4,169 4,292 4,440 4,527 4,592 4,665 4,705 4,688 695 704 715 727 744 760 789 810 817 816 813 816 58 56 54 54 51 49 46 43 44 44 45 46 346 345 343 343 348 355 356 359 358 360 366 377 1959_Jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. Dec. 8,835 8,825 8,883 9,025 9,191 9,455 9,703 9,927 10,097 10,227 10,281 10,319 6,294 6,295 6,326 6,436 6,568 6,767 6,940 7,111 7,194 7,268 7,248 7,187 ,719 ,702 ,721 ,747 ,776 ,826 ,883 1,919 1,965 1,999 2,051 1.,114 36 37 41 41 42 44 48 52 61 66 68 72 1952—Jan... Feb... Mar... Apr... May.. June.. July.. Aug... Sept... Oct... Nov... Dec... 1953_jan.. . Feb... Mar... Apr... May.. June.. July.. Aug... Sept... Oct.. . Nov... Dec... 843 879 961 233 47 897 926 958 981 998 4. INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES, 1919-63 — Continued [In millions of dollars] End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1960—Jan.. Feb. Mar. Apr. May, June July. Aug. Sept. Oct.. Nov. Dec. 10,347 10,464 10,635 10,784 10,936 11,146 11,291 11,414 11,463 11,470 11,473 11,472 7,161 7,195 7,255 7,381 7,469 7,599 7,652 7,684 7,663 7,627 7,589 7,528 2,162 2,234 2,335 2,348 2,397 2,452 2,527 2,591 2,633 2,668 2,704 2,739 74 78 82 89 98 106 114 125 131 136 138 139 950 957 963 966 972 989 998 1,014 1,036 1,039 1,042 1,066 1962—Jan.. Feb. Mar. Apr.. May June, July. Aug. Sept. Oct.. Nov. Dec. 11,468 11,361 11,283 11,359 11,440 11,570 11,682 11,796 11,787 11,860 11,986 12,194 6,754 6,745 6,772 6,864 6,991 7,12,2 7,228 7,327 7,296 7,350 7,440 7,449 3,345 3,243 3,134 3,093 3,027 2,997 2,981 2,969 2,957 2,952 2,967 3,123 162 162 163 165 167 168 171 171 172 172 171 170 1,207 1,211 1,214 1,237 1,255 1,283 1,302 1,329 1,362 1,386 1,408 1,452 1961—Jan.. Feb.. Mar. Apr. May. June. July. Aug. Sept. Oct.. Nov. Dec. 11,405 11,288 11,163 11,113 11,087 11,144 11,130 11,113 11,104 11,088 11,100 11,273 7,392 7,268 7,156 7,088 7,047 7,058 7,026 6,983 6,872 6,843 6,833 6,811 2,814 2,821 2,806 2,813 2,824 2,848 2,854 2,865 2,937 2,929 2,940 3,100 139 140 143 146 146 149 155 149 153 157 160 161 1,060 1,059 1,058 1,066 1,070 1,089 1,095 1,116 1,142 1,159 1,167 1,201 1963—Jan.. Feb. Mar. Apr. May, June, July. Aug. Sept. Oct.. Nov. Dec. 12,668 12,556 12,460 12,506 12,583 12,693 12,807 12,906 13,073 13,187 13,302 13,523 7,471 7,477 7,514 7,639 7,778 7,934 8,069 8,153 8,099 8,163 8,210 8,228 3,567 3,446 3,307 3,214 3,136 3,069 3,011 2,986 3,157 3,186 3,233 3,383 167 165 164 162 162 162 162 161 161 161 160 158 1,463 1,468 1,475 1,491 1,507 1,528 1,565 1,606 1,656 1,677 1,699 1,754 48 5. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS, 1919-63 [In millions of dollars] End of period Total Automobile paper 1919. . 1920 1921 1922 1923 1924 72 84 95 105 123 153 2 2 2 2 4 6 1925 1926 1927 .. 1928 1929 .. 192 234 290 370 470 9 12 15 19 22 1930 1931 1932 .. 1933 1934 . 479 462 403 367 404 1935 1936 1937 1938 1939 1940 1941... 1942 1943 . 1944 Other consumer goods paper Repair and modernization loans Personal loans End of month 769 757 757 748 730 716 701 682 663 642 627 620 1943 Jan Feb Mar Apr May June July. Aug Sept Oct Nov Dec 693 668 667 651 630 635 622 613 614 608 608 629 60 58 57 54 52 51 49 49 49 49 48 49 25 24 24 23 20 20 20 17 18 17 17 17 15 14 13 13 13 13 13 12 12 11 11 11 593 572 573 561 545 551 540 535 535 531 532 552 1944 Jan Feb Mar Apr May June July Aug Sept Oct Nov . Dec 612 605 626 617 617 623 623 620 621 617 620 650 48 47 49 48 48 49 49 49 49 49 49 51 17 17 17 17 17 17 17 17 17 17 17 19 11 11 11 10 10 11 10 11 10 10 10 11 536 530 549 542 542 546 547 543 545 541 544 569 1945—Jan Feb . Mar Apr May June July Aug Sept Oct Nov Dec 637 628 642 641 646 654 658 655 653 663 682 731 49 47 48 48 47 46 48 48 48 48 50 54 18 18 18 17 17 17 19 20 11 11 11 10 11 12 12 12 12 13 13 14 559 552 565 566 571 579 580 577 575 583 600 643 1946_Jan Feb Mar Apr May. June. July Aug.. SeDt Oct Nov.. Dec 731 739 757 782 800 822 842 867 882 906 934 991 55 56 57 59 61 64 66 68 70 73 74 77 20 20 21 23 25 26 27 28 30 32 35 34 14 14 15 15 15 16 17 18 18 20 22 22 642 649 664 685 699 716 732 753 764 781 803 858 ,008 I 017 1,036 1,064 1,088 107 ,132 ,150 1,150 1,168 1 205 1.275 80 82 85 91 98 103 108 112 115 118 122 130 36 37 41 42 47 50 54 55 57 59 63 69 24 24 24 26 27 27 28 30 32 35 38 39 868 874 886 905 916 927 942 953 946 956 982 1,037 Sept Oct Nov Dec 24 22 22 22 28 3 6 8 9 11 1 452 434 373 336 364 471 572 683 703 789 34 44 54 63 81 12 16 16 21 24 3 6 9 12 15 422 506 604 607 669 891 957 726 629 650 102 122 65 49 51 30 36 27 17 19 16 14 14 11 11 743 785 620 552 569 1945 1946 1947 1948 1949 731 991 1 275 1,580 1 874 54 77 130 198 259 20 34 69 103 146 14 22 39 60 93 643 858 1,037 1,219 1,376 1950 1951 1952... . 1953 1954... 2 296 2,699 3 346 4 038 4*510 360 373 452 538 539 200 233 310 370 375 121 134 188 247 282 1,615 1,959 2,396 2 883 3*314 1955... 1956 1957 1958 1959 5 350 6 083 6,748 7,035 8,024 763 954 1,114 1,152 1,400 530 624 588 565 681 327 404 490 595 698 3,730 4 101 4,555 4,723 5,244 I960 1961 1962 . 1963 9 074 9,654 10,583 11 859 1 665 1,819 2,111 2,394 771 743 751 835 800 832 815 870 5,837 6,257 6,906 7,760 791 794 807 816 831 847 854 863 868 870 869 891 81 84 85 87 92 96 97 97 99 100 100 102 24 25 25 26 28 29 29 30 30 30 29 30 16 15 15 15 14 14 14 15 16 16 15 16 670 670 682 688 697 708 714 721 723 724 725 743 888 891 902 924 941 957 970 978 971 962 955 957 103 105 108 112 117 123 127 127 127 126 124 122 29 29 30 33 35 35 36 37 37 37 35 36 15 15 13 14 14 14 14 14 14 14 14 14 741 742 751 765 775 785 793 800 793 785 782 785 For note see p. 51. , 1947 Jan.... Feb.. Mar Apr.. May June July Auc Sept Oct Nov.. Dec 49 00 00 00 O> 12 12 12 12 12 12 12 12 12 13 14 14 183 221 274 350 447 1941—Jan Feb Mar Apr May. June July Aug Sept . Oct Nov Dec Personal loans 36 37 36 36 35 34 33 29 29 28 27 27 1 1 1 Sept Oct . . Nov Dec Repair and modernization loans 116 111 108 104 100 95 91 87 83 76 71 65 1942_Jan Feb Mar Apr May June July AUK Other consumer goods paper 933 917 913 900 877 857 837 810 787 759 739 726 70 82 93 103 119 147 1940 Jan... Feb Mar. Apr . May June July . Total Automobile paper 5. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS, 1919-63 — Continued [In millions of dollars] End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans 1948—Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec. 1,286 1,301 1,334 1,360 1,389 1,419 1,450 1,474 1,501 1,504 1,524 1,580 133 137 144 151 157 165 174 181 188 190 194 198 72 73 77 80 86 87 88 91 96 96 100 103 38 39 40 42 45 46 48 51 54 56 59 60 1,043 1,052 1,073 1,087 1,101 ,121 ,140 ,151 ,163 ,162 ,171 1,219 1954—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.. Nov.. Dec. 4,005 4,013 4,042 4,095 4,140 4,202 4,244 4,284 4,329 4,351 4,402 4,510 523 518 518 523 526 535 539 543 543 540 538 539 361 357 354 352 351 352 349 349 355 362 364 375 245 246 249 252 261 264 266 271 276 278 283 282 2,876 2,892 2,921 2,968 3,002 3,051 3,090 3,121 3,155 3,171 3,217 3,314 1949__j an .. Feb.. Mar. May! June. July. Aug. Sept. Oct.. Nov. Dec. 1,572 1,567 1,583 1,606 1,629 1,661 1,694 1,721 1,746 1,759 1,799 1,874 198 200 204 211 215 224 229 236 242 248 253 259 102 100 102 105 113 116 125 128 132 134 138 146 61 62 64 65 69 72 72 77 82 84 90 93 1,211 1,205 1,213 1,225 1,232 1,249 1,268 1,280 1,290 1,293 ,318 ,376 1955—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.. Nov.. Dec. 4,501 4,549 4,627 4,718 4,801 4,911 4,962 5,040 5,104 5,140 5,213 5,350 541 558 583 604 627 651 672 696 716 732 746 763 372 375 382 399 410 436 447 464 478 490 506 530 276 276 276 277 284 289 291 300 308 315 323 327 3,312 3,340 3,386 3,438 3,480 3,535 3,553 3,581 3,601 3,603 3,638 3,730 1950—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 1,878 1,881 1,911 1,940 1,992 2,048 2,105 2,154 2,173 2,209 2,237 2,296 263 267 279 290 302 320 336 345 352 354 355 360 146 146 148 151 158 165 171 184 192 197 196 200 94 95 96 98 104 105 110 113 115 120 125 121 ,375 ,373 ,388 1,401 1,428 1,458 1,488 1,512 1,514 1,538 1,561 1,615 1956—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 5,339 5,393 5,466 5,533 5,614 5,691 5,753 5,845 5,875 5,908 5,978 6,083 766 784 802 823 846 870 887 908 920 932 944 954 532 542 552 557 570 581 590 604 608 616 620 624 320 322 329 333 347 355 359 370 380 390 401 404 3,720 3,745 3,784 3,820 3,851 3,886 3,917 3,964 3,966 3,971 4,012 4,101 1951—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 2,299 2,311 2,349 2,363 2,405 2,438 2,476 2,517 2,562 2,561 2,607 2,699 355 354 358 357 366 368 370 376 376 373 370 373 201 198 200 198 198 199 203 210 219 220 223 233 119 119 120 120 124 123 125 127 129 130 134 134 1,624 1,640 1,671 1,688 1,717 1,748 1,778 1,804 1,838 1,838 1,880 1,959 1957_Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 6,057 6,098 6,141 6,224 6,300 6,381 6,470 6,558 6,582 6,604 6,636 6,748 951 961 973 993 1,013 1,039 1,061 1,082 1,091 1,104 1,109 1,114 612 609 603 606 608 609 608 609 603 598 588 588 402 408 416 421 436 443 450 465 473 479 488 490 4,093 4,121 4,150 4,205 4,243 4,291 4,351 4,403 4,414 4,424 4,451 4,555 1952—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 2,704 2,727 2,760 2,822 2,902 2,995 3,062 3,116 3,155 3,198 3,239 3,346 369 371 374 383 398 413 422 429 434 442 444 452 232 235 239 250 257 271 280 283 291 298 301 310 132 134 134 137 145 151 156 162 171 177 185 188 1,971 1,987 2,013 2,052 2,102 2,160 2,204 2,242 2,259 2,281 2,309 2,396 1958—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 6,703 6,686 6,662 6,705 6,726 6,760 6,792 6,841 6,851 6,863 6,900 7,035 1,098 1,093 1,089 1,100 1,108 1,115 1,124 1,135 1,137 1,139 1,141 1,152 574 563 552 550 547 546 547 550 551 553 555 565 496 497 500 504 521 529 535 551 566 575 588 595 4,536 4,533 4,520 4,551 4,549 4,571 4,586 4,607 4,598 4,594 4,615 4,723 1953—Jan.. Feb.. Mar. 3,390 3,401 3,482 3,554 3,619 3,701 3,778 3,827 3,875 3,896 3,943 4,038 457 462 478 494 506 522 531 537 543 545 539 538 314 317 323 330 335 341 347 350 357 357 363 370 189 189 194 198 206 211 217 223 231 238 246 247 2,430 2,433 2,487 2,532 2,572 2,627 2,683 2,717 2,744 2,756 2,795 2,883 1959—Jan... Feb.. Mar.. Apr.. May. June. July. . Aug.. Sept.. Oct... Nov.. Dec. 6,985 7,011 7,059 7,123 7,199 7,309 7,398 7,564 7,660 7,732 7,836 8,024 1,145 1,154 1,172 1,194 1,217 1,251 1,274 1,315 1,342 1,360 1,379 1,400 559 564 571 583 595 611 621 637 643 651 661 681 584 589 596 602 619 631 641 661 674 680 693 698 4,697 4,705 4,720 4,745 4,766 4,815 4,863 4,952 5,002 5,041 5,103 5,244 M^y! June. July. Aug. Sept. Oct.. Nov. Dec. For note see p. 51. 50 5. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS, 1919-63 — Continued [In millions of dollars] End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans End of month Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans I960—Jan... Feb.. Mar.. Apr.. May. June. July. . Aug.. Sept.. Oct.. Nov.. Dec.. 8,008 8,062 8,149 8,275 8,389 8,511 8,668 8,803 8,858 8,890 8,939 9,074 1,399 1,413 ,441 1,478 1,506 1,544 1,566 1,600 1,613 1,630 1,649 ,665 677 685 694 705 721 741 751 762 774 769 767 771 695 704 717 726 747 755 766 780 788 792 799 800 5,237 5,260 5,298 5,367 5,415 5,472 5,586 5,661 5,683 5,699 5,726 5,837 1962—Jan.. . Feb... Mar... Apr... May.. June.. July. . Aug... Sept... Oct.. . Nov... Dec... 9,561 9,559 9,623 9,735 9,858 9,991 10,080 10,236 10,283 10,324 10,423 10,583 1,800 1,805 1,831 1,871 1,906 1,949 1,982 2,029 2,044 2,067 2,088 2,111 733 729 725 726 729 739 738 747 746 746 743 751 816 803 804 798 811 815 812 824 820 816 818 815 6,212 6,222 6,263 6,340 6,412 6,488 6,548 6,636 6,673 6,695 6,774 6,906 1961—Jan.. . Feb.. Mar.. Apr.. May. June. July. . Aug.. Sept.. Oct.. Nov.. Dec.. 9,003 8,988 9,007 9,039 9,109 9,209 9,243 9,350 9,377 9,425 9,498 9,654 ,648 ,646 ,655 1,667 1,692 1,724 ,736 1,760 ,771 ,781 1,801 ,819 754 742 734 728 728 732 729 740 738 740 737 743 790 788 790 788 801 806 800 824 829 826 834 832 5,811 5,810 5,828 5,857 5,890 5,947 5,977 6,028 6,040 6,078 6,126 6,257 1963—Jan... Feb... Mar... Apr... May.. June.. July.. Aug... Sept... Oct... Nov... Dec... 10,538 10,559 10,621 10,761 10,911 11,078 11,197 11,368 11,469 11,583 11,674 11,859 2,095 2,102 2,123 2,165 2,208 2,253 2,283 2,316 2,330 2,355 2,369 2,394 748 746 747 755 764 777 789 799 802 815 822 835 805 800 804 809 825 833 842 860 864 869 874 870 6,890 6,911 6,947 7,032 7,114 7,215 7,283 7,393 7,473 7,544 7,609 7,760 NOTE.—Institutions represented are consumer finance cos., credit unions, industrial loan cos., mutual savings banks, savings and loan assns., and other lending institutions holding consumer instalment loans except commercial banks and sales finance cos. 51 6. INSTALMENT CREDIT HELD BY CONSUMER FINANCE COMPANIES, 1950-63 [In millions of dollars] End of period Total Automobile paper Other consumer goods paperi Personal loans 1950 1951 1952 1953 1954 1,286 1,555 1,866 2,137 2,257 125 133 155 156 129 128 154 207 240 234 1,033 1,268 1,504 1,741 1,894 1955 1956 1957 1958 1959 2,623 2,940 3,124 3,085 3,337 154 161 152 134 150 341 372 312 277 334 2,128 2,407 2,659 2,674 2,853 1960 1961 1962 1963 3,670 3,798 4,131 4,590 152 166 187 193 390 367 342 368 3,128 3,265 3,602 4,029 1950—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.. , Nov.. Dec. 948 944 951 960 972 991 1,006 1,019 1,192 1,215 1,230 1,286 67 68 71 74 76 80 83 84 119 120 122 125 77 77 78 79 81 84 87 93 120 125 123 128 804 799 802 807 815 827 836 842 953 970 985 1,033 1951—Jan... Feb.. Mar.. Apr.. May.. June.. July.. Aug.. Sept.. Oct... Nov.. Dec.. 1,296 1,305 1,330 !,341 1,361 1,387 1,412 1,433 1,463 1,452 ,480 1,555 123 123 125 125 129 130 132 134 134 132 130 133 129 128 129 128 128 129 132 137 143 143 145 154 1,044 1,054 1,076 1,088 1,104 1,128 1,148 1,162 1,186 1,177 1,205 1,268 1952—Jan... Feb.., Mar.. Apr.. May.. June.. July.. Aug... Sept.. Oct... Nov.., Dec... 1,563 ,571 ,589 ,624 ,652 ,698 ,731 ,751 ,761 ,776 ,788 ,866 132 131 132 136 139 143 145 146 148 151 151 155 154 156 158 167 170 180 186 188 194 199 199 207 1,277 ,284 1,299 ,321 1,343 ,375 1,400 ,417 1,419 ,426 ,438 1,504 1953—Jan... Feb... Mar.. Apr... May.. June.. July.. Aug... Sept.. Oct.. . Nov.., Dec... 1,895 1,888 1,916 1,942 1,957 1,992 2,029 2,042 2,051 2,052 2,070 2,137 156 155 159 162 165 167 168 167 166 166 159 156 210 211 214 217 219 223 227 228 232 232 235 240 ,529 ,522 ,543 ,563 1,573 ,602 ,634 ,647 ,653 ,654 ,676 1,741 1954—Jan... Feb.. . Mar.., 2,125 2,113 >,111 150 144 140 233 228 223 1,742 ,741 1,748 End of month For note see p. 53. 52 Total Automobile paper Other consumer goods paper1 Personal loans 1954_Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 2,126 2,126 2,144 2,158 2,157 2,169 2,171 2,184 2,257 139 138 139 138 137 135 132 129 129 222 219 219 217 215 221 225 226 234 1,765 1,769 1,786 1,803 1,805 1,813 1,814 1,829 1,894 1955_j a n .. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 2,254 2,265 2,291 2,332 2,352 2,398 2,423 2,449 2,464 2,482 2,523 2,623 128 131 137 141 145 148 153 156 155 155 155 154 230 231 235 246 254 273 281 291 300 309 322 341 1,896 1,903 1,919 1,945 1,953 1,977 1,989 2,003 2,008 2,018 2,046 2,128 1956—Jan.. Feb., Mar. Apr, May June July. Aug. Sept. Oct.. Nov. Dec. 2,632 2,657 2,687 2,715 2,740 2,774 2,811 2,843 2,839 2,847 2,863 2,940 154 155 156 158 160 164 166 166 164 163 163 161 344 349 353 355 362 367 370 375 374 377 372 372 2,134 2,153 2,179 2,202 2,217 2,244 2,275 2,302 2,301 2,308 2,328 2,407 1957_j a n .. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec.. 2,926 2,929 2,927 2,962 2,972 2,996 3,040 3,057 3,049 3,040 3,049 3,124 158 157 155 156 158 162 163 161 159 157 155 152 361 357 350 350 348 344 341 338 331 325 315 312 2,407 2,416 2,423 2,456 2,466 2,490 2,536 2,559 2,558 2,558 2,578 2,659 1958—Jan.. Feb.. Mar. Apr. May. June. July. Aug., Sept. Oct.. Nov. Dec. 3,106 3,086 3,061 3,059 3,039 3,037 3,038 3,033 3,012 2,999 2,999 3,085 148 145 142 140 140 139 139 140 138 136 135 134 304 294 283 278 274 272 271 271 271 272 271 in 2,654 2,647 2,636 2,641 2,624 2,626 2,628 2,623 2,604 2,590 2,592 2,674 1959—Jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct.. Nov. Dec. 3,074 3,064 3,057 3,056 3,054 3,073 3,100 3,140 3,157 3,175 3,215 3,337 134 134 134 135 135 138 140 145 146 146 148 150 21A 276 278 283 291 298 303 309 312 316 320 334 2,665 2,654 2,645 2,638 2,627 2,637 2,657 2,687 2,700 2,713 2,747 2,853 6. INSTALMENT CREDIT HELD BY CONSUMER FINANCE COMPANIES, 1950-63 — Continued [In millions of dollars] End of month Total Automobile paper Other consumer goods1 paper Personal loans End of month Total Automobile paper Other consumer goods paper1 Personal loans 1960—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct. Nov. Dec. 3,341 3,350 3,354 3,388 3,405 3,445 3,525 3,569 3,580 3,568 3,578 3,670 149 149 149 148 150 152 153 154 153 151 153 152 334 338 341 348 358 372 380 387 396 392 389 390 2,858 2,863 2,865 2,892 2,897 2,922 2,992 3,028 3,031 3,025 3,037 3,128 1962—Jan.. Feb.. Mar. Apr. May June, July. Aug. Sept. Oct.. Nov. Dec. 3,782 3,783 3,795 3,826 3,836 3,876 3,907 3,948 3,969 3,974 4,009 4,131 163 164 169 173 170 175 179 185 186 186 185 187 360 357 354 349 345 347 344 345 344 342 337 342 3,259 3,262 3,272 3,304 3,321 3,354 3,384 3,418 3,439 3,446 3,487 3,602 1961—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 3,645 3,621 3,603 3,606 3,607 3,622 3,633 3,659 3,650 3,671 3,684 3,798 151 149 148 148 152 154 153 154 155 157 160 166 378 368 361 355 354 354 353 370 365 366 363 367 3,116 3,103 3,094 3,103 3,102 3,114 3,126 3,136 3,130 3,148 3,161 3,265 1963—Jan.. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec, 4,134 4,138 4,139 4,174 4,191 4,241 4,276 4,329 4,381 4,425 4,461 4,590 187 188 188 190 191 193 193 194 192 191 189 193 341 337 335 335 336 340 346 349 350 357 360 368 3,606 3,613 3,616 3,649 3,664 3,708 3,737 3,786 3,839 3,877 3,912 4,029 1 Includes a small amount of home repair and modernization loans. 53 7. NONINSTALMENT CREDIT, 1919-63 [In millions of dollars] Singlepayment loans End of period Total Singlepayment loans Charge accounts Other DeOther Com- finanmerpartretail Credit cial cial ment 1 outlets cards2 instibanks tutions stores Service credit 1919. 1920. 1921. 1922. 1923. 1924. 1,842 1,995 2,047 2,119 2,284 2,379 245 285 332 354 432 474 61 69 72 76 80 87 209 227 211 226 238 245 1,089 1,152 1,147 1,165 1,218 1,237 238 262 285 298 316 336 1925. 1926. 1927.. 1928. 1929.. 2,600 2,864 3,025 3,323 3,592 577 645 705 817 920 94 100 107 111 120 253 259 254 251 260 1,296 1,442 1,511 1,650 1,736 380 418 448 494 556 1930 1931 1932 1933 1934 3,329 2,852 2,354 2,162 2,219 837 589 396 316 364 118 123 109 102 109 248 219 173 171 174 1,585 1,416 1,201 1,115 1,132 541 505 475 458 440 1935 1936 1937 1938 1939 2,373 2,628 2,830 2,684 2,719 441 571 647 615 625 120 127 145 158 162 188 204 215 223 236 1,166 1,224 1,289 1,180 1,178 458 502 534 508 518 1940 1941 1942 1943 1944 2,824 3,087 2,817 2,765 2,935 636 693 593 521 553 164 152 120 92 71 251 275 217 217 256 1,220 1,370 1,227 1,223 1,261 553 597 660 712 794 1945. 1946. 1947. 1948. 1949. 3,203 4,212 4,903 5,451 5,774 674 1,008 1,203 ,261 ,334 72 114 153 184 198 290 452 532 575 587 1,322 1,624 1,821 2,098 2,208 28 49 59 845 1,014 1,166 1,284 1,388 1950. 1951. 1952. 1953. 1954. 6,768 7,418 8,117 8,388 8,896 ,576 ,684 ,844 ,899 2,096 245 250 276 288 312 650 698 728 772 793 2,641 2,907 3,283 3,352 3,515 76 95 119 150 177 1,580 1,784 1,867 1,927 2,003 1955.. 1956.. 1957.. 1958.. 1959.. 9,924 10,614 11,103 11,487 12,297 2,635 2,843 2,937 3,156 3,582 367 410 427 471 547 862 893 876 907 958 3,717 3,842 3,953 3,808 3,753 216 260 317 345 393 2,127 2,366 2,593 2,800 3,064 1960. 1961. 1962. 1963. 13,196 14,151 15,130 16,145 3,884 4,413 4,690 5,047 623 723 766 912 941 948 927 895 3,952 3,907 4,252 4,456 436 469 505 520 3,360 3,691 3,990 4,315 1940—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,561 2,433 2,442 2,490 2,565 2,589 2,539 2,563 2,582 2,628 2,637 2,824 618 612 608 605 606 608 608 612 618 624 630 636 162 159 156 156 156 156 158 158 160 163 163 164 186 163 166 166 170 167 146 151 177 187 195 251 1,066 958 960 1,001 1,054 1,073 1,046 1,056 1,045 1,082 1,088 1,220 529 541 552 562 579 585 581 586 582 572 561 553 1941—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,671 2,552 2,568 2,670 2,792 2,829 2,802 2,859 2,913 2,928 2,897 3,087 636 634 633 641 658 665 663 663 666 675 685 693 165 165 162 165 168 167 166 165 164 161 157 152 200 176 175 188 191 187 166 182 211 216 219 275 1,110 1,001 1,009 1,077 1,157 1,184 1,182 1,224 1,246 1,260 1,230 1,370 560 576 589 599 618 626 625 625 626 616 606 597 For notes see p. 56. 54 End of month Total Charge accounts Other DeCom- financial partmerinstiment1 cial banks tutions stores Other retail Credit outlets cards* 1942—Jan. Feb. Mar. Apr. May June July Aug. Sept Oct. Nov Dec. 2,955 2,801 2,783 2,817 2,830 2,758 2,656 2,631 2,666 2,716 2,687 2,817 684 678 674 666 653 640 628 621 614 608 604 593 149 145 142 137 135 131 131 129 128 126 124 120 234 207 210 213 197 165 127 127 150 162 167 217 1,282 1,153 1,133 1,170 1,191 1,163 1,117 1,100 1,117 1,166 1,133 1,227 1943—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,638 2,543 2,541 2,601 2,636 2,641 2,569 2,537 2,582 2,642 2,657 2,765 582 567 561 560 557 546 528 522 539 554 554 521 118 115 112 111 108 106 103 99 98 96 93 92 166 156 154 156 150 152 127 125 148 162 179 217 1,109 1,023 1,019 1,067 1,090 1,100 1,083 1,066 1,075 1,115 1,116 1,223 1944__jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,570 2,457 2,497 2,563 2,672 2,707 2,653 2,649 2,683 2,723 2,764 2,935 499 484 486 502 525 555 556 553 547 552 553 553 90 88 86 86 83 82 80 79 76 75 73 71 163 142 158 157 163 156 134 139 163 180 204 256 1,105 1,006 1,015 1,053 1,102 1,106 1,085 1,082 1,104 1,128 1,140 1,261 1945—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 2,751 2,623 2,691 2,690 2,771 2,825 2,780 2,768 2,776 2,876 2,968 3,203 550 547 547 567 595 626 633 628 618 622 642 674 70 70 70 70 70 71 69 69 69 70 71 72 194 169 193 177 175 177 152 152 171 199 227 290 1,149 1,028 1,062 1,050 1,077 1,091 1,078 1,078 1,082 1,152 1,188 1,322 1946—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 3,086 3,046 3,172 3,331 3,469 3,515 3,482 3,597 3,693 3,812 3,949 4,212 702 730 759 787 808 823 840 864 893 926 964 1,008 76 78 82 85 89 92 96 101 104 107 112 114 217 201 228 252 259 267 239 255 291 315 354 452 1,246 1,160 1,191 1,273 1,333 1,338 1,322 1,388 1,413 1,473 1,515 1,624 1947__jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 4,008 3,894 3,972 4,086 4,251 4,276 4,214 4,225 4,351 4,485 4,579 4,903 1,042 1,061 1,070 1,080 1,098 1,120 1,138 1,152 1,163 1,178 1,192 1,203 117 118 120 123 126 127 124 129 136 146 150 153 353 310 323 329 337 333 294 293 336 365 412 532 1,476 1,351 1,374 1,448 1,538 1,524 1,493 1,485 lr544 l!655 1,821 28 7. NONINSTALMENT CREDIT, 1919-63 — Continued [In millions of dollars] Singlepayment loans End of month Total Singlepayment loans Charge accounts Other DeOther Com- finanretail Credit mercial partcial instiment1 outlets cards2 banks tutions stores Service credit End of month 258 267 281 275 367 329 289 301 314 285 334 312 627 544 500 519 517 514 464 462 505 536 596 793 3,160 2,852 2,757 2,930 3,010 3,047 3,050 3,006 3,021 3,104 3,189 3,515 177 1,987 2,019 2,011 2,024 2,010 1,984 1,979 1,963 1,950 1,933 1,944 2,003 8,426 8,151 8,048 8,320 8,491 8,624 8,470 8,545 8,666 8,803 9,078 9,924 2,064 2,108 2,144 2,202 2,244 2,356 2,354 2,396 2,417 2,479 2,552 2,635 301 323 350 314 377 370 309 333 366 331 388 367 648 556 527 547 554 540 494 495 542 587 645 862 3,338 3,009 2,908 3,117 3,205 3,256 3,225 3,249 3,289 3,374 3,434 3,717 216 2,075 2,155 2,119 2,140 2,111 2,102 2,088 2,072 2,052 2,032 2,059 2,127 9,383 8,997 9,076 9,222 9,527 9,617 9,402 9,446 9,609 9,591 9,861 10,614 2,635 2,630 2,688 2,731 2,780 2,814 2,811 2,811 2,833 2,785 2,774 2,843 288 303 361 356 471 426 347 372 406 384 484 410 706 596 579 573 585 573 522 529 586 610 670 893 3,525 3,191 3,152 3,223 3,381 3,504 3,436 3,464 3,505 3,570 3,657 3,842 260 2,229 2,277 2,296 2,339 2,310 2,300 2,286 2,270 2,279 2,242 2,276 2,366 June July Aug. Sept. Oct. Nov. Dec. 10,052 9,703 9,615 9,889 10,174 10,221 10,070 10,150 10,163 10,120 10,280 11,103 2,817 2,828 2,839 2,872 2,934 2,954 2,910 2,903 2,911 2,881 2,877 2,937 388 414 452 432 503 462 418 445 454 411 438 427 723 611 566 592 593 579 533 535 588 612 658 876 3,721 3,369 3,261 3,448 3,618 3,693 3,696 3,757 3,708 3,751 3,800 317 3,953 2,403 2,481 2,497 2,545 2,526 2,533 2,513 2,510 2,502 2,465 2,507 2,593 1,775 1,816 1,834 1,849 1,860 1,874 1,878 1,883 1,889 1,868 1,865 1,867 1958—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 10,588 10,097 9,903 10,096 10,374 10,410 10,248 10,332 10,395 10,449 10,630 11,487 2,909 2,908 2,904 2,926 2,972 3,045 3,022 3,042 3,034 3,054 3,087 3,156 453 464 465 438 480 454 420 456 485 443 All 471 725 601 573 580 584 575 533 546 600 623 669 907 3,544 3,111 2,945 3,108 3,313 3,304 3,242 3,230 3,228 3,329 3,364 3,808 328 312 309 311 307 323 339 360 362 347 337 345 2,629 2,701 2,707 2,733 2,718 2,709 2,692 2,698 2,686 2,653 2,696 2,800 1,857 1,871 1,873 1,898 1,924 1,939 1,944 1,962 1,970 1,943 1,939 1,927 1959—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 11,086 10,764 10,714 10,925 11,219 11,322 11,203 11,244 11,284 11,310 11,503 12,297 3,139 3,189 3,218 3,306 3,356 3,440 3,434 3,461 3,489 3,500 3,514 3,582 442 486 511 483 541 522 493 538 557 512 561 547 757 637 608 601 609 599 558 561 605 646 716 958 3,533 3,163 3,083 3,193 3,387 3,434 3,380 3,325 3,287 3,358 3,363 3,753 358 349 349 351 345 353 382 395 396 374 380 393 2,857 2,940 2,945 2,991 2,981 2,974 2,956 2,964 2,950 2,920 2,969 3,064 1,219 1,229 1,237 1,242 1,252 1,261 1,255 1,254 1,249 1,251 1,254 1,261 148 154 163 162 177 176 168 168 181 174 186 184 416 366 385 387 390 390 339 336 383 421 448 575 1,702 1,528 1,552 1,649 1,732 1,786 1,793 1,783 1,832 1,908 1,930 2,098 49 1,169 1,197 1,219 1,249 1,275 1,287 1,293 1,301 1,304 1,302 1,293 1,284 1954—Jan. Feb. Mar. Apr. 1949—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,110 4,847 4,822 4,985 5,074 5,094 4,993 5,002 5,134 5,239 5,354 5,774 1,265 1,260 1,248 1,235 1,235 1,245 1,254 1,262 1,265 1,287 1,308 1,334 177 179 184 184 201 196 184 185 197 192 211 198 450 383 371 389 392 384 336 332 375 393 438 587 1,930 1,720 1,697 1,823 1,874 1,888 1,833 1,838 1,903 1,976 2,013 2,208 59 1,288 1,305 1,322 1,354 1,372 1,381 1,386 1,385 1,394 1,391 1,384 1,388 1955—Jan. Feb. Mar. Apr. 1950—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 5,418 5,177 5,221 5,433 5,664 5,755 5,909 6,038 6,155 6,213 6,307 6,768 1,340 1,346 1,357 1,392 1,422 1,442 1,445 1,448 1,471 1,510 1,551 1,576 186 181 189 184 224 201 224 235 227 260 320 245 459 394 383 394 403 400 380 395 434 448 484 650 2,050 1,851 1,872 1,994 2,115 2,181 2,297 2,392 2,445 2,434 2,392 2,641 76 1,383 1,405 1,420 1,469 1,500 1,531 1,563 1,568 1,578 1,561 1,560 1,580 1956—Jan. Feb. Mar. Apr. 1951—Jan. Feb. Mar. Apr. 6,603 6,418 6,479 6,502 6,653 6,650 6,524 6,542 6,651 6,818 6,986 7,418 7,040 6,836 6,787 6,971 7,186 7,214 7,102 7,123 7,222 7,365 7,506 8,117 1,598 1,622 1,648 1,664 1,673 1,678 1,663 1,661 1,660 1,667 1,672 1,684 228 240 258 259 300 260 261 255 252 264 305 250 556 489 473 457 465 452 407 409 449 481 538 698 2,633 2,437 2,436 2,425 2,491 2,503 2,423 2,447 2,497 2,633 2,705 2,907 95 1,588 1,630 1,664 1,697 1,724 1,757 1,770 1,770 1,793 1,773 1,766 1,784 1957—Jan. Feb. Mar. Apr. 1,717 1,742 1,758 1,769 1,777 1,798 1,791 1,789 1,789 1,796 1,814 1,844 224 245 251 252 296 275 248 251 258 249 312 276 564 490 466 481 485 478 428 432 471 511 549 728 2,760 2,543 2,478 2,620 2,768 2,789 2,757 2,768 2,815 2,941 2,966 3,283 119 7,744 7,351 7,388 7,556 7,750 7,693 7,507 7,548 7,616 7,734 7,763 8,388 1,878 1,887 1,960 1,984 1,985 1,922 1,839 1,888 1,883 1,901 1,839 1,899 293 257 281 291 341 302 271 280 289 277 316 288 586 503 492 487 498 492 458 454 501 525 580 772 3,130 2,833 2,782 2,896 3,002 3,038 2,995 2,964 2,973 3,088 3,089 3,352 150 1953—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. For notes see p. 56. Service credit ,880 ,841 ,845 ,883 ,918 ,977 ,991 1,989 2,002 2,074 2,057 2,096 4,654 4,474 4,556 4,689 4,826 4,900 4,848 4,842 4,949 5,056 5,111 5,451 May Other DeOther Com- finanretail Credit mercial partcial instiment1 outlets cards2 banks tutions stores 7,912 7,523 7,394 7,631 7,822 7,851 7,773 7,721 7,792 7,932 8,120 8,896 1948—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. June July Aug. Sept. Oct. Nov. Dec. 1952—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total Charge accounts 55 May June July Aug. Sept. Oct. Nov. Dec. May June July Aug. Sept. Oct. Nov. Dec. May June July Aug. Sept. Oct. Nov. Dec. May 7. NONINSTALMENT CREDIT, 1919-63 — Continued [In millions of dollars] Singlepayment loans End of month Total Commercial banks Singlepayment loans Charge accounts Other finanDecial partinstiment tutions stores1 End of month Service credit Other retail outlets Credit cards2 Total Commercial banks Charge accounts Service credit Other finanDecial partment institutions stores1 Other retail outlets Credit cards2 I960—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 11,807 11,532 11,445 11,889 12,086 12,167 12,034 12,023 12,091 12,138 12,325 13,196 3,543 3,572 3,591 3,675 3,690 3,754 3,747 3,752 3,824 3,813 3,844 3,884 516 574 634 605 696 630 626 649 636 619 634 623 824 685 622 656 646 633 584 584 625 661 709 941 3,408 3,110 3,006 3,289 3,398 3,488 3,397 3,349 3,328 3,406 3,463 3,952 393 385 388 383 391 408 432 457 458 437 433 436 3,123 3,206 3,204 3,281 3,265 3,254 3,248 3,232 3,220 3,202 3,242 3,360 1962—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 13,501 13,105 13,135 13,504 13,835 13,903 13,715 13,817 13,885 13,915 14,151 15,130 4,240 4,294 4,391 4,544 4,614 4,671 4,659 4,653 4,660 4,653 4,669 4,690 684 682 734 671 749 715 692 748 743 702 751 766 804 635 594 620 636 612 569 570 614 638 688 927 3,563 3,185 3,119 3,305 3,496 3,553 3,442 3,483 3,500 3,619 3,696 4,252 479 472 455 450 464 479 500 527 528 511 500 505 3,731 3,837 3,842 3,914 3,876 3,873 3,853 3,836 3,840 3,792 3,847 3,990 1961—Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. 12,667 12,269 12,258 12,399 12,647 12,726 12,609 12,720 12,815 12,846 13,178 14,151 3,882 3,927 3,925 3,970 4,028 4,090 4,133 4,161 4,221 4,247 4,312 4,413 620 644 683 615 684 648 599 662 695 647 713 723 810 669 637 631 634 624 574 589 623 656 717 948 3,506 3,085 3,079 3,172 3,321 3,380 3,296 3,280 3,260 3,321 3,424 3,907 438 433 425 426 420 436 457 491 483 471 460 469 3,411 3,511 3,509 3,585 3,560 3,548 3,550 3,537 3,533 3,504 3,552 3,691 1963—Jan. Feb. Mar. Apr. May June July Aug. Sept. - Oct. Nov. Dec. 14,542 14,137 14,074 14,361 14,651 14,680 Ur§9? 14-7-83. M 820 14^44 1*7051 I£rl4$ 4,685 4,713 4,727 4,793 4,836 4,893 4,874 4,879 4,927 4,952 4,987 5,047 745 766 812 769 838 816 809 910 917 878 907 912 775 646 587 603 610 599 555 579 620 639 667 895 3,802 3,376 3,308 3,505 3,699 3,689 3,682 3,713 3,667 3,743 3,817 4,456 494 489 479 473 484 495 523 547 546 516 515 520 4,041 4,147 4,161 4,218 4,184 4,188 4,154 4,154 4,143 4,103 4,158 4,315 1 2 Includes mail-order houses. Service station and miscellaneous credit-card accounts and home-heating-oil accounts. 56 8. INSTALMENT CREDIT EXTENDED AND REPAID A. TYPE OF CREDIT: N.S.A., 1940-63 [In millions of dollars] To tal Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Period Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 2,588 2,929 2,176 1,985 1,957 2,381 2,827 2,910 2,361 1,985 328 312 142 102 124 255 307 263 227 135 2,217 2,361 1,899 1,738 1,883 2,060 2,284 2,247 1,880 1,846 2,024 3,077 4,498 5,383 5,865 1,999 2,603 3,645 4,625 5,060 206 423 704 714 734 143' 1,443 2,749 4,123 5,430 200 391 579 689 2,150 3,026 3,819 4,271 4,542 2,010 2,539 3,405 3,957 4,335 8,530 8,956 11,764 12,981 11,807 7,011 9,058 10,003 10,879 11,833 7,150 7,485 9,186 9,227 9,117 6,057 7,404 7,892 8,622 9,145 835 841 ,217 1,344 ,261 717 772 917 1,119 1,255 5,043 6,294 7,347 8,006 8,866 4,660 5,751 6,593 7,336 8,255 33,634 37,054 39,868 40,344 42,603 16,734 15,515 16,465 14,226 17,779 13,082 14,555 15,545 15,415 15,579 10,642 11,721 11,807 11,747 13,982 9,752 10,756 11,569 11,563 12,402 ,393 1,582 ,674 1,871 2,222 1,316 1,370 1,477 1,626 1,765 10,203 11,051 12,069 12,275 14,070 9,484 10,373 11,276 11,741 12,857 49,560 48,396 55,126 60,822 45,972 47,700 50,620 55,1H 17,654 16,007 19,796 22,013 16,384 16,472 17,478 19,354 14,470 14,578 15,685 17,007 13,574 14,246 14,939 15,846 2,213 2,068 2,051 2,178 1,883 2,015 1,996 2,035 15,223 15,744 17,594 19,624 14,130 14,967 16,206 17,876 1940—Jan.. Feb., Mar. Apr. May, June, July. Aug. Sept. Oct.. Nov. Dec. 530 533 646 711 756 757 674 684 634 724 732 838 546 542 576 581 593 595 610 608 604 650 635 668 198 210 244 279 301 304 272 247 218 265 270 278 179 180 192 192 201 211 217 220 225 232 230 233 150 143 195 222 233 232 188 220 211 237 251 306 194 188 195 194 196 194 197 199 194 207 211 212 18 16 17 25 26 29 31 36 38 34 30 28 19 18 20 20 21 21 23 21 24 29 18 21 164 164 190 185 196 192 183 181 167 188 181 226 154 156 169 175 175 169 173 168 161 182 176 202 1941_jan.. Feb. Mar. May June July. Aug. Sept. Oct.. Nov. Dec. 648 664 822 943 988 919 857 844 681 650 631 778 667 632 736 691 731 746 751 758 768 783 755 836 280 274 360 418 437 431 384 325 252 221 203 238 239 227 284 259 270 299 302 287 324 309 296 340 156 184 223 283 304 254 245 279 239 224 234 304 225 210 226 217 236 230 235 247 247 254 245 255 23 22 20 28 29 30 28 33 35 28 18 18 25 22 27 24 26 26 26 26 27 27 27 24 189 184 219 214 218 204 200 207 155 177 176 218 178 173 199 191 199 191 188 198 170 193 187 217 1942—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 484 449 580 506 437 411 388 400 381 389 363 451 773 718 771 731 707 702 673 674 623 627 565 594 125 102 122 97 90 89 89 93 71 55 48 41 287 270 269 254 239 235 227 230 206 191 166 164 182 177 233 218 183 143 135 149 162 187 176 231 264 242 259 255 256 247 236 232 226 240 223 230 13 12 16 17 14 9 9 9 9 11 10 13 28 25 30 27 27 23 25 22 14 17 11 14 164 158 209 174 150 170 155 149 139 136 129 166 194 181 213 195 185 197 185 190 177 179 165 186 1943_Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 292 302 410 389 364 410 356 369 403 398 413 481 538 509 557 501 477 476 447 428 421 420 417 426 41 46 66 65 66 72 68 73 75 63 63 64 137 124 135 109 98 99 88 80 76 68 67 68 134 136 155 178 160 162 143 148 164 184 196 225 230 207 212 206 205 197 189 180 174 186 189 186 7 6 6 8 9 10 9 9 11 9 10 8 14 24 25 24 21 20 19 19 16 16 16 13 110 114 183 138 129 166 136 139 153 142 144 184 157 154 185 162 153 160 151 149 155 150 145 159 1940 1941 1942 1943 1944 8,219 9,425 5,239 4,587 4,894 7,208 8,854 8,158 5,617 4,854 3,086 3,823 1,022 1945 1946 1947 1948 1949 5,379 8,495 12,713 15,585 18,108 5,093 6,785 10,190 13,284 15,514 999 941 1,969 3,692 5,217 6,967 1950 1951 1952 1953 1954 21,558 23,576 29,514 31,558 31,051 18,445 22,985 25,405 27,956 30,488 1955 1956 1957 1958 1959 38,972 39,868 42,016 40,119 48,052 1960 1961 1962 1963 762 930 2,512 3,436 2,738 1,149 888 57 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued A. TYPE OF CREDIT: N.S.A., 1940-63 — Continued [In millions of dollars] Month Extended Other consumer goods paper Automobile paper Total Repaid Extended Repaid Extended Repair and modernization loans Repaid Extended Repaid Personal loans Extended 1944_Jan... Feb... Mar.. Apr.., May. June. July.. Aug.. Sept.. Oct... Nov.. Dec.. 307 323 444 366 419 420 394 410 404 434 448 525 399 384 428 383 409 397 390 406 397 416 417 428 58 60 78 76 91 91 94 89 76 78 71 68 67 63 76 69 77 72 76 81 78 80 76 73 120 123 158 149 163 149 132 154 166 197 205 241 174 167 173 160 166 156 149 156 158 172 176 178 7 7 8 8 9 12 10 13 12 12 12 14 13 11 12 12 12 11 10 11 11 12 9 11 122 133 200 133 156 168 158 154 150 147 160 202 1945—Jan... Feb.. Mar.. May! June. July.. Aug.. Sept.. Oct.., Nov.. Dec.. 355 334 472 393 423 445 408 410 420 525 554 640 415 391 441 405 414 417 407 415 405 452 460 471 66 65 85 73 74 87 85 81 84 97 100 102 78 75 80 74 75 80 78 79 75 86 82 79 137 124 172 146 155 155 137 149 154 210 222 263 174 163 174 161 165 158 153 156 152 175 186 182 11 10 13 15 17 20 17 19 18 22 23 21 10 8 9 14 10 12 12 13 15 12 14 14 141 135 202 159 177 183 169 161 164 196 209 254 1946—Jan... Feb... Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec.. 495 502 620 672 679 661 696 744 721 825 843 1,037 474 456 518 516 538 534 574 582 584 646 645 718 112 112 133 156 161 152 166 178 179 200 193 227 92 92 103 103 112 114 123 127 132 147 138 160 175 179 214 242 247 231 23$ 256 257 308 322 407 191 183 197 202 208 205 215 217 223 245 252 265 20 22 30 33 34 36 37 43 40 46 43 39 12 13 16 16 17 17 17 18 18 20 21 15 188 189 243 241 237 242 254 267 245 271 285 364 1947_Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct.. Nov.. Dec. 806 790 981 1,020 1,040 1,056 1,029 1,003 1,089 1,167 1,239 1,493 687 673 776 779 811 842 870 842 940 955 952 1,063 232 236 290 306 303 306 315 299 324 341 354 386 164 159 191 209 207 220 247 235 270 280 271 296 266 259 329 347 367 369 328 333 390 424 477 609 269 248 283 274 297 305 298 297 332 329 342 371 36 37 43 54 59 62 62 66 75 80 65 65 19 33 26 23 31 28 30 30 36 47 39 49 272 258 319 313 311 319 324 305 300 322 343 433 1948—Jan... Feb... Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... Nov.. Dec. 1,110 1,034 1,360 1,349 1,307 1,363 1,343 1,360 1,390 1,182 1,268 1,519 992 949 1,080 1,050 1,081 1,164 1,137 1,142 1,167 1,134 1,160 1,228 365 348 480 467 417 454 483 499 487 378 408 431 282 273 316 317 324 366 359 380 396 355 368 387 372 336 432 458 472 469 429 444 493 428 452 598 356 354 369 369 390 412 387 379 392 403 403 411 51 48 58 70 70 61 58 62 63 60 62 51 56 41 44 41 45 47 49 52 49 51 51 53 322 302 390 354 348 379 373 355 347 316 346 439 1949—Jan... Feb.. Mar.. 1,066 1,097 1,428 1,480 1,568 1,598 1,484 1,636 1,561 1,633 1,666 1,891 1,170 1,134 1,309 1,249 1,264 1,321 1,274 1,342 1,290 1,347 1,378 1,436 372 389 580 599 634 622 607 682 622 642 634 584 380 361 439 420 432 463 445 486 476 500 511 517 330 366 409 452 501 506 440 487 509 557 558 750 397 399 437 417 426 447 408 425 406 432 430 436 39 38 51 52 62 73 55 82 67 75 77 63 62 58 59 52 51 52 57 60 58 59 61 60 325 304 388 377 371 397 382 385 363 359 397 MPay! June. July.. Aug.. Sept.. Oct.. Nov., Dec. 58 494 Repaid 8. INSTALMENT CREDIT EXTENDED AND REPAID - Continued A. TYPE OF CREDIT:, N.S.A., 1940·63 - Cootinued [In millions of dollars] Month Total Extended Automobile paper Repaid Extended Repaid Other consumer goods paper Extended Repaid Repair and modernization loans Extended Repaid Personal loans Extended Repaid 1950--Jan................. Feb................. Mar...•............ Apr....•............ May ..•............. June ................ July ................ Aug ................ Sept................ Oct................. Nov .............. ,. Dec................. 1,414 1,448 1,159 1,668 1,906 2,023 2,019 2,011 2,030 1,162 1,528 1,864 1,405 1,378 1,540 1,420 1,508 1,521 1,531 1,610 1,623 1,644 1,606 1,653 576 611 142 688 118 815 901 829 800 661 524 545 518 501 591 532 582 591 580 622 641 640 603 604 428 443 534 525 604 589 652 105 140 630 534 166 463 411 481 455 411 412 491 515 543 565 551 555 53 56 48 58 82 86 90 91 80 80 63 48 62 58 63 58 57 61 61 65 55 62 56 53 357 338 435 391 442 473 436 452 410 391 401 505 362 342 399 315 392 403 387 408 384 311 390 441 1951-Jan................. Feb.............•... Mar................ Apr................. May ................ June ................ July ................ Aug ................ Sept...•............ Oct................. Nov ................ Dec................. 1,614 1,508 1,816 1,130 1,940 1,949 1,860 2,248 2,082 2,221 2,112 2,430 1,153 1,663 1,843 1,191 1,885 1,888 1,928 1,995 1,938 2,167 2,052 2,082 582 541 662 615 197 801 180 951 833 830 168 130 612 615 691 611 738 143 184 835 184 892 815 806 523 502 560 511 556 540 490 665 682 154 145 957 595 590 608 600 613 592 594 641 665 651 649 51 44 57 61 15 11 12 19 16 93 83 19 66 51 58 59 62 10 63 62 60 14 65 16 458 421 537 483 512 531 518 553 491 550 516 664 420 401 480 455 412 483 481 498 441 536 521 551 1952-Jan................. Feb................. Mar ..•............. Apr.............. ". May ................ June ...•............ July ................ Aug ................ Sept•............... Oct............... ,. Nov ................ Dec................. 1,926 1,895 2,111 2,258 2,119 2,844 2,644 2,341 2,451 2,164 2,435 3,126 2,099 1,986 2,109 2,056 2,119 2,090 2,188 2,056 2,111 2,211 2,012 2,302 161 154 806 895 1,171 1,251 1,108 860 951 1,101 989 1,099 858 181 830 803 844 838 892 192 842 869 118 810 561 559 639 686 190 806 119 161 198 910 150 1,135 671 652 615 666 645 611 647 648 650 684 664 613 62 64 11 89 109 116 116 118 124 133 114 101 13 65 13 69 68 14 14 80 81 85 85 90 530 518 595 588 643 671 641 596 518 614 582 191 497 482 531 518 562 561 575 536 538 519 545 669 1953-Jan ................. Feb....•............ Mar................ Apr................. May ................ June ................ July ................ Aug ................ Sept ................ Oct ................. Nov ................ Dec....•............ 2,382 2,252 2,841 2,130 2,706 2,814 2,146 2,561 2,529 2,643 2,464 2,818 2,199 2,118 2,411 2,329 2,241 2,363 2,326 2,308 2,358 2,451 2,313 2,521 I,~ 1,221 1,200 1,162 1,162 1,115 1,081 1,045 1,018 935 914 840 802 923 904 859 911 902 918 950 915 912 911 682 605 183 112 118 822 141 123 133 196 164 1,028 111 680 153 148 102 135 691 691 123 153 701 134 91 19 109 109 116 128 126 122 123 129 114 98 96 18 98 89 81 91 98 98 90 101 90 91 603 512 128 649 650 102 104 641 628 651 838 552 558 643 588 593 614 635 601 595 628 610 719 1954-Jan ................. Feb................. Mar................ Apr................. May .•.............. June ................ July ................ Aug ................ Sept................ Oct................. Nov ................ Dec................. 2,035 2,115 2,502 2,514 2,501 2,821 2,685 2,623 2,582 2,601 2,121 3,321 2,402 2,388 2,101 2,467 2,446 2,594 2,528 2,541 2,519 2,529 2,625 2,142 131 161 961 911 919 1,169 1,091 1,056 1,001 912 979 1,118 922 914 1,055 964 936 1,024 919 1,009 989 985 1,021 1,029 608 658 614 110 109 161 134 121 140 806 844 1,146 165 190 833 145 149 162 161 141 736 144 741 112 14 83 101 104 120 108 109 111 120 89 91 114 100 100 101 106 101 106 113 105 116 110 616 613 166 123 699 183 145 129 121 718 190 963 626 587 108 658 660 102 681 685 681 695 135 831 1955-Jan................. Feb.•....•.......... Mar................ Apr................. May ................ June ................ July ................ Aug ................ Sept. ............... Oct................. Nov ................ Dec............... ,. 2,506 2,580 3,308 3,263 3,346 3,605 3,264 3,558 3,343 3,191 3,250 3,151 2,562 2,488 2,866 2,118 2,133 2,840 2,132 2,922 2,851 2,940 2,961 3,020 999 1,101 1,419 1,418 1,512 1,656 1,501 1,651 1,500 1,344 1,211 1,302 941 934 1,091 1,032 1,054 1,116 1,060 1,112 1,145 1,115 1,192 1,159 103 661 831 854 810 913 836 914 890 911 915 1,285 186 166 840 812 801 808 195 834 814 843 821 826 61 76 99 108 124 129 111 140 138 139 133 123 109 98 118 103 110 109 103 112 110 114 119 111 131 142 899 883 840 901 811 854 814 191 811 1,047 120 690 811 171 168 801 114 804 181 808 824 924 59 600 III III 640 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued A. TYPE OF CREDIT: N.S.A., 1940-63 — Continued [In millions of dollars] Month Total Extended Automobile paper Repaid Extended Repaid Other consumer goods paper Extended Repaid 1956—Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec. 2,878 2,919 3,298 3,328 3,466 3,448 3,334 3,530 3,014 3,430 3,431 3,791 2,996 2,882 3,104 3,016 3,122 3,062 3,091 3,163 2,924 3,294 3,183 3,216 1,191 1,233 1,373 1,342 1,405 ,388 ,335 ,389 ,152 ,287 ,222 ,195 1,177 ,142 ,208 ,196 ,240 ,193 ,210 ,241 ,147 ,339 ,254 ,208 1957__jan.. Feb.. Mar. M^y! June. July. Aug. Sept. Oct.. Nov. Dec. 3,083 2,946 3,324 3,556 3,729 3,626 3,811 3,656 3,354 3,510 3,387 4,034 3,335 3,043 3,299 3,312 3,356 3,199 3,458 3,348 3,251 3,429 3,315 3,523 ,248 ,202 ,368 ,450 ,497 1,475 ,542 ,446 ,343 ,386 ,224 ,284 ,304 ,189 ,280 ,298 ,313 ,241 ,356 ,294 ,290 ,371 1,272 1,337 1958—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec 3,062 2,717 3,131 3,305 3,342 3,445 3,452 3,350 3,256 3,459 3,308 4,293 3,441 3,153 3,458 3,359 3,322 3,344 3,381 3,262 3,348 3,480 3,233 3,563 ,180 ,019 ,098 ,216 ,206 ,263 ,286 ,203 ,110 1,181 ,097 1,368 1,344 ,214 ,326 ,311 ,277 ,278 ,302 ,247 ,289 ,343 ,187 ,298 1959_jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec, 3,317 3,249 3,783 4,017 4,037 4,396 4,273 4,134 4,074 4,167 3,940 4,666 3,393 3,243 3,566 3,495 3,443 3,620 3,640 3,503 3,552 3,687 3,590 3,870 ,242 1,252 1,479 1,579 1,563 1,759 1,700 1,584 1,502 ,545 ,302 ,271 ,224 ,191 ,329 ,273 ,252 ,333 ,352 ,288 ,320 ,366 ,295 ,358 940 884 1,030 1,015 1,106 1,147 1,196 1,143 1,164 1,181 1,248 ,248 [,708 I960—Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec. 3,531 3,688 4,162 4,415 4,290 4,519 4,097 4,326 3,992 3,957 4,019 4,563 3,427 3,190 3,920 3,737 4,224 4,367 3,954 4,294 3,843 4,291 4,312 4,835 3,640 3,644 3,931 3,811 3,821 3,900 3,752 3,944 3,801 3,873 3,883 3,971 ,260 ,408 ,615 ,678 ,639 1,711 1,454 ,555 ,354 1,381 ,362 1,236 ,291 ,307 ,420 ,339 ,386 ,396 ,323 ,432 ,357 ,424 ,372 ,337 ,042 1,106 1,206 [,192 1,281 1,118 L201 1,206 1,229 1,238 1,675 3,915 3,660 4,126 3,784 4,063 4,064 3,901 4,079 3,864 4,131 4,071 4,041 ,138 1,054 1,334 1,251 1,466 1,533 1,390 1,422 1,186 ,481 1,433 1,320 ,372 1,266 1,436 1,304 1,410 1,403 ,377 1,414 1,345 1,462 ,375 ,307 1961—Jan.. Feb.. Mar. Apr., May June July. Aug. Sept. Oct.. Nov. Dec 60 777 764 851 927 982 979 932 1,019 907 1,088 1,124 1,369 831 768 862 910 1,042 1,002 1,028 1,027 944 995 1,028 1,370 794 714 910 878 1,001 968 959 966 974 1,084 1,061 1,438 975 1,018 886 1,104 1,073 1,218 1,232 1,129 1,256 1,231 1,312 1,323 1,795 Repair and modernization loans Extended Repaid 893 851 904 868 898 882 893 909 868 947 924 920 94 104 120 131 153 140 139 150 139 156 140 116 121 1,016 105 110 123 133 161 144 157 165 153 156 139 128 120 114 116 119 126 116 132 122 128 127 122 133 125 111 129 148 166 167 167 172 183 183 165 154 131 126 135 137 127 142 141 129 143 145 132 139 1,039 1,036 1,007 1,033 1,028 ,005 ,039 ,077 ,043 ,091 124 131 166 181 205 206 209 212 207 204 195 179 139 129 144 147 145 151 151 154 148 154 154 147 ,124 ,100 ,164 ,134 ,128 ,149 1,084 ,137 ,119 1,140 ,143 1,153 136 159 177 190 217 213 194 219 192 186 176 154 144 148 159 150 154 163 [,191 1,115 1,239 1,164 1,206 1,198 1,142 1,200 [,162 1,225 1,203 [,200 129 127 162 165 201 196 174 210 188 188 180 148 918 977 938 964 924 986 1,000 940 981 964 961 1,003 946 1,011 944 976 948 954 924 945 995 949 967 974 no 113 113 114 110 119 118 106 123 115 110 Personal loans Extended 816 817 953 928 926 940 927 973 815 898 945 1,110 899 866 971 1,062 1,030 1,004 ,084 ,018 Repaid 806 779 879 839 870 878 869 894 804 887 891 978 894 822 926 956 952 917 985 914 973 996 932 894 950 956 1,252 1,092 962 873 993 986 963 867 986 967 942 976 983 962 971 998 965 1,333 1,159 ,010 1,000 1,062 970 1,048 1,040 1,008 990 1,010 982 949 1,122 1,150 1,121 1,235 1,220 1,174 1,184 ,170 ,195 ,507 1,054 1,038 1,040 1,104 1,109 1,056 1,045 1,090 1,097 1,274 166 157 165 162 158 ,092 ,146 ,264 1,340 1,242 1,314 1,331 1.351 i;240 1,162 1,244 1,497 1,081 ,089 1,188 1,189 1,153 1,192 1,188 1.210 166 152 170 159 172 174 165 174 169 183 169 161 1,144 1,124 1,320 1,247 1,340 1,407 1,261 1,407 1,238 1,311 1,376 1,572 158 i;i67 1,144 1,206 1,322 1,186 1,127 1,281 1,157 1,275 1,288 1,217 1291 1,188 1,260 1.325 1,373 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued A. TYPE OF CREDIT: N.S.A., 1940-63 — Continued [In millions of dollars] Month Total Extended Automobile paper Repaid Extended Repaid Other consumer goods paper Extended May June July. Aug. Sept. Oct.. Nov. Dec. 3,837 3,606 4,340 4,711 4,923 4,910 4,706 4,851 4,107 4,871 4,915 5,351 4,176 3,815 4,244 4,075 4,296 4,193 4,272 4,320 3,983 4,489 4,389 4,368 1,359 1,325 1,630 1,753 1,860 1,835 1,783 1,760 1,328 1,848 1,737 1,579 1,454 ,296 ,448 1,382 ,495 ,431 ,492 ,512 1,374 ,627 ,514 ,454 1,079 969 1,133 1,282 1,343 1,355 1,251 1,316 1,250 1,370 1,454 1,884 1963—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 4,385 4,083 4,702 5,332 5,294 5,222 5,365 5,242 4,755 5,487 4,981 5,974 4,499 4,151 4,479 4,601 4,616 4,399 4,778 4,610 4,563 4,948 4,543 4,924 1,624 1,537 1,787 2,072 2,067 1,967 2,055 1,839 1,524 2,040 1,734 1,767 ,582 1,441 ,535 ,626 ,649 ,525 1,698 1,613 1,618 1,794 1,598 ,675 1,188 1,039 1,238 1,355 1,386 1,410 1,393 1,456 1,384 1,547 1,517 2,094 1962—Jan.. Feb. Mar. 61 Repaid • Repair and modernization loans Extended Repaid Personal loans Extended Repaid ,255 1,194 ,281 1,217 1,266 1,239 1,243 ,253 1,196 ,284 ,271 ,239 123 118 157 172 211 197 193 207 169 188 170 145 166 154 170 165 174 169 172 174 157 177 162 158 1,276 1,194 1,420 1,504 1,509 1,523 1,479 1,568 1,359 1,465 1,553 1,743 1,301 1.171 1,345 1,311 1,361 1,354 1,365 1,382 1,256 1,401 1,442 1,517 ,340 1,242 ,339 ,307 ,311 ,260 ,356 ,308 ,289 ,404 ,316 ,374 132 126 160 195 218 199 214 213 193 205 169 154 167 152 168 172 173 163 179 172 173 182 162 172 1,441 1,381 1,517 1,710 1,623 1,646 1,703 ,734 ,654 ,695 ,561 ,959 1,410 1,316 1,437 1,496 1,483 1,451 1,545 1,517 1,483 1,568 1,467 1,703 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued B. TYPE OF CREDIT: S.A., 1940-63 [In millions of dollars] Automobile paper Total Other consumer goods paper Repair and modernization loans Personal loans lVfonth Extended 1940_Jan Feb Mar Apr May June July Aug Sent Oct Nov Dec 1941—Jan Feb Mar Apr May June July . . . . Aue Sept Oct Nov Dec 1942—Jan Feb Mar Apr May June July . ... AUK Sept Oct Nov.. Dec . 1943 Jan Feb Mar Apr May June July AUK Sept . . . . Oct Nov Dec 1944—Jan Feb Mar Apr . May June July AUB SeDt . . Oct Nov Dec .. .. 1945—j a n Feb Mar Apr May June July AUK .. Sept .. Oct Nov Dec Repaid Extended Repaid Repaid Extended Repaid Extended Repaid 637 628 637 653 673 700 667 663 702 740 746 773 552 558 561 586 588 595 608 596 629 642 636 657 239 251 239 245 250 248 235 227 249 290 296 317 184 189 190 199 204 207 211 215 221 228 231 233 200 184 208 205 210 239 216 223 224 221 229 229 187 189 192 196 194 197 200 196 203 205 208 214 20 18 20 25 26 27 31 34 36 32 30 29 19 17 20 20 21 21 23 21 24 29 18 22 178 175 170 178 187 186 185 179 193 197 191 198 162 163 159 171 169 170 174 164 181 180 179 188 784 817 805 874 887 848 840 849 709 661 662 689 671 674 717 699 722 748 748 763 767 767 783 795 348 348 357 379 373 362 335 308 265 242 237 269 246 247 280 268 273 294 294 286 308 302 309 329 202 238 234 260 276 262 276 296 243 206 216 220 216 218 223 220 230 236 240 252 251 247 248 246 27 26 23 26 28 28 27 31 33 27 18 18 25 22 27 24 26 26 25 26 27 27 27 25 207 205 191 209 210 196 202 214 168 186 191 182 184 187 187 187 193 192 189 199 181 191 199 195 575 543 554 478 424 384 395 407 391 374 361 353 772 766 749 737 720 686 670 680 626 610 582 560 151 126 117 88 80 73 77 86 70 57 53 44 293 292 262 260 249 224 219 228 196 184 172 159 227 224 242 201 176 145 155 158 163 164 159 162 252 251 258 257 255 249 241 240 232 233 224 218 14 14 18 17 14 8 8 8 8 10 10 13 29 25 30 27 27 23 24 22 14 17 11 14 183 179 177 172 154 158 155 155 150 143 139 134 198 198 199 193 189 190 186 190 184 176 175 169 362 372 369 376 366 396 372 384 416 397 394 383 554 539 518 502 487 470 447 439 432 423 410 396 50 56 61 61 62 62 60 69 74 68 69 70 144 133 126 111 102 95 84 79 74 68 67 66 174 175 153 168 160 168 167 161 167 167 168 157 227 214 201 206 206 200 194 191 182 185 181 174 8 7 7 8 9 9 9 8 10 9 10 8 15 24 25 23 21 20 19 19 16 16 16 13 130 134 148 139 135 157 136 146 165 153 147 148 168 168 166 162 158 155 150 150 160 154 146 143 376 380 400 371 410 408 422 417 418 433 426 433 409 393 398 397 404 395 404 405 407 420 411 411 68 70 72 74 83 82 86 83 75 84 77 76 70 64 72 73 77 70 76 78 76 80 77 75 154 152 156 149 161 157 160 165 172 179 176 176 172 166 164 165 162 160 159 162 165 171 168 171 9 8 9 8 9 11 10 12 11 11 11 15 13 11 12 12 12 11 10 11 11 12 9 11 145 150 163 140 157 158 166 157 160 159 162 166 154 152 150 147 153 154 159 154 155 157 157 154 418 403 433 402 415 432 436 421 452 506 529 532 412 416 410 417 411 415 422 416 428 441 452 453 74 74 79 71 68 78 79 76 86 97 106 111 78 80 77 76 75 78 78 77 75 83 83 81 169 159 172 149 154 162 165 161 165 186 191 191 167 169 164 165 163 161 164. 162 164 168 176 176 13 12 14 15 16 19 17 18 18 20 22 22 10 8 9 14 10 12 12 13 15 12 14 14 162 158 168 167 177 173 175 166 183 203 210 208 157 159 160 162 163 164 168 164 174 178 179 182 For note see p. 65. Extended 62 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued B. TYPE OF CREDIT: S.A., 1940-63 — Continued [In millions of dollars] Automobile paper Total Other consumer goods paper Repair and modernization loans Person.il loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1946—Jan Feb Mar ... Apr May. June July Aue Sept Oct.... Nov Dec.. 572 604 599 658 660 662 708 755 770 804 813 890 473 486 505 515 531 546 571 582 612 631 637 123 129 125 144 149 145 153 169 184 200 203 245 93 98 102 104 111 115 118 123 133 142 139 165 213 227 224 241 242 245 270 275 273 281 284 302 185 189 194 201 204 212 221 224 236 237 243 257 24 27 32 32 33 34 36 40 39 42 42 42 12 13 17 15 17 18 17 17 19 19 21 15 212 221 218 241 236 238 249 271 274 281 284 301 183 186 192 195 199 201 215 218 224 233 234 259 1947 Jan.. Feb Mar Apr May June July Aug Sept.... Oct Nov Dec 918 945 964 997 ,000 1,052 1,031 ,034 ,098 ,145 1,264 ,265 688 718 761 779 795 852 862 869 942 932 987 1,005 255 271 272 283 281 294 290 290 319 343 390 404 166 172 190 211 205 221 239 236 260 269 287 293 321 326 352 350 357 385 362 362 390 394 453 446 263 254 280 275 286 308 305 316 337 320 346 355 43 45 46 54 57 58 62 63 70 73 65 68 19 33 27 23 30 29 30 30 36 45 40 49 299 303 294 310 305 315 317 319 319 335 356 347 240 259 264 270 274 294 288 287 309 298 314 308 1948—Jan Feb Mar Apr. May June July Aug Sept..... Oct Nov Dec 1,256 [,233 1,308 1,319 1,302 1,304 1,336 ,370 381 1568 1,263 1,305 995 1,012 1,032 J 053 ,104 135 ,124 ,172 [,171 [,144 I 164 1,178 409 405 441 436 405 422 450 477 475 396 438 463 286 297 305 321 335 355 349 380 385 351 373 386 438 417 450 464 474 467 466 470 478 413 417 429 348 361 356 371 392 400 393 401 398 405 399 401 60 57 61 70 69 55 57 57 58 55 61 54 55 41 44 41 46 48 48 52 50 50 51 53 349 354 356 349 354 360 363 366 370 344 347 359 306 313 327 320 331 332 334 339 338 338 341 338 1949__jan Feb Mar Apr May June July 1.262 [,321 1,393 1,466 1,548 1,513 1 506 1,550 I 532 1,668 1,692 1 657 1,209 1,207 1,246 1,247 >88 1,290 I 303 1,320 I 292 1,344 1,388 1,380 437 459 545 570 606 571 578 615 598 668 684 636 396 396 421 424 443 449 449 466 461 491 520 514 414 457 434 469 506 507 489 484 487 541 530 547 400 403 419 416 429 437 427 432 411 429 429 428 49 49 56 53 61 65 56 73 62 67 76 67 62 59 58 52 53 52 58 58 59 58 61 59 362 356 358 374 375 370 383 378 385 392 402 407 351 349 348 355 363 352 369 364 361 366 378 379 1 674 1,748 1,726 1 731 1,788 1,885 2,086 1948 1,983 1 773 1,543 1 673 [ 443 1,461 1,463 1 466 1,477 1,493 1,556 1,575 [,619 [ 629 1,613 1,650 685 731 708 690 702 790 847 741 772 678 562 624 536 552 565 557 572 574 583 594 621 624 611 622 527 550 564 572 583 581 715 685 703 598 506 566 465 473 464 465 464 466 518 518 544 559 555 566 67 73 53 61 77 76 89 80 73 71 62 53 61 60 62 60 58 60 68 62 57 60 56 53 395 394 401 408 426 438 435 442 435 426 413 430 381 376 372 384 383 393 387 401 397 386 391 409 1,853 1 830 1,797 1,815 1 819 1,807 1 846 2,112 2 144 2 155 2,207 2,191 1,739 I 764 1,739 1,856 1,858 1.855 1967 1,962 2 019 2,081 2,064 2,081 668 647 643 684 710 713 724 855 841 814 827 830 670 669 664 715 729 724 791 802 796 842 827 829 631 634 597 565 546 540 535 645 682 686 715 709 577 592 573 608 604 591 622 608 674 639 648 668 63 58 63 65 70 63 70 69 72 80 81 87 63 60 56 62 64 69 64 60 63 70 65 76 491 491 494 501 493 491 517 543 549 575 584 565 429 443 446 471 461 471 490 492 486 530 524 508 ... Sept Oct Nov Dec 1950—Jan Feb Mar Apr May June July Aug Sept Oct . Nov Dec 1951—Jan Feb .. Mar Apr May June July Aug Sept Oct .... Nov Dec .. .. .... For note see p. 65. 63 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued B. TYPE OF CREDIT: S.A., 1940-63 — Continued [In millions of dollars] Extended 1952—Jan Feb Mar Apr May June July Aug.. Sent Oct Nov Dec Automobile paper Total Month . . 1953—Jan Feb Mar Apr May July Sept Oct Nov Dec 1954—Jan Feb Mar May June July Aug Sent Oct Nov Dec 1955—Jan Feb Mar Apr May June July AUE Sept Oct Nov Dec 1956—Jan Feb Mar Apr . May June July '. Sept . Oct Nov Dec 1957—Jan Feb . Mar Apr May June July Aue SeDt Oct . Nov Dec . . Repaid Extended Repaid 793 829 824 818 778 783 831 753 675 658 666 692 107 115 116 116 80 82 81 88 823 674 108 87 616 621 643 617 842 792 684 115 93 645 865 903 916 882 893 887 917 937 929 947 961 757 848 807 795 795 758 736 726 728 754 731 687 721 727 717 736 696 715 733 735 733 738 104 122 111 109 115 116 112 111 112 114 103 84 96 91 91 95 98 99 90 97 91 94 653 693 644 655 651 687 661 670 667 687 693 967 986 990 975 963 994 971 725 843 709 744 724 738 753 744 748 776 796 760 798 766 758 763 766 762 752 754 759 99 109 107 105 113 98 100 107 109 100 110 780 104 90 104 104 103 104 105 102 106 113 104 112 688 694 702 711 707 731 733 756 768 776 797 858 779 840 888 887 788 781 797 1,016 1,073 1,188 1,014 1,012 2,940 3,076 3,260 3,232 3,275 3,310 3,247 3,346 3,403 3,245 3,254 3,263 2,618 2,658 2,689 2,712 2,789 2,785 2,802 2,857 2,892 2,955 2,955 2,909 1,169 1,290 1,426 1,373 1,441 1,459 1,418 1,492 1,515 1,376 1,329 1,363 978 1,006 1,036 1,041 1,074 1,091 1,080 1,131 1,142 1,152 1,189 1,148 3,289 3,358 3,300 3,385 3,290 3,236 3,283 3,346 3,268 3,321 3,450 3,397 2,977 2,970 2,963 3,083 3,072 3,056 3,129 3,105 3,156 3,146 3,182 3,225 1,348 1,390 1,351 1,321 1,297 1,250 1,243 1,265 1,248 1,251 1,278 1,299 1,178 1,188 1,161 1,231 1,221 1,190 1,212 1,204 1,221 1,243 1,253 1,248 3,454 3,523 3,492 3,412 3,529 3,532 3,579 3,513 3,519 3,447 3,486 3,504 3,282 3,262 3272 3,249 3,299 3,314 3,357 3,332 3,375 3,330 3,352 3,453 1,406 1,405 1,391 1,366 1,377 1,377 1,378 1,342 1,403 1,357 1,342 1,316 1,299 1,286 1,277 1,279 1,289 1,286 1,303 1,275 1,312 1,305 1,285 1,348 897 899 902 937 905 1,001 992 998 999 862 1,004 980 977 For note see p. 65. -*o 568 574 569 587 625 649 621 2,474 2,532 2,517 2,469 2,496 2,546 2,516 2,581 2,555 2 547 2,617 2,638 974 Extended 67 72 71 70 75 74 2,409 2^45 2,420 2,497 2,449 2,568 2,578 2,605 2,624 2,668 2,776 2,912 998 1,049 1,020 1,034 1,062 1,054 Repaid 79 82 82 93 102 108 109 2,177 2,251 2,341 2,324 2,293 2,323 2,302 2,350 2,382 2,379 2,405 2,429 1,164 1,177 1,220 1,161 1,068 Extended 651 633 652 652 638 646 655 2,716 2,691 2,883 2,723 2,627 2,559 2,610 2,529 2,541 2,569 2,609 2,501 814 937 Repaid Personal loans 679 682 706 734 782 826 809 2,089 2,033 2,059 2,057 2,096 2,143 2,163 2,100 2,133 2,144 2,168 2,220 1,090 1,114 1,194 Extended Repair and modernization loans 860 822' 820 815 837 850 873 2,210 2,203 2,168 2,289 2,561 2,717 2,533 2,315 2,456 2,680 2,600 2,782 884 865 811 875 1,052 1,134 994 Other consumer goods paper 64 817 508 511 515 519 551 572 561 552 564 573 570 597 558 615 621 590 603 599 621 619 622 618 634 636 657 644 657 664 671 684 677 709 710 712 732 108 803 90 108 823 753 101 107 111 105 112 105 845 839 861 759 760 769 738 871 880 817 805 112 117 114 108 784 781 826 829 826 854 830 831 110 122 126 127 125 134 851 854 899 897 892 881 927 910 105 108 110 112 117 111 820 835 870 861 873 856 791 789 814 837 819 819 938 941 898 869 841 850 882 883 888 123 132 131 137 134 130 116 112 109 116 113 110 880 895 920 920 910 906 814 829 843 854 855 868 1 007 '949 950 987 1 002 921 903 131 131 120 115 922 948 876 883 929 918 930 134 137 133 960 130 112 114 112 114 928 920 952 894 871 887 944 967 139 117 965 899 989 982 907 946 954 919 947 964 976 143 139 134 139 140 144 147 122 117 118 126 122 127 122 986 980 908 924 933 937 942 951 935 958 1 013 1*087 1,020 1 1 1 1 in 657 Repaid 005 009 019 017 984 938 990 1,002 1 000 986 957 141 141 129 121 977 986 134 140 135 124 948 1 1 1 1 1 005 008 006 038 007 991 1 011 1 020 1,046 903 948 947 966 984 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued B. TYPE OF CREDIT: S.A., 1940-63 — Continued [In millions of dollars] Month Total Extended Automobile paper Repaid Extended Repaid Other consumer goods paper Extended Repaid 1958—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 3.442 3,249 3,225 3.233 3,219 3,253 3,295 3,346 3,288 3,390 3,490 3,643 3,388 3,383 3,392 3,345 3,320 3,353 3.329 3,378 3,347 3,362 3,409 3,367 1,341 1,191 1,095 LJ62 1,131 1,135 1,173 1,165 1,131 1,159 1,208 1,402 1,342 1,313 1,304 1,316 1,279 1,276 1,272 1,278 1,266 1,263 1,257 1,273 905 916 992 905 976 955 949 994 972 1,021 1,062 1,002 1959—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 3,758 3,905 3,815 3,949 4,025 3,988 4,098 4,064 4,195 4,143 4,018 3,999 3,379 3,477 3,454 3,480 3,574 3,501 3,574 3,575 3,612 3,621 3,665 3,711 1,413 1,463 1,448 1,507 1,516 ,522 ,549 ,507 ,581 ,538 ,370 ,332 1,233 1,290 1,287 1,276 1,300 1,283 1,313 1,297 1,324 1,303 [,321 1,355 1,083 1,153 1,080 1,167 1,162 1,138 [,158 [,190 [,184 1,186 1,226 1,224 I960—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 4,147 4,185 4,183 4,330 4,148 4,176 4,174 4,076 4,160 3,991 4,025 3,967 3,765 3,700 3,754 3,858 3,837 3,851 3,889 3,840 3,875 3,891 3,877 3,864 1,471 1,548 1,565 1,596 1,519 1,504 1,416 1,446 ,476 ,358 ,432 ,315 1,351 1,335 ,356 ,365 ,384 ,378 1,359 1,376 1,367 1,386 1,381 1,356 ,249 ,206 ,193 ,245 ,190 ,233 ,192 ,169 1,205 1,207 1,171 1,214 1961—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec.. 3,879 3,840 3,928 3,770 3,917 4,012 3,960 4,095 4,052 4,233 4,268 4,404 3,909 3,914 3,922 3,944 3,914 3,987 3,952 4,011 3,987 4,064 4,047 4,072 1,280 1,226 1,280 1,219 ,293 1,343 1,326 1,348 1,330 1,410 1,480 1,470 1,376 1,368 1,367 1,370 1,352 1,379 1,376 1,377 1,375 1,389 1,378 1,377 1,181 1,167 1,187 1,135 1,170 1,169 1,189 1,227 1,233 1,270 1,244 1,380 ,166 ,149 ,169 ,198 ,165 ,187 ,177 ,199 ,187 1,221 ,201 ,234 1962—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 4,278 4,357 4,418 4,604 4,644 4,579 4,640 4,651 4,543 4,639 4,855 4,826 4,092 4,097 4,106 4,119 4,224 4,190 4,266 4,263 4,293 4,271 4,372 4,341 1,511 1,553 1,592 1,645 1,667 1,638 1,671 1,691 1,566 1,700 1,776 1,739 1,436 1,408 1,405 1,397 1,460 1,435 1,464 1,480 1,467 1,494 1,523 1,509 1,229 1,279 1,238 1,335 1,314 1,299 1,309 1,292 1,306 1,280 1,364 1,415 1963—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 4,899 4,957 4,973 5,008 4,985 5,054 5,100 5,100 5,093 5,311 4,979 5,272 4,414 4,462 4,496 4,487 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 1,807 1,809 1,811 1,870 1,847 [,820 1,854 1,802 1,730 1,910 1,792 1,914 1,564 1,566 1,546 1,585 1,611 1,588 1,603 1,607 1,659 1,676 1,638 1,707 1,360 1,395 1,406 1,359 1,357 1,408 1,409 1,441 1,425 1,457 1,432 1,523 NOTE—Includes adjustments for differences in trading days. 65 Repair and modernization loans Extended Repaid Personal loans Extended Repaid 166 145 145 149 146 156 155 158 163 164 164 162 127 134 137 137 128 142 1,030 138 132 138 137 138 136 1,007 1,018 1,029 1,022 1,046 1,056 1,077 965 960 972 959 944 963 967 1,004 988 995 1,014 1,007 164 170 181 182 188 185 195 191 188 187 190 194 139 139 143 149 151 146 148 156 147 149 157 148 1,098 1,119 1,106 1,093 1,159 1,143 1,196 1,176 1,242 1,232 1,232 1,249 1,020 1,050 1,023 1,029 1,084 1,050 1,087 1,082 1,083 1,110 1,106 1,131 183 197 189 151 151 154 153 153 161 160 159 155 161 165 163 1,244 1,234 1,236 1,297 1,246 1,246 1,379 1,274 1,302 1,250 1,252 1,266 1,144 1,130 1,140 1,205 1,159 1,165 1,233 1,173 1,215 1,190 1,190 1,198 170 165 172 171 170 176 164 182 176 177 174 171 168 164 162 166 167 170 1,248 1,282 1,289 1,245 1,284 1,324 1,281 1,338 1,313 1,376 1,370 1,383 1,199 1,233 1,224 1,210 1,230 1,251 1,234 1,268 1,256 1,280 1,299 1,291 ,195 ,238 1,220 1,232 1,248 1,246 1,271 1,258 1,276 1,238 1,268 1,262 160 157 170 170 182 179 177 179 165 169 167 164 166 167 167 166 171 168 169 168 164 163 165 166 1,378 1,368 1,418 1,454 1,481 1,463 1,483 1,489 1,506 1,490 1,548 1,508 1,295 1,284 1,314 1,324 1,345 1,341 1,362 1,357 1,386 1,376 1,416 1,404 1,277 1,289 1,324 1,276 1,294 1,317 1,330 1,326 1,347 1,362 1,324 1,384 172 169 180 187 167 165 170 170 170 167 171 170 174 170 167 177 1,560 1,584 1,576 1,592 1,593 1,640 1,646 1,672 1,757 1,756 1,587 1,663 1,406 1,442 1,456 1,456 1,469 1,496 1,487 1,516 1,572 1,572 1,467 1,544 954 976 979 933 969 972 952 964 955 967 1,000 951 987 998 1,001 1,026 1,039 ,022 ,026 ,040 ,058 : ,059 ,081 ,077 ,119 : ,084 ,104 ,135 ,141 ,147 ,137 ,132 ,138 ,154 ,141 ,147 • 192 193 193 187 187 177 176 170 172 188 186 191 185 181 188 168 172 165 167 169 174 169 170 997 993 1,017 966 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued C. HOLDER: N.S.A., 1940-63 [In millions of dollars] Sales finance companies Commercial banks Total Other financial institutions Retail outlets Period Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940 1941 1942 1943 1944 8,219 9,425 5,239 4,587 4,894 7,208 8,854 8,158 5,617 4,854 2,092 2,526 1,324 983 1,130 1,719 2,252 2,188 1,313 1,088 2,259 2,681 742 466 573 1,881 2,459 1,951 802 563 1,609 1,738 1,353 1,331 1,414 1,507 1,672 1,584 1,428 1,393 2,259 2,480 1,820 1,807 1,777 2,101 2,471 2,435 2,074 1,810 1945 1946 1947 1948 1949 5,379 8,495 12,713 15,585 18,108 5,093 6,785 10,190 13,284 15,514 1,403 2,778 4,546 5,714 6,543 1,232 1,956 3,488 4,810 5,633 652 1,249 2,345 3,217 4,296 614 872 1,667 2,561 3,363 1,570 2,065 2,582 2,938 3,305 1,489 1,805 2,298 2,633 3,011 1,754 2,403 3,240 3,716 3,964 1,758 2,152 2,737 3,280 3,507 1950 1951 1952 1953 1954 21,558 23,576 29,514 31,558 31,051 18,445 22,985 25,405 27,956 30,488 8,135 8,358 11,123 12,099 11,267 6,776 8,385 9,370 10,625 11,469 5,098 5,467 6,982 7,560 7,260 4,331 5,524 5,925 6,344 7,043 3,826 4,788 5,659 6,375 6,983 3,404 4,385 5,012 5,683 6,511 4,499 4,963 5,750 5,524 5,541 3,934 4,691 5,098 5,304 5,465 38,972 39,868 42,016 40,119 48,052 33,634 37,054 39,868 40,344 42,603 14,109 14,463 15,355 14,860 17,976 12,304 13,362 14,360 14,647 15,560 10,206 9,619 10,250 9,043 11,196 7,903 8,949 9,759 9,842 9,742 8,376 9,148 9,915 9,654 10,940 7,536 8,415 9,250 9,365 10,020 6,281 6,638 6,495 6,563 7,940 5,891 6,328 6,499 6,490 7,281 49,560 48,396 55,126 60,822 45,972 47,700 50,620 55,111 18,269 17,711 20,474 22,871 16,832 18,294 18,468 20,266 11,456 10,667 11 999 12,664 10,442 10,943 11 434 12,211 12 073 12,282 13 525 14,894 11,022 11,715 12,593 13,618 7,762 7,736 9,128 10,393 7,676 6,749 8,125 9,016 530 533 646 711 756 757 674 684 634 724 732 838 546 542 576 581 593 595 610 608 604 650 635 668 157 146 159 180 198 217 162 185 163 173 183 169 123 129 132 140 141 141 147 148 146 158 154 160 137 144 177 205 214 213 211 189 162 200 195 212 137 134 144 145 153 160 166 165 170 178 160 169 111 113 139 133 141 140 133 131 124 135 134 175 109 110 126 124 126 124 126 122 119 133 135 153 125 130 171 193 203 187 168 179 185 216 220 282 177 169 174 172 173 170 171 173 169 181 186 186 648 664 822 943 988 919 857 844 681 650 631 778 667 632 736 691 731 746 751 758 768 783 755 836 196 193 214 246 260 253 237 218 199 166 162 182 166 157 191 172 183 189 190 192 196 203 196 217 188 197 248 291 313 299 270 242 166 162 144 161 171 169 197 189 202 217 217 214 229 218 205 231 126 124 156 161 158 154 153 150 121 133 134 168 129 121 145 139 141 138 140 142 128 142 141 166 138 150 204 245 257 213 197 234 195 189 191 267 201 185 203 191 205 202 204 210 215 220 213 222 484 449 580 506 437 411 388 400 381 389 363 451 773 718 771 731 707 702 673 674 623 627 565 594 130 126 152 132 119 115 107 107 94 86 75 81 206 195 199 198 196 186 186 184 173 168 150 147 97 77 95 75 67 62 59 53 46 40 35 36 205 193 207 189 173 173 162 161 137 130 108 113 112 109 144 121 105 117 110 106 102 100 99 128 136 125 148 134 128 137 130 133 125 128 119 141 145 137 189 178 146 117 112 134 139 163 154 206 226 205 217 210 210 206 195 196 188 201 188 193 292 302 410 389 364 410 356 369 403 398 413 481 538 509 557 501 477 476 447 428 All 420 417 426 71 64 91 81 81 94 83 81 89 81 80 87 134 131 138 124 110 116 104 96 97 91 85 87 25 27 39 41 41 45 40 44 45 39 40 40 93 88 95 80 71 70 58 57 53 46 48 43 82 89 139 105 97 128 104 105 116 109 111 146 115 114 140 121 118 123 117 114 115 115 111 125 114 122 141 162 145 143 129 139 153 169 182 208 196 176 184 176 178 167 168 161 156 168 173 1955 1956 1957 1958 1959.... I960 1961 1962 1963 . ., . .. ... 1940-—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec.... 1941—Jan Feb Mar... Apr May June July Aug Sept Oct Nov Dec 1942—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 1943—Jan Feb Mar Apr May June July SeDt.... Oct Nov Dec . .. ... . . ... . . . : 66 171 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued C. HOLDER: N.S.A., 1940-63 — Continued [In millions of dollars] Other financial institutions Sales finance companies Commercial banks Total Retail outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 307 323 444 366 419 420 394 410 404 434 448 525 399 384 428 383 409 397 390 406 397 416 417 428 77 74 101 85 101 105 98 98 93 95 96 107 86 87 93 85 94 89 90 94 93 92 93 92 35 38 46 42 54 56 57 54 48 50 48 45 45 43 47 42 49 48 45 49 49 50 48 48 92 100 149 101 117 124 118 117 111 111 119 155 109 107 128 110 117 118 118 120 110 115 116 125 103 111 148 138 147 135 121 141 152 178 185 218 159 147 160 146 149 142 137 143 145 159 160 163 355 334 472 393 423 445 408 410 420 525 554 640 415 391 441 405 414 417 407 415 405 452 460 471 101 89 117 104 115 120 110 111 108 134 143 151 97 96 99 99 102 102 100 110 97 107 109 114 41 40 51 48 50 57 55 54 58 65 67 66 50 46 51 49 49 51 51 49 54 54 55 55 99 97 148 116 127 133 123 117 119 145 153 193 112 106 134 117 122 125 119 120 121 135 134 144 114 108 156 125 131 135 120 128 135 181 191 230 156 143 157 140 141 139 137 136 133 156 162 158 1946—Jan Feb . Mar Apr M a y .... June July. Aug Sept... . Oct Nov Dec 495 502 620 672 679 661 696 744 721 825 843 1 037 474 456 518 516 538 534 574 582 584 646 645 718 161 159 190 216 230 220 243 255 246 280 272 306 120 123 131 143 155 149 173 172 181 203 195 211 70 68 85 95 97 97 106 111 115 129 124 152 60 55 68 62 66 72 75 75 75 86 79 99 128 131 166 164 160 164 172 180 165 184 198 253 128 123 148 139 142 142 152 155 150 160 170 196 136 144 179 197 192 180 175 198 195 232 249 326 166 155 171 172 175 171 174 180 178 197 201 212 1947—Jan Feb Mar Apr May June July Aug Sept.. Oct Nov.. Dec 806 790 981 1 020 1,040 1 056 1 029 1 003 1*089 1,167 1 239 1,493 687 673 776 779 811 842 870 842 940 955 952 1 063 311 291 347 366 379 399 388 368 393 415 414 475 221 223 246 264 270 296 312 296 330 338 328 364 134 143 176 187 190 195 201 195 209 225 230 260 97 95 115 120 128 134 149 144 163 166 163 193 177 168 212 210 211 213 216 205 202 220 242 306 160 159 193 182 187 194 191 187 202 202 205 236 184 188 246 257 260 249 224 235 285 307 353 452 209 196 222 213 226 218 218 215 245 249 256 270 1 110 1 034 1 360 l'349 1 307 1 363 1 343 1 360 1,390 1,182 1,268 1,519 992 949 080 050 081 164 '137 142 ,167 134 ,160 ,228 449 391 499 517 476 522 511 500 501 430 445 473 358 346 387 384 392 427 417 409 425 410 419 436 232 213 291 286 278 273 288 299 309 227 250 271 167 166 196 187 206 235 226 237 250 222 230 239 211 204 261 239 242 258 254 247 243 218 245 316 200 189 228 213 213 228 223 223 216 215 225 260 218 226 309 307 311 310 290 314 337 307 328 459 267 248 269 266 270 274 271 273 276 287 286 293 1,066 1,097 1,428 1,480 1,568 1,598 1,484 1,636 1,561 1,633 1,666 1,891 ,170 ,134 ,309 ,249 ,264 ,321 ,274 ,342 ,290 ,347 1,378 [ 436 428 384 521 532 576 599 548 604 571 600 582 598 421 413 472 449 454 485 467 494 477 492 503 506 220 239 345 351 393 389 377 429 387 393 401 372 230 226 269 249 266 285 279 302 297 309 326 325 215 211 275 277 271 284 285 283 263 263 299 379 223 216 259 254 248 252 252 256 238 250 259 304 203 263 287 320 328 326 274 320 340 377 384 542 296 279 309 297 296 299 276 290 278 296 290 301 1944—Jan Feb Mar. Apr May June July Aug Sent . . . Oct Nov Dec 1945 Jan Feb Mar Apr May June July Aug Sent Oct Nov Dec . . . . 1948—j a n Feb.. Mar Apr M a y . ... June July AUK Sept Oct Nov Dec 1949 Jan.. Feb Mar Apr. May June. July ... AUK Sept Oct . Nov Dec . . . . 67 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued C. HOLDER: N.S.A., 1940-63 — Continued [In millions of dollars] Sales finance companies Commercial banks Total Other financial institutions Retail outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1,414 1.448 1,759 1,668 1,906 2,023 2,079 2,077 2,030 1,762 1,528 1,864 1,405 1,378 1,540 1,420 508 1,527 1,531 1,610 1 623 1,644 [,606 1,653 564 550 658 620 738 784 807 817 812 671 533 581 500 516 543 521 549 553 585 603 600 621 594 591 340 363 441 414 467 522 532 496 475 398 323 327 324 315 376 327 362 360 341 381 383 404 385 373 261 250 319 299 336 361 337 343 309 301 314 396 257 247 289 270 284 305 280 294 290 265 286 337 249 285 341 335 365 356 403 421 434 392 358 560 324 300 332 302 313 309 325 332 350 354 341 352 1,614 1,508 1,816 1 730 1,940 1,949 1,860 2,248 2,082 2^227 2.172 2,430 1,753 [,663 1,843 [,791 ,885 1,888 ,928 .995 1,938 2,167 2,052 2,082 630 556 664 654 715 695 674 777 722 792 734 745 537 527 S60 558 599 584 716 718 748 777 727 734 361 317 387 396 472 490 478 592 509 512 484 469 413 379 429 417 451 448 478 505 468 542 497 497 315 311 396 354 398 403 402 431 381 421 448 528 312 299 358 340 356 370 364 390 336 422 402 436 308 324 369 326 355 361 306 448 470 502 506 688 391 358 396 376 379 386 370 382 386 426 426 415 1,926 1,895 2,111 2,258 2,719 2,844 2,644 2,341 2,764 2,435 3,126 2,099 1,986 2,109 2,056 2,119 2,090 2,188 2,056 2,111 2,217 2,072 2,302 763 726 805 864 1,013 1,073 1,021 905 945 1,038 915 1,055 765 726 767 773 768 758 531 760 793 J25 763 341 458 438 465 518 674 747 664 508 564 668 594 684 521 477 501 483 494 493 506 471 491 512 455 521 380 388 436 454 510 523 498 460 449 482 460 619 375 365 403 392 430 430 431 406 410 439 419 512 325 343 405 422 522 501 461 468 493 576 466 768 438 418 438 408 427 409 420 419 417 441 435 428 1953—Jan Feb Mar Apr May . June July Aug Sept Oct Nov Dec 2,382 2,252 2,847 2,730 2,706 2,814 2746 2,567 2,529 2,643 2,464 2,878 2,199 2,118 2,417 2,329 2,241 2,363 2,326 2,308 2,358 2,457 2,313 2,527 985 913 1,165 1,128 1,069 1,082 1,065 972 944 976 868 932 844 781 903 901 864 898 897 884 906 936 871 940 571 568 680 671 642 683 681 642 622 645 577 578 478 475 549 543 486 539 506 534 550 571 533 580 455 442 575 518 524 560 567 509 511 518 526 670 411 431 494 446 459 478 490 460 463 497 479 575 371 329 427 413 471 489 433 444 452 504 493 698 466 431 471 439 432 448 433 430 439 453 430 432 1954—j ani ... Feb Mar Apr May. June July AUK 2,035 2,115 2,502 2^14 2,507 2,827 2,685 2,623 2,582 2,607 2,727 3,327 2,402 2,388 2,707 2,467 2,446 2,594 2,528 2,541 2,519 2,529 2,625 2,742 832 784 968 938 927 1,035 971 957 930 919 941 1,065 916 943 1 009 '930 920 981 965 962 947 927 972 997 428 443 552 570 581 714 695 658 632 620 634 733 516 532 638 568 550 612 576 599 599 600 621 632 456 475 582 571 566 615 578 577 581 575 637 770 489 467 553 518 521 553 536 536 553 586 662 319 413 400 435 433 463 441 431 439 493 515 759 481 446 507 451 455 448 451 443 437 449 446 451 2,506 2,580 3,308 3,263 3,346 3,605 3,264 3,558 3,343 3,191 3,250 3,757 2,562 2,488 2,866 2,718 2,733 2,840 2,732 2,922 2,851 2,940 2,961 3,020 973 975 1,224 1.204 ,237 ,337 ,187 ,291 ,222 146 ,142 ,171 940 921 1 050 1 013 1 013 1 036 1,025 1 075 1,045 1 062 1,065 1,059 592 656 869 841 906 997 932 1,028 925 829 792 839 556 562 663 605 627 675 617 716 698 728 737 717 559 585 720 705 692 750 666 714 683 682 730 890 568 537 642 614 609 640 614 637 619 646 658 752 382 364 495 513 511 521 480 525 513 534 586 857 498 468 511 486 484 489 476 494 488 504 501 492 1950 Jan Feb Mar . . Apr May.. June July Aug Sent . Oct Nov . Dec 1951—Jan Feb Mar Apr . . May June July Aug Sept Oct Nov Dec 1952—Jan Feb Mar Apr.. . May June. July A u g '. Sept Oct Nov Dec.., SeDt Oct Nov . . . Dec 1955 Jan . .. Feb Mar Apr May June July AUK. Sept Oct Nov Dec 2J451 68 537 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued C. HOLDER: N.S.A., 1940-63 —Continued [In millions of dollars] Commercial banks Total Sales finance companies Other financial institutions Retail outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1956—Jan.. Feb.. Mar. Apr. May June, July. Aug. Sept. Oct.. Nov. Dec. 2,878 2,919 3,298 3,328 3,466 3,448 3,334 3,530 3,014 3,430 3,431 3,791 2,996 2,882 3,104 3,016 3,122 3,062 3,091 3,163 2,924 3,294 3,183 3,216 1,096 1,083 1,197 1,298 1,271 1,297 1,242 1,247 1,087 1,267 1,165 1,213 1,082 1,039 1,074 1,095 1,117 1,097 1,148 1,164 1,074 1,197 1,124 1,151 705 718 823 770 843 848 820 873 723 822 887 786 712 694 756 721 111 724 736 768 686 836 781 758 646 682 785 747 778 781 767 817 682 753 805 905 658 627 711 681 697 704 705 725 653 719 735 800 431 436 493 513 574 521 505 593 522 588 575 887 545 522 562 519 531 538 502 506 511 542 543 507 1957__j an .. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 3,083 2,946 3,324 3,556 3,729 3,626 3,811 3,656 3,354 3,510 3,387 4,034 3,335 3,043 3,299 3,312 3,356 3,199 3,458 3,348 3,251 3,429 3,315 3,523 1,216 1,119 1,228 1,361 1,373 1,345 1,398 1,334 1,254 1,317 1,163 1,247 1,206 1,090 1,149 1,196 1,208 1,158 1,256 1,231 1,201 1,238 1,185 1,242 789 693 824 858 889 907 1,029 907 834 865 783 872 810 734 810 800 816 782 849 817 799 878 803 860 709 716 808 858 865 826 896 857 753 801 823 1,003 734 675 764 775 789 744 807 770 730 779 791 892 369 418 464 479 602 548 488 558 513 526 618 912 585 544 576 540 543 515 546 530 521 535 535 529 1958—Jan.. Feb.. Mar. . Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 3,062 2,717 3,131 3,305 3,342 3,445 3,452 3,350 3,256 3,459 3,308 4,293 3,441 3,153 3,458 3,359 3,322 3,344 3,381 3,262 3,348 3,480 3,233 3,563 1,194 1,030 1,154 1,308 1,252 1,302 1,345 1,261 1,221 1,267 1,166 1,360 1,248 1,160 1,242 1,225 1,219 1,238 1,245 1,203 1,221 1,255 1,151 1,240 726 655 735 769 751 791 866 769 671 752 697 860 832 764 850 849 820 805 844 801 828 858 763 827 741 679 774 814 775 816 817 805 776 806 794 1,058 786 694 798 771 754 781 785 756 766 795 757 922 402 354 468 414 564 536 423 515 587 634 651 1,015 575 535 568 514 529 519 507 503 532 572 562 574 1959—Jan.. Feb.. Mar. 3,317 3,249 3,783 4,017 4,037 4,396 4,273 4,134 4,074 4,167 3,940 4,666 3,393 3,243 3,566 3,495 3,443 3,620 3,640 3,503 3,552 3,687 3,590 3,870 1,345 1,249 1,590 1,549 1,658 1,650 1,571 1,519 1,529 1,385 1,475 1,208 1,175 1,287 1,278 1,253 1,318 1,358 1,314 1,321 1,352 1,317 1,379 760 730 897 944 951 1,088 1,079 987 987 998 864 912 769 739 839 803 785 824 831 783 818 867 811 874 737 760 871 871 894 978 948 919 908 918 954 1,182 794 734 823 807 819 867 858 816 812 847 850 993 474 511 559 612 643 673 596 657 660 722 736 1,097 622 595 618 607 586 612 593 589 601 622 612 624 M^y! June. July. Aug. Sept. Oct.. Nov. Dec.. 3,531 3,688 4,162 4,415 4,290 4,519 4,097 4,326 3,992 3,957 4,019 4,563 3,640 3,644 3,931 3,811 3,821 3,900 3,752 3,944 3,801 3,873 3,883 3,971 1,392 1,444 1,565 1,661 1,647 1,693 1,494 1,599 1,470 1,450 1,437 1,416 1,350 1,356 1,424 1,368 1,424 1,434 1,375 1,454 1,393 1,446 1,410 1,397 822 881 995 1,019 1,005 1,076 963 1,036 935 918 905 902 794 804 903 870 854 866 836 913 886 911 903 903 826 901 1,009 1,047 1,012 1,057 1,089 1,086 958 919 991 1,178 841 847 922 921 897 936 932 951 903 888 940 1,044 491 463 593 687 626 693 551 605 629 670 687 1,067 655 637 682 653 645 664 609 627 618 628 631 627 1961—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 3,427 3,190 3,920 3,737 4,224 4,367 3,954 4,294 3,843 4,291 4,312 4,835 3,915 3,660 4,126 3,784 4,063 4,064 3,901 4,079 3,864 4,131 4,071 4,041 1,350 1,217 1,465 1,435 1,608 1,603 1,510 1,590 1,403 1,571 1,491 1,469 1,460 1,471 1,602 1,511 1,600 1,569 1,529 1,563 1,490 1,575 1,488 1,435 765 683 844 815 909 995 878 944 822 970 941 1,101 872 800 970 866 934 938 891 951 879 986 929 928 845 855 1,026 932 1,064 1,119 990 1,101 959 1,033 1,118 1,241 916 871 1,006 900 994 1,019 956 1,004 933 986 1,046 1,084 467 436 585 555 644 651 576 659 659 718 762 1,024 668 519 548 507 535 538 525 561 562 584 608 594 M*ay! June. July. Aug. Sept. Oct.. Nov. Dec.. 1960—Jan.. Feb.. Mar. M56 69 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued C. HOLDER: N.S.A., 1940-63 — Continued [In millions of dollars] Month Commercial banks Total Extended Repaid Extended Sales finance companies Repaid Extended Repaid Other financial institutions Extended Repaid Retail outlets Extended Repaid 1962—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 3,837 3,606 4,340 4,711 4,923 4,910 4,706 4,851 4,107 4,871 4,915 5,351 4,176 3,815 4,244 4,075 4,296 4,193 4,272 4,320 3,983 4,489 4,389 4,368 1,498 1,418 1,648 1,816 1,881 1,862 1,805 1,791 1,504 1,828 1,721 1,704 1,542 1,415 1,553 1,503 1,561 1,524 1,578 1,582 1,472 ,639 ,554 1,545 884 788 937 1,008 1,059 1,081 1,069 1,068 863 1,108 1,070 1,064 911 895 1,015 941 978 951 957 954 872 1,035 944 981 938 910 1,112 1,147 1,196 1,190 1,145 1,222 1,010 1,120 1,219 1,316 1,028 912 1,048 1,035 1,073 1,057 1,056 1,066 963 1,079 1,120 1,156 517 490 643 740 787 777 687 770 730 815 905 1,267 695 593 628 596 684 661 681 718 676 736 771 686 1963—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 4,385 4,083 4,702 5,332 5,294 5,222 5,365 5,242 4,755 5,487 4,981 5,974 4,499 4,151 4,479 4,601 4,616 4,399 4,778 4,610 4,563 4,948 4,543 4,924 1,754 1,614 1,840 2,133 2,074 2,010 2,066 1,920 1,744 2,061 1,766 1,889 1,630 1,487 1,646 1,701 1,727 1,637 1,794 1,693 1,700 1,815 1,671 ,765 978 845 957 1,094 1,107 1,076 1,159 1,094 955 1,194 1,013 1,192 966 957 1,053 1,048 1,030 966 1,045 995 997 1,129 959 1,066 1,044 ,019 ,151 1,283 ,276 ,268 ,307 ,328 ,218 ,311 ,213 ,476 1,089 998 1,089 1,143 1,126 1,101 [,188 1,157 1,117 1,197 1,122 1,291 609 605 754 822 837 868 833 900 838 921 989 1,417 814 709 691 709 733 695 751 765 749 80,7 791 802 70 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued D. HOLDER: S.A., 1940-63 [In millions of dollars] Commercial banks Total Sales finance companies Other financia I institutions Retail outlets Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1940—Jan.. Feb.. Mar. Apr. May. June, July. Aug. Sept. Oct.. Nov. Dec. 637 628 637 653 673 700 667 663 702 740 746 773 552 558 561 586 588 595 608 596 629 642 636 657 165 160 159 167 172 190 159 179 172 186 195 188 124 131 129 141 139 142 146 144 151 154 155 163 170 170 174 180 179 179 183 175 193 215 213 228 143 140 143 148 152 154 161 159 169 177 165 170 127 127 125 129 138 136 134 129 140 140 136 148 117 118 119 122 125 125 126 120 132 132 134 137 175 171 179 177 184 195 191 180 197 199 202 209 168 169 170 175 172 174 175 173 177 179 182 187 1941—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 784 817 805 874 887 848 840 849 709 661 662 689 671 674 717 699 722 748 748 763 767 767 783 795 212 222 209 229 227 223 230 219 201 179 180 195 166 165 187 173 180 191 187 193 193 199 204 214 239 249 248 264 269 255 235 231 184 173 164 170 178 183 194 194 201 210 212 211 220 214 218 224 146 144 138 157 156 148 153 154 128 138 140 136 137 134 137 137 140 139 140 143 135 140 146 144 187 202 210 224 235 222 222 245 196 171 178 188 190 192 199 195 201 208 209 216 219 214 215 213 1942—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 575 543 554 478 424 384 395 407 391 374 361 353 772 766 749 737 720 686 670 680 626 610 582 560 135 144 144 125 111 101 104 108 97 91 83 81 206 205 195 198 198 182 182 185 171 164 157 145 117 92 94 70 60 51 51 48 47 40 38 34 211 209 203 192 178 162 157 159 131 127 114 108 130 127 123 120 111 110 110 109 108 103 102 100 142 139 138 134 132 133 130 133 130 126 123 124 193 180 193 163 142 122 130 142 139 140 138 138 213 213 213 213 212 209 201 203 194 193 188 183 1943—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 362 372 369 376 366 396 372 384 416 397 394 383 554 539 518 502 487 470 447 439 432 423 410 396 77 74 80 77 77 84 81 83 91 87 86 86 139 136 130 122 112 113 102 97 97 93 87 85 29 33 36 39 39 39 35 43 47 42 41 98 94 89 81 73 66 56 57 52 47 48 41 100 106 115 107 103 122 105 109 124 116 110 114 125 126 126 122 122 120 116 115 119 117 110 110 156 159 138 153 147 151 151 149 154 152 155 142 192 183 173 177 180 171 173 170 164 166 165 160 1944—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 376 380 400 371 410 408 422 417 418 433 426 433 409 393 398 397 404 395 404 405 407 420 411 411 85 81 90 85 93 95 98 98 96 101 101 107 89 87 88 88 91 87 91 91 93 95 94 94 41 45 42 41 50 50 53 51 49 53 51 47 46 44 44 44 49 46 45 48 48 51 50 48 111 115 123 107 120 119 124 119 118 118 117 123 118 115 115 114 117 116 121 118 114 117 115 113 139 139 145 138 147 144 147 149 155 161 157 156 156 147 151 151 147 146 147 148 152 157 152 156 1945—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 418 403 433 402 415 432 436 421 452 506 529 532 412 417 410 417 411 415 422 416 428 441 452 452 106 103 106 103 106 110 109 111 117 134 148 150 95 100 95 101 99 101 101 108 100 106 110 116 47 47 48 48 47 51 52 52 59 63 70 68 50 50 48 50 49 49 51 48 55 52 56 56 117 114 126 123 129 128 128 120 133 150 150 152 118 118 120 122 122 123 123 118 129 134 133 129 148 139 153 128 133 143 147 138 143 159 161 162 149 149 147 144 141 142 147 142 144 149 153 151 For note see p. 74. 71 43 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued D. HOLDER: S.A., 1940-63 — Continued [In millions of dollars] Month Commercial banks Total Extended Repaid Extended Repaid Extended Retail outlets Other financial institutions Sales finance companies Repaid Extended Repaid Extended 1946—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 572 604 599 658 660 662 708 755 770 804 813 890 473 486 505 515 531 546 571 582 612 631 637 696 167 186 184 205 213 208 234 252 264 279 280 306 120 129 133 140 151 152 167 167 186 199 197 215 78 78 82 91 91 94 99 107 117 127 127 158 60 59 67 64 65 71 73 73 77 83 80 100 149 154 150 166 162 164 171 183 184 190 193 199 134 136 139 140 141 144 151 155 159 160 168 178 178 186 183 196 194 196 204 213 205 208 213 227 1947—Jan.. Feb.. Mar. Apr., May. June, July. Aug. Sept. Oct.. Nov. Dec.. 918 945 964 997 1,000 1,052 ,031 ,034 ,098 ,145 ,264 1,265 688 718 761 779 795 852 862 869 942 932 987 1,005 320 340 340 350 351 379 372 371 397 413 448 465 222 235 248 263 262 297 300 302 326 330 346 357 150 166 170 178 178 190 188 192 202 222 249 260 99 103 114 122 126 133 146 146 159 160 172 187 201 197 199 210 210 213 212 214 216 229 245 236 167 176 183 181 186 196 190 192 207 202 212 206 247 242 255 259 261 270 259 257 283 281 322 304 1948—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 1,256 ,233 ,308 ,319 ,302 ,304 ,336 ,370 ,381 1,208 ,263 ,305 995 1,012 1,032 1,053 1,104 1,135 1,124 1,172 1,171 1,144 1,164 1,178 465 461 480 498 461 480 489 495 500 445 467 473 359 363 379 385 401 414 400 418 421 414 425 431 264 251 272 273 271 255 269 288 296 236 264 278 173 182 186 191 210 226 221 238 247 220 232 235 236 237 243 237 246 248 248 255 260 235 242 251 209 209 212 211 219 222 223 228 222 224 225 229 291 284 313 311 324 321 330 332 325 292 290 303 1949—Jan.. Feb.. Mar. N&y! June, July. Aug. Sept. Oct.. Nov. Dec.. ,262 ,321 ,393 ,466 ,548 ,513 ,506 ,550 ,532 ,668 ,692 ,657 1,209 1,207 1,246 1,247 1,288 ,290 ,303 ,320 ,292 ,344 ,388 ,380 464 455 504 515 555 549 542 566 561 615 615 602 437 434 458 447 465 472 466 484 471 490 510 499 264 289 330 342 377 356 357 384 366 407 428 396 244 247 255 254 269 276 285 290 292 303 328 320 247 245 260 277 274 269 285 281 280 285 298 304 239 237 242 251 253 245 260 253 246 258 260 267 287 332 299 332 342 339 322 319 325 361 351 355 1950—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. ,674 ,748 ,726 ,731 ,788 ,885 2,086 ,948 1,983 ,773 ,543 ,673 ,443 ,461 1,463 ,466 1,477 1,493 ,556 ,575 1,619 1,629 1,613 1,650 616 655 635 629 680 716 792 764 796 677 563 612 515 539 524 534 538 539 583 587 593 616 601 607 415 445 433 426 424 468 493 436 449 405 340 364 342 344 357 346 353 350 346 363 374 391 385 380 297 290 301 308 324 340 336 337 329 325 314 325 273 269 271 276 278 297 286 291 300 272 286 305 346 358 357 368 360 361 465 411 409 366 326 372 1951—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. ,853 ,830 ,797 ,815 ,819 ,807 ,846 2,112 2,144 2,155 2,207 2,191 1,739 1,764 1,739 1,856 1,858 1,855 1,967 1,962 2,019 2,081 2,064 2,081 660 657 638 666 655 633 656 724 739 767 779 784 631 655 632 675 688 674 716 703 770 746 740 755 424 392 387 413 428 432 441 523 510 499 509 509 419 413 404 441 446 437 489 486 479 506 499 505 351 362 374 367 383 376 399 426 425 439 448 438 325 327 335 352 347 359 372 388 364 419 403 394 418 419 398 369 353 366 350 439 470 450 471 460 For note see p. 74. 72 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued D. HOLDER: S.A., 1940-63 — Continued [In millions of dollars] Sales finance companies Commercial banks Total Other financial institutions Retail outlets Month Extended Repaid Extended Repaid Extended Repaid Dec 759 738 759 763 758 781 804 774 791 799 810 834 543 519 485 522 616 679 588 472 551 649 651 707 531 498 489 490 493 501 505 471 487 480 474 506 424 430 428 457 495 508 482 475 479 500 478 503 389 385 393 395 421 435 427 419 430 436 434 448 434 433 455 462 517 519 500 479 481 517 454 499 410 412 418 409 424 426 427 436 425 429 450 432 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2,716 2,691 2,883 2,723 2,627 2,559 2,610 2,529 2,541 2,569 2,609 2,501 2,177 2,251 2,341 2,324 2,293 2,323 2,302 2,350 2,382 2,379 2,405 2,429 1,045 1,059 1,144 1,096 1,023 976 1,004 960 948 956 959 929 834 828 887 885 882 886 870 897 905 910 915 926 680 693 703 669 604 584 596 592 607 624 629 579 490 513 530 550 507 523 509 534 544 537 549 558 504 504 561 516 524 523 554 525 539 535 545 545 421 471 479 449 465 467 485 475 484 490 494 503 487 435 475 442 476 476 456 452 447 454 476 448 432 439 445 440 439 447 438 444 449 442 447 442 2,409 2,545 2,420 2,497 2,449 2,568 2,578 2,605 2,624 2,668 2,776 2,912 2,474 2,532 2,517 2,469 2,496 2,546 2,516 2,581 2,555 2,547 2,617 2,638 910 907 896 903 889 929 925 950 944 955 997 1,062 944 998 948 918 936 964 942 971 951 939 976 982 539 542 544 568 555 614 621 611 625 635 671 735 556 573 589 577 575 593 586 596 593 588 608 609 525 539 549 564 567 578 570 599 612 612 635 633 516 508 520 522 528 541 533 557 560 563 581 582 435 557 431 462 438 447 462 445 443 466 473 482 458 453 460 452 457 448 455 457 451 457 452 465 2,940 3,076 3,260 3,232 3,275 3,310 3,247 3,346 3,403 3,245 3,254 3,263 2,618 2,658 2,689 2,712 2,789 2,785 2,802 2,857 2,892 2,955 2,955 2,909 1.058 180 ,151 198 213 ,158 ] 708 ,242 171 ,191 183 962 986 [ 000 996 I 030 1,015 1,035 [,037 1,052 I 064 [ 074 1*054 710 796 859 839 876 875 864 918 927 838 813 833 584 608 616 614 643 663 638 690 699 710 732 693 648 666 685 700 693 710 673 696 723 726 718 724 594 588 604 617 619 619 629 629 644 669 651 661 524 487 536 542 508 512 552 524 511 510 532 523 478 476 469 485 497 488 500 501 497 512 498 501 3,289 3,358 3,300 3,385 3,290 3,236 3,283 3,346 3,268 3,321 3,450 3,397 2,977 2,970 2,963 3,083 3,072 3,056 3,129 3,105 3,156 3,146 3,182 3,225 ,207 186 ,267 ,190 704 ,192 ,177 180 .227 1,216 1,267 I 067 1,074 ,043 1,104 1,095 I 099 1 141 1,128 I 155 1,137 ,138 ,193 814 841 833 783 793 765 750 782 779 788 915 801 722 726 722 745 769 725 748 744 734 771 776 763 727 745 766 754 756 755 762 794 764 761 797 764 664 663 683 695 684 695 712 720 724 708 728 735 589 565 515 581 551 512 579 593 545 545 522 565 524 507 515 539 524 537 528 513 543 530 540 534 3,454 3,523 3,492 3,412 3,529 3,532 3,579 3,513 3,519 3,447 3,486 3,504 3,282 3,262 3,272 3,249 3,299 3,314 3,357 3,332 3,375 3,330 3,352 3,453 1.281 793 .265 763 ,279 793 ,785 ,283 306 ,300 1,255 1,251 182 1,170 ,161 ,158 ,180 202 ,194 ,213 231 ,205 I 216 1,254 899 842 863 834 837 853 902 830 863 834 843 842 821 800 799 790 807 816 828 805 816 822 810 846 793 816 817 834 835 827 857 842 811 823 827 834 738 742 762 761 776 761 783 776 775 779 795 801 481 572 547 481 578 559 535 558 539 490 561 577 541 550 550 540 536 535 552 538 553 524 531 552 .. . .... Jan Feb Mar Apr May 1955_jan Feb Mar Apr May June July Aue Sept Oct Nov Dec Jan Feb Mar Apr May July . .. Sept Oct Nov Dec 1957 Extended 809 821 800 848 933 1,011 963 889 945 1,014 1,017 1,073 July Aug SeDt Oct Nov Dec 1956 Repaid 2,089 2,033 2,059 2,057 2,096 2,143 2,163 2,100 2,133 2,144 2,168 2,220 July Aug SeDt Oct Nov 1954 Extended 2,210 2,203 2,168 2,289 2,561 2,717 2,533 2,315 2,456 2,680 2,600 2,782 1952 Jan Feb Mar Apr . May 1953 Repaid Jan Feb Mar Apr May June July AUE SeDt Oct Nov Dec . .. J77 For note see p. 74. 73 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued D. Month 1958—Jan.. Feb. Mar. Sales finance companies Commercial banks Total Extended HOLDER: S.A., 1940-63 — Continued [In millions of dollars] Repaid Extended Repaid Extended Other financial institutions Repaid Extended Repaid Retail outlets Extended Repaid May June July. Aug. Sept. Oct.. Nov. Dec. 3,442 3,249 3,225 3,233 3,219 3,253 3,295 3,346 3,288 3,390 3,490 3,643 3,388 3,383 3,392 3,345 3,320 3,353 3,329 3,378 3,347 3,362 3,409 3,367 1,270 1,190 1,175 1,232 1,189 1,203 1,258 1,260 1,224 1,249 1,291 1,349 1,226 1,242 1,234 1,211 1,215 1,235 1,204 1,237 1,208 1,206 1,238 1,213 825 795 758 762 729 721 777 736 668 728 758 815 843 833 826 851 828 808 837 821 815 801 802 782 826 779 774 802 758 785 798 814 803 823 825 854 787 767 787 769 755 770 775 790 781 796 788 800 521 485 518 437 543 544 462 536 593 590 616 625 532 541 545 514 522 540 513 530 543 559 581 572 1959—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 3,758 3,905 3,815 3,949 4,025 3,988 4,098 4,064 4,195 4,143 4,018 3,999 3,379 3,477 3,454 3,480 3,574 3,501 3,574 3,575 3,612 3,621 3,665 3,711 1,442 1,444 1,450 1,494 1,518 1,472 1,542 1,540 1,563 1,534 1,473 1,490 1,202 1,252 1,257 1,265 1,298 1,265 1,311 1,328 1,331 1,321 1,360 1,376 867 886 909 931 958 952 968 927 1,009 983 897 875 795 808 799 802 823 799 819 790 822 825 818 843 833 867 858 857 905 907 928 913 958 955 956 977 807 812 802 806 850 825 845 837 846 867 853 876 616 708 598 667 644 657 660 684 665 671 692 657 575 605 596 607 603 612 599 620 613 608 634 616 I960—Jan.. Feb. Mar. May June July. Aug. Sept. Oct.. Nov. Dec. 4,147 4,185 4,183 4,330 4,148 4,176 4,174 4,076 4,160 3,991 4,025 3,967 3,765 3,700 3,754 3,858 3,837 3,851 3,889 3,840 3,875 3,891 3,877 3,864 1,534 1,579 1,543 1,568 1,544 1,542 1,483 1,493 1,534 1,469 1,527 1,458 1,401 1,357 1,369 1,383 1,413 1,408 1,409 1,393 1,406 1,446 1,433 1,425 954 1,005 997 1,010 973 964 928 954 979 901 92* 868 850 831 846 880 859 861 869 882 895 884 906 886 982 982 989 1,034 994 993 1,117 1,018 1,018 981 969 992 885 886 888 936 898 915 966 927 942 926 926 940 677 619 654 718 637 677 646 611 629 640 606 649 629 626 651 659 667 667 645 638 632 635 612 613 1961—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec., 3,879 3,840 3,928 3,770 3,917 4,012 3,960 4,095 4,052 4,233 4,268 4,404 3,909 3,914 3,922 3,944 3,914 3,987 3,952 4,011 3,987 4,064 4,047 4,072 1,428 1,406 1,438 1,397 1,440 1,450 1,464 1,511 1,491 1,550 1,568 1,575 1,447 1,556 1,533 1,578 1,522 1,535 1,523 1,521 1,523 1,536 1,507 1,518 845 835 848 835 843 891 839 885 872 925 945 1,084 900 868 897 900 899 926 907 936 906 937 932 943 969 985 1,000 950 1,000 1,041 1,002 1,039 1,033 1,078 1,086 1,087 925 957 965 938 963 988 972 989 987 1,006 1,024 1,015 637 614 642 588 634 630 655 660 656 680 669 658 637 533 527 528 530 538 550 565 571 585 584 596 1962—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 4,278 4,357 4,418 4,604 4,644 4,579 4,640 4,651 4,543 4,639 4,855 4,826 4,092 4,097 4,106 4,119 4,224 4,190 4,266 4,263 4,293 4,271 4,372 4,341 1,574 1,647 1,641 1,700 1,715 1,713 1,724 1,715 1,680 1,741 1,802 1,803 1,504 1,511 1,514 1,509 1,518 1,522 1,544 1,551 1,571 1,542 1,582 1,610 965 964 961 991 997 984 1,010 1,011 966 1,017 1,071 ,053 926 970 954 944 963 958 960 942 942 950 948 978 1,059 1,056 1,110 1,130 1,149 1,128 1,137 1,156 1,139 1,134 1,184 ,133 1,021 1,002 1,026 1,041 1,060 1,044 1,053 1,048 1,065 1,067 1,097 1,064 680 690 706 783 783 754 769 769 758 747 798 837 641 614 612 625 683 666 709 722 715 712 745 689 1963—Jan.. Feb.. Mar., Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. 4,899 4,957 4,973 5,008 4,985 5,054 5,100 5,100 5,093 5,311 4,979 5,272 4,414 4,462 4,496 4,487 4,544 4,568 4,591 4,619 4,752 4,780 4,596 4,812 1,843 1,879 1,902 1,916 1,887 1,919 1,898 1,878 1,878 2,000 1,877 1,963 1,592 1,594 1,664 1,646 1,681 1,699 1,690 1,692 1,737 1,737 1,734 1,802 ,074 ,035 ,022 1,032 1,042 1,016 ,054 ,051 1,021 ,115 1,030 1,134 986 1,035 1,026 1,014 1,017 1,012 1,007 1,000 1,034 1,054 983 1,039 ,180 ,185 ,191 1,223 ,224 1,245 ,254 ,274 ,322 ,351 ,198 1,252 1,086 1,096 1,104 1,112 1,114 ,129 ,144 ,158 ,190 ,209 ,116 ,167 802 858 858 837 832 874 894 897 872 845 874 923 750 737 702 715 732 728 750 769 791 780 763 804 NOTE—Includes adjustments for differences in trading days. 74 8. INSTALMENT CREDIT EXTENDED AND REPAID—Continued E. COMMERCIAL BANKS: N.S.A., 1942-63 [In millions of dollars] Other consumer goods paper Automobile paper Total Repair and modernization loans Period Extended Extended Total Purchased Direct Total Purchased Direct paid Personal loans Repaid Extended paid Extended Repaid Extended Repaid 1942....... 1943 1944 .. 1,324 983 1,130 2,188 1,313 1,088 414 300 356 206 116 128 208 184 228 916 439 340 504 207 127 412 232 213 244 150 170 400 227 159 63 61 78 100 108 80 603 472 526 772 539 509 1945 1946 1947 1948 1949 1,403 2,778 4,546 5,714 6,543 1,232 1,956 3,488 4,810 5,633 422 932 1,728 2,282 2,763 137 342 721 1,002 1,285 285 590 1,007 1,280 1,478 373 661 1,317 1,845 2,296 130 239 538 779 1,011 243 422 779 1,066 1,285 231 553 1,003 1,370 1,510 204 368 752 1,126 1,288 121 252 431 486 601 86 120 236 355 454 629 1,041 1,384 1,576 1,669 569 807 1,183 1,484 1,595 1950 1951 1952 1953 1954 8,135 6,776 8,358 8,385 11,123 9,370 12,099 10,625 11,267 11,469 3,502 3,666 5,068 5,514 4,857 1,628 1,642 2,474 2,892 2,762 1,874 2,024 2,594 2,622 2,095 2,826 3,691 4,252 4,694 5,002 1,300 1,684 1,976 2,310 2,708 1,526 2,007 2,276 2,384 2,294 2,088 1,988 2,597 2,949 2,585 1,648 2,129 2,161 2,622 2,783 688 699 1,008 1,092 1,009 569 645 759 912 1,023 1,857 2,005 2,450 2,544 2,816 1,733 1,920 2,198 2,397 2,661 1955 1956 1957 1958 1959 14,109 14,463 15,355 14,860 17,976 12,304 13,362 14,360 14,647 15,560 6,871 6,471 7,148 6,481 8,260 4,167 4,037 4,498 4,037 5,300 2,704 2,434 2,650 2,444 2,960 5,503 6,050 6,519 6,652 7,120 3,193 3,629 4,019 4,153 4,509 2,310 2,421 2,500 2,499 2,611 2,928 3,288 3,242 2,980 3,256 2,766 2,941 3,220 2,992 2,869 1,089 1,199 1,229 1,328 1,607 1,054 1,068 1,118 1,193 1,286 3,221 3,505 3,736 4,071 4,853 2,981 3,303 3,503 3,810 4,285 1960 1961 1962 1963 18,269 16,832 17,711 18,294 20,474 18,468 22,871 20,266 8,392 7,990 9,934 11,382 5,304 5,054 6,162 7,147 3,089 2,938 3,771 4,235 7,607 7,875 8,549 9,768 4,814 4,981 5,369 6,085 2,794 2,897 3,181 3,683 3,241 3,021 3,195 3,445 3,129 3,937 3,123 3,146 1,502 1,404 1,445 1,507 1,341 1,406 1,382 1,407 5,135 5,296 5,901 6,537 4,754 5,075 5,413 5,945 1942—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. 130 126 152 132 119 115 107 107 94 86 75 81 206 195 199 198 196 186 186 184 173 168 150 147 41 40 52 41 38 36 35 42 29 23 19 18 20 19 28 20 19 18 17 26 14 10 8 7 21 21 24 21 19 18 18 16 15 13 11 11 92 87 81 81 79 75 78 77 74 69 62 61 50 47 43 45 44 40 45 41 43 38 34 34 42 40 38 36 35 35 33 36 31 31 28 27 29 27 26 26 25 18 16 13 15 17 16 16 56 55 69 59 50 56 51 46 44 40 35 42 69 65 73 70 66 68 64 66 61 60 55 55 1943—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 71 64 91 81 81 94 83 81 89 81 80 87 134 131 138 124 110 116 104 96 97 91 85 87 18 19 26 26 26 28 27 28 29 25 24 24 7 7 10 11 11 11 10 11 12 9 9 8 11 12 16 15 15 17 17 17 17 16 15 16 53 46 49 42 37 38 36 30 30 26 26 26 28 25 25 22 18 17 15 13 13 10 11 10 25 21 24 20 19 21 21 17 17 16 15 16 16 10 10 13 13 15 12 9 11 13 13 15 34 32 51 37 37 45 38 38 43 37 37 43 51 49 54 48 44 45 41 42 45 41 39 40 1944_Jan.. Feb.. Mar. M*ay! June. July. Aug.. Sept. Oct.. Nov. Dec.. 77 74 101 85 101 105 98 98 93 95 96 107 86 87 93 85 94 89 90 94 93 92 93 92 23 23 30 30 35 33 35 33 29 29 28 28 7 8 10 11 12 12 15 13 11 10 10 9 16 15 20 19 23 21 20 20 18 19 18 19 26 24 30 26 30 26 29 31 30 30 30 28 9 9 11 11 11 9 10 12 11 12 11 11 17 15 19 15 19 17 19 19 19 18 19 17 15 10 11 12 16 14 12 13 13 17 17 20 35 37 55 38 44 50 44 44 43 41 43 52 41 40 43 39 42 44 43 43 45 42 43 44 1945_Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec. 101 89 117 104 115 120 110 111 108 134 143 151 97 96 99 99 102 102 100 110 97 107 109 114 30 29 37 30 31 36 33 33 34 40 43 46 10 9 12 9 9 12 11 11 12 13 14 15 20 20 25 21 22 24 22 22 22 27 29 31 31 30 31 29 30 31 31 32 29 33 34 32 12 10 12 9 10 11 11 10 10 12 11 12 19 20 19 20 20 20 20 22 19 21 23 20 20 13 16 18 22 18 15 19 16 22 25 27 45 41 56 47 52 55 52 48 48 58 61 45 44 46 45 44 48 48 51 44 50 49 55 75 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued E. COMMERCIAL BANKS: N.S.A., 1942-63 — Continued [In millions of dollars] Other consumer goods paper Automobile paper Total Extended Repaid Personal loans Repaid Extended Month Repair and modernization loans Extended Total Purchased Direct Total Purchased Direct Repaid Extended Repaid Extended 1946—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 161 159 190 216 230 220 243 255 246 280 272 306 120 123 131 143 155 149 173 172 181 203 195 211 52 52 60 74 79 72 79 88 83 95 93 105 19 18 20 29 29 24 29 34 31 35 34 40 33 34 40 45 50 48 50 54 52 60 59 65 39 40 44 45 52 49 59 60 64 70 64 75 15 14 13 16 18 17 23 21 23 26 23 30 24 26 31 29 34 32 36 39 41 44 41 45 32 29 29 38 45 42 54 47 51 60 59 67 19 24 21 26 27 27 34 29 38 39 42 42 12 14 18 20 20 21 21 26 24 27 25 24 10 11 9 11 11 11 13 13 8 65 64 83 84 86 85 89 94 88 98 95 110 1947_jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 311 291 347 366 379 399 388 368 393 415 414 475 221 223 246 264 270 296 312 296 330 338 328 364 115 113 138 146 143 142 148 139 149 156 165 174 45 42 55 61 59 60 63 59 67 69 70 71 70 71 83 85 84 82 85 80 82 87 95 103 80 76 89 104 101 104 120 111 128 133 130 141 30 28 33 42 42 38 51 46 52 60 55 61 50 48 56 62 59 66 69 65 76 73 75 80 71 60 65 74 85 100 82 76 82 93 95 120 47 49 50 51 56 74 65 66 70 74 69 81 22 23 27 32 36 39 37 40 48 48 38 41 16 19 17 15 18 17 18 19 22 25 23 27 103 95 117 114 115 118 121 113 114 118 116 140 1948—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 449 391 499 517 476 522 511 500 501 430 445 473 358 346 387 384 392 427 417 409 425 410 419 436 170 158 209 207 187 201 210 214 199 169 177 181 71 68 91 94 82 89 93 95 92 74 77 76 99 90 118 113 105 112 117 119 107 95 100 105 135 127 144 149 146 155 157 165 171 158 166 172 58 53 59 65 63 65 64 68 73 64 74 73 77 74 85 84 83 90 93 97 98 94 92 99 122 93 106 127 116 132 118 108 127 103 102 116 78 90 84 88 98 118 98 87 97 96 95 97 32 30 39 47 43 45 40 43 44 43 43 37 27 27 28 27 28 28 30 34 29 32 32 33 125 110 145 136 130 144 143 135 131 115 123 139 1949—Jan.. Feb.. Mar. Apr.. May, June, July. Aug. Sept. Oct.. Nov. Dec. 428 384 521 532 576 599 548 604 571 600 582 598 421 413 472 449 454 485 467 494 477 492 503 506 165 164 237 244 251 245 243 264 242 250 237 221 68 72 105 113 112 108 111 126 116 124 118 112 97 92 132 131 139 137 132 138 126 126 119 109 173 157 191 187 188 199 184 203 198 206 203 207 75 65 80 81 81 86 81 90 91 93 94 94 98 92 111 106 107 113 103 113 107 113 109 113 107 79 102 109 136 138 120 125 132 151 144 167 91 107 111 99 103 118 109 109 106 111 115 109 29 30 41 43 49 61 46 69 56 64 61 52 32 33 36 36 35 37 38 42 38 41 43 43 127 111 141 136 140 155 139 146 141 135 140 158 1950—Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec, 564 550 658 620 738 784 807 817 812 671 533 581 500 516 543 521 549 553 585 603 600 621 594 591 232 245 299 277 321 360 378 361 342 267 200 220 111 117 142 130 149 167 177 161 157 127 93 97 121 128 157 147 172 193 201 200 185 140 107 123 207 204 231 214 232 235 245 260 263 256 235 244 95 93 107 98 107 107 111 123 117 121 110 111 112 111 124 116 125 128 134 137 146 135 125 133 151 131 156 147 186 174 188 208 241 193 147 166 109 141 122 123 129 129 133 133 150 159 166 154 43 46 38 48 66 74 72 74 68 65 50 46 44 47 45 45 49 53 52 47 51 47 43 138 128 165 148 165 176 169 174 161 146 136 151 1951—Jan.. Feb., Mar. Apr., May June July. Aug. Sept. Oct. Nov. Dec 630 556 664 654 715 695 674 777 722 792 734 745 637 627 660 658 699 684 716 718 748 777 727 734 246 237 284 287 324 319 306 373 339 342 311 298 101 96 113 123 146 148 145 171 159 159 145 136 145 141 171 164 178 171 161 202 180 183 166 162 270 249 284 278 300 308 318 341 322 362 332 327 124 114 127 127 131 137 146 156 147 170 153 152 146 135 157 151 169 171 172 185 175 192 179 175 176 140 151 155 165 146 146 164 160 196 186 203 156 187 165 176 183 157 177 169 219 185 174 181 55 47 49 48 52 58 52 52 50 62 55 65 165 142 181 160 166 170 164 174 160 176 169 178 76 8. INSTALMENT CREDIT EXTENDED AND REPAID - Continued E. COMMERCIAL BANKS: N.S.A., 1942-63 - Continued 'un millions of dollars J Month Extended Extended Repaid Repaid Purchased Direct - - - - - Total 1952-Jan................. Feb................. Mar................ Apr................. May ................ lune ................ July ................ Aug................. Sept ................ Oct................. Nov ..••.•.......... Dec..•.............. Total Purchased Direct i--- Extended Repaid - - - - - - 193 177 210 203 208 219 218 203 203 210 180 226 177 162 177 182 183 175 201 184 180 198 176 203 178 170 188 183 175 199 193 197 204 211 201 211 194 177 210 197 208 202 202 194 202 206 189 203 256 215 290 293 251 257 246 224 217 235 210 255 198 189 216 246 217 218 213 216 230 232 209 238 74 67 88 91 94 106 104 99 98 103 89 79 78 64 80 75 70 78 79' 78 74 82 74 80 208 193 242 216 206 227 222 202 203 203 194 228 196 181 209 200 194 201 210 199 196 205 198 208 405 394 440 411 407 430 422 430 411 404 425 423 210 212 223 215 220 229 232 238 228 227 238 236 195 182 217 196 187 201 190 192 183 177 187 187 242 183 201 204 204 225 208 204 207 217 228 262 228 278 243 220 218 237 234 220 223 220 222 240 58 67 80 84 95 87 91 93 96 90 88 80 72 80 91 82 83 87 83 86 92 85 94 88 211 203 263 233 216 257 241 238 228 223 234 269 211 191 235 217 212 227 226 226 221 218 231 246 183 193 262 238 241 243 236 248 241 206 201 212 403 396 460 453 450 467 467 491 473 478 487 478 220 216 255 267 257 269 286 293 279 280 289 282 183 180 205 186 193 198 181 198 194 198 198 196 242 211 245 242 254 267 236 247 246 232 253 253 216 220 240 243 230 232 231 238 230 230 230 226 54 58 78 87 96 103 94 107 107 109 102 94 88 79 95 82 88 87 83 90 88 91 95 88 249 247 293 289 274 293 258 273 263 246 256 280 233 226 255 235 245 250 244 256 254 263 253 267 308 319 341 360 366 360 357 352 300 335 317 322 207 211 244 229 223 210 197 202 163 178 183 187 500 476 493 506 511 502 513 508 488 538 510 50S 297 276 286 303 306 300 307 303 295 332 313 311 203 200 207 203 205 202 206 205 193 206 197 194 228 208 227 294 263 317 281 274 251 343 292 310 225 220 220 233 230 230 262 277 239 273 256 276 74 79 89 102 114 108 108 113 105 117 102 88 95 86 89 89 89 85 93 92 82 95 88 85 279 266 296 313 305 302 299 306 268 294 271 306 262 257 272 267 287 280 280 287 265 291 270 285 338 334 373 409 405 402 411 390 371 389 330 346 218 208 237 253 253 225 237 217 203 205 192 202 540 500 529 548 554 524 571 540 549 566 540 558 331 302 324 338 337 325 351 334 340 351 338 348 209 198 205 210 217 199 220 206 209 215 202 210 280 222 234 257 277 292 302 292 272 295 254 265 282 236 245 255 268 259 280 311 265 275 270 274 79 77 87 100 114 109 118 120 112 118 101 94 92 87 89 91 96 88 100 92 96 96 91 100 301 278 297 342 324 317 330 315 296 310 286 340 292 267 286 302 290 287 305 288 291 301 284 310 346 320 343 331 364 359 392 346 365 373 340 373 155 143 154 149 165 165 186 163 174 179 164 179 July •............... Aug................. Sept ................ Oct................. Nov ................ Dec................. 985 913 1,165 1,128 1,069 1,082 1,065 972 944 976 868 932 844 781 903 901 864 898 897 884 906 936 871 940 447 438 545 528 518 492 493 447 426 435 375 370 230 218 269 271 262 253 259 239 236 241 208 206 217 220 276 257 256 239 234 208 190 194 167 164 372 347 398 380 383 401 395 391 406 417 390 414 1954-Jan................. Feb................. Mar................ Apr................. May ................ June ................ July ................ Aug................. Sept................ Oct ................. Nov................ Dec................. 832 784 968 938 927 1,035 971 957 930 919 941 1,065 916 943 1,009 930 920 981 965 962 947 927 972 997 321 331 424 417 412 466 431 422 399 389 391 454 186 183 225 231 235 271 246 240 234 227 228 256 135 148 199 186 177 195 185 182 165 162 163 198 1955-Jan................. Feb ................. Mar................ Apr................. May ................ June ................ luly ................ Aug .•............... Sept ................ Oct................. Nov................. Dec................. 973 975 1,224 1,204 1,237 1,337 1,187 1,291 1,222 1,146 1,142 1,171 940 921 1,050 1,013 1,013 1,036 1,025 1,075 1,045 1,062 1,065 1,059 428 459 608 586 613 674 599 664 606 559 531 544 245 266 346 348 372 431 363 416 365 353 330 332 1956-Jan................. Feb................. Mar................ Apr................. May ............... lune ............... . July ................ Aug ................. Sept ................ Oct................. Nov .....•.......... Dec................. 1,096 1,083 1,197 1,298 1,271 1,297 1,242 1,247 1,087 1,267 1,165 1,213 1,082 1,039 1,074 1,095 1,117 1,097 1,148 1,164 1,074 1,197 1,124 1,151 515 530 585 589 589 570 554 554 463 513 500 509 1957-Jan................. Feb................. Mar••••............ Apr.••.............. May ••.............. 1.216 1,119 1,228 1,361 1,373 1,345 1,398 1,334 1,254 1,317 1,163 1,247 1,206 1,090 1,149 1,196 1,208 1,158 1,256 1,231 1,201 1,238 1,185 1,242 556 542 610 662 658 627 648 607 574 594 522 548 Repaid 60 53 59 57 56 61 61 66 69 72 69 76 183 180 200 207 255 261 241 200 208 229 205 225 Dec................. Extended Personal loans 54 52 59 75 88 97 98 98 102 112 90 83 143 148 158 178 255 270 237 189 211 233 212 240 June ............... . tion loans 182 191 188 203 165 163 177 164 179 182 178 189 326 328 358 385 510 531 478 389 419 462 417 465 July .•.............. Aug................. Sept................ Oct................. Nov................ Repaid moderniza- 190 169 178 201 207 226 227 215 221 254 228 281 765 726 767 773 768 758 831 760 793 825 763 841 June ............... . Extended Repair and 191 177 189 182 199 194 206 183 191 194 176 194 763 726 805 864 1,013 1,073 1,021 905 945 1,038 915 1,055 1953-Jan..•.............. Feb................. Mar................ Apr................. May ................ Other consumer goods paper Automol>ile paper Total 77 8. INSTALMENT CREDIT EXTENDED AND REPAID-Continued E. COMMERCIAL BANKS: N.S.A., 1942-63 [In millions of dollars 1 Automobile paper Total Extended Month Extended Repaid Total 1958-Jan..•.............. Feb................. Mar .•.•............ Apr................. May •............... June ................ July ................ Aug................. Sept..•.•........... Oct................. Nov....•........... Dec................. 1.194 1.030 1.154 1.308 1.252 1.302 1.345 1.261 1.221 1.267 1.166 1.360 1959-Jan.•............... Feb.•............... Mar.•.............. Apr................. May .•.............. June ............... : July .•.............. Aug.•..•............ Sept ................ Oct................. Nov................ Dec................. Purchased Direct - - - - Other consumer goods paper Repaid Total 1- 1.248 1.160 1.242 1.225 1.219 1.238 1.245 1,203 1,221 1.255 1.151 1.240 527 463 504 564 548 573 586 547 507 539 514 609 319 285 302 341 341 356 371 352 327 343 327 373 208 178 202 223 207 217 215 195 180 196 187 236 567 526 568 558 547 555 566 540 557 578 526 564 1.345 1.249 1.456 1.590 1.549 1.658 1.650 1.571 1.519 1.529 1.385 1.475 1.208 1,175 1.287 1.278 1.253 1.318 1.358 1.314 1.321 1.352 1.317 1.379 598 593 696 750 730 795 775 731 679 706 615 592 370 367 430 472 463 515 507 487 451 461 398 379 228 226 266 278 267 280 268 244 228 245 217 213 548 536 591 577 576 608 627 613 1960--Jan................. Feb................. Mar................ Apr................. May ................ June ................ July ................ Aug................. Sept................ Oct................. Nov ................ Dec................. 1.392 1.444 1.565 1.661 1.647 1.693 1.494 1.599 1.470 1,450 1,437 1.416 1.350 1.356 1.424 1.368 1.424 1.434 1.375 1.454 1.393 1.446 1.410 1.397 610 663 761 797 792 804 686 728 646 657 659 590 381 413 473 498 501 517 442 471 420 422 403 363 1961-Jan................. Feb................. Mar...•............ Apr................. May ................ June ................ July .•.............. Aug................. Sept ................ Oct ................. Nov................ Dec................. 1,350 1,217 1,465 1,435 1,608 1,603 1,510 1,590 1,403 1,571 1,491 1,469 1,460 1,471 1,602 1,511 1,600 1.569 1,529 1,563 1,490 1.575 1,488 1,435 579 528 672 631 746 745 704 704 597 731 707 646 1962-Jan................. Feb................. Mar ....•...•....... Apr ................. May ................ June ................ July ................ Aug ................. Sept................ Oct................. Nov................ Dec................. 1,498 1,418 1,648 1,816 1,881 1,862 1,805 1,791 1,504 1,828 1,721 1,704 1,542 1,415 1,553 1,503 1,561 1,524 1,578 1,582 1,472 1,639 1,554 1,545 1963-Jan................. Feb................. Mar .•.•............ Apr................. May ................ June ................ July ................ Aug ................. Sept................ Oct................. Nov .....•.......... Dec................. 1,754 1,614 1,840 2,133 2,074 2,010 2,066 1,920 1,744 2,061 1,766 1,889 1,630 1,487 1,646 1,701 1,727 1,637 1,794 1,693 1,700 1,815 1,671 1,765 Continued Purchased Direct Extended Repaid Repair and modernizalion loans Extended - - - - 352 329 358 347 342 346 354 336 352 361 329 347 215 197 210 211 205 209 212 204 205 217 197 217 258 202 231 259 258 252 278 254 250 251 228 259 273 253 257 248 272 259 254 248 238 240 220 230 87 78 91 107 115 122 122 121 128 134 115 108 616 599 625 344 334 369 362 361 378 400 396 385 389 385 406 204 202 222 215 215 230 227 217 219 227 214 219 287 220 242 269 276 280 290 279 274 276 254 309 232 219 237 240 231 237 241 231 245 251 244 261 229 250 288 299 291 287 244 258 226 235 255 227 602 601 650 618 649 648 619 659 626 664 639 630 387 381 414 389 413 405 390 419 392 420 405 399 216 221 236 229 237 244 229 240 234 245 234 231 301 276 255 265 282 286 264 267 257 259 248 281 354 318 409 390 471 472 459 462 395 475 443 406 225 209 263 242 275 273 245 242 202 257 264 241 656 613 670 627 675 670 675 649 690 660 630 416 387 421 394 425 412 425 432 410 436 424 399 240 226 250 233 250 247 245 244 240 255 236 231 702 669 824 896 941 922 887 858 657 922 869 788 426 410 511 548 582 573 563 551 424 578 529 469 276 259 313 348 359 349 324 307 233 344 340 319 689 624 711 693 730 706 737 736 682 783 738 721 438 391 452 436 459 442 462 463 423 495 460 448 851 810 948 1,095 1,071 1,017 1,049 926 783 1,044 892 890 526 499 592 684 668 647 662 601 505 666 549 548 325 311 356 411 409 370 387 325 278 378 343 342 778 707 781 825 836 788 869 815 817 891 818 843 494 434 487 521 522 493 535 504 506 561 508 520 604 660 78 Repaid Personal loans Extended Repaid - - 98 94 100 101 94 104 103 94 104 105 95 101 322 287 328 378 331 355 359 339 336 343 309 384 310 287 317 318 306 320 322 321 322 332 310 345 98 91 116 135 147 151 155 150 147 151 137 129 101 95 105 107 105 110 110 112 110 113 107 362 345 402 436 396 432 430 411 419 396 379 445 327 325 354 354 341 363 380 358 362 372 363 386 274 274 259 252 271 263 252 268 249 258 255 254 96 106 117 132 144 148 130 147 132 128 119 103 104 107 115 108 110 115 112 118 111 117 113 110 385 399 433 468 430 455 414 457 435 406 411 442 370 373 400 390 394 407 392 408 407 407 270 210 233 225 261 247 259 268 253 271 245 278 264 356 380 365 368 354 328 332 309 315 285 281 87 84 108 118 134 135 125 139 128 /33 117 98 116 108 121 111 119 120 115 121 118 128 117 110 414 395 453 461 467 471 422 479 425 435 422 447 424 395 430 408 438 435 416 434 414 441 425 414 251 233 259 257 271 264 274 273 260 287 278 273 249 252 236 263 286 282 282 261 251 273 261 299 292 280 270 257 257 248 261 267 243 256 243 248 88 83 103 126 142 140 139 140 124 137 119 103 116 106 118 115 120 117 118 119 109 122 112 112 459 414 485 531 512 518 497 532 471 496 471 514 445 405 454 438 454 453 462 461 438 478 461 464 284 273 294 304 314 295 334 311 311 330 310 323 299 237 259 291 299 294 293 286 283 318 267 319 262 233 258 262 264 251 280 260 262 278 256 280 92 86 107 138 149 142 150 142 136 144 115 106 114 105 118 118 120 114 124 118 120 126 112 118 512 481 526 476 442 489 496 507 484 521 500 501 520 485 524 III 609 549 557 574 566 542 555 492 574 404 402 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued F. Month COMMERCIAL BANKS: S.A., 1942-63 [In millions of dollars] Automobile paper Total Other consumer goods paper Extended Repaid 37 35 36 37 39 34 33 31 32 31 29 26 10 9 10 10 10 9 9 10 6 7 5 5 57 58 58 58 49 51 51 49 48 43 41 40 68 67 69 68 66 66 65 66 63 59 60 55 15 12 11 12 11 13 13 11 12 14 12 14 26 25 22 22 18 23 17 16 15 17 12 14 7 10 12 10 10 10 10 9 7 8 37 35 41 36 37 41 37 40 46 40 41 41 52 51 50 47 45 43 41 42 46 42 41 39 27 24 28 28 30 26 29 30 29 30 30 29 14 11 12 12 14 13 13 15 15 17 16 18 13 15 14 13 14 12 12 13 12 13 14 14 39 39 45 39 42 45 45 45 45 45 47 50 42 41 40 40 41 42 44 41 46 44 44 44 32 33 33 28 28 33 31 31 36 41 46 50 30 32 30 30 30 31 31 31 29 32 34 33 18 16 18 18 19 17 16 21 19 21 24 24 15 16 16 17 19 16 15 19 17 16 18 20 8 9 9 9 10 10 10 10 12 13 13 8 8 48 46 46 48 50 50 52 49 52 60 65 63 44 47 43 46 43 47 48 50 46 50 50 55 120 129 133 140 151 152 167 167 186 199 197 215 55 59 56 67 72 69 74 84 88 97 98 113 39 43 44 45 51 51 56 58 64 68 64 78 28 35 34 37 39 40 55 51 57 58 58 61 20 22 22 25 25 26 34 29 39 39 43 44 16 19 20 19 19 19 20 23 23 23 24 27 7 8 9 9 11 10 11 10 12 12 13 8 68 73 74 82 83 80 85 94 96 101 100 105 54 56 58 61 64 65 66 70 71 80 77 85 222 235 248 263 262 297 300 302 326 330 346 357 121 127 129 133 131 137 138 135 151 160 183 183 80 83 89 104 99 107 115 112 123 128 137 140 64 72 74 74 76 95 82 83 85 90 100 108 49 46 52 51 52 69 64 70 70 74 73 82 29 31 30 32 34 35 37 37 43 41 38 44 16 19 18 15 17 18 18 19 22 23 24 27 106 110 107 111 110 112 115 116 118 122 127 130 77 87 89 93 94 103 103 101 111 105 112 108 Repaid Extended Repaid Extended Repaid 1942—Jan.. Feb., Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 135 144 144 125 111 101 104 108 97 91 83 81 206 205 195 198 198 182 182 185 171 164 157 145 47 50 50 38 34 30 32 39 27 25 22 20 91 94 80 83 83 73 75 78 70 67 63 59 26 30 29 23 22 16 17 15 17 18 15 16 1943_Jan.. Feb. Mar. Apr.. May. June July. Aug. Sept. Oct.. Nov. Dec. 77 74 80 77 77 84 81 83 91 87 86 86 139 136 130 122 112 113 102 97 97 93 87 85 21 23 23 24 24 25 25 27 28 27 27 26 54 50 46 43 39 37 34 30 29 26 26 25 1944__jan.. Feb., Mar. Apr.. May. June, July. Aug. Sept. Oct.. Nov. Dec. 85 81 90 85 93 95 98 98 96 101 101 107 89 87 88 88 91 87 91 91 93 95 94 94 26 26 27 29 31 30 33 31 29 32 31 31 1945__j an .. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 106 103 106 103 106 110 109 111 117 134 148 150 95 100 95 101 99 101 101 108 100 106 110 116 1946—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. 167 186 184 205 213 208 234 252 264 279 280 306 1947—Jan.. Feb.. Mar. 320 340 340 350 351 379 372 371 397 413 448 465 For note see p. 82. Personal loans Repaid Extended May! June. July. Aug. Sept. Oct.. Nov. Dec. Repair and modernization loans 79 Extended 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued F. Month COMMERCIAL BANKS: S.A., 1942-63 — Continued [In millions of dollars] Automobile paper Total Extended Repaid Extended Repaid Other consumer goods paper Extended Repaid Repair and modernization loans Extended Repaid Personal loans Extended Repaid 1948—Jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov., Dec.. 465 461 480 498 461 480 489 495 500 445 467 473 359 363 379 385 401 414 400 418 421 414 425 431 183 181 191 191 180 187 197 205 199 180 191 197 135 139 140 149 150 153 151 165 165 157 169 172 113 113 115 127 109 121 117 116 127 103 104 105 81 84 85 89 99 107 96 94 97 99 97 98 41 39 42 47 42 39 39 38 39 38 42 40 26 27 28 27 29 29 29 34 30 31 32 33 128 128 132 133 130 133 136 136 135 124 130 131 117 113 !949_Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. 464 455 504 515 555 549 542 566 561 615 615 602 437 434 458 447 465 472 466 484 471 490 510 499 187 189 220 228 237 225 234 239 237 264 259 244 179 173 185 186 192 195 184 194 191 203 208 206 105 96 110 110 131 129 124 127 130 149 147 152 98 99 110 99 105 109 111 114 105 112 116 110 39 41 46 44 48 53 47 60 51 56 60 56 32 34 35 36 37 37 39 40 39 40 43 42 133 129 128 133 139 142 137 140 143 146 149 150 128 128 128 126 131 131 132 136 136 135 143 141 1950—Jan.. Feb.. Mar. M*ay! June. July. Aug., Sept. Oct.. Nov. Dec. 616 655 635 629 680 716 792 764 796 677 563 612 515 539 524 534 538 539 583 587 593 616 601 607 267 286 280 274 288 328 361 327 335 279 220 257 213 224 223 222 226 228 245 247 254 251 240 253 149 159 163 154 173 164 194 207 236 185 148 156 117 130 119 123 126 124 136 138 148 160 167 160 57 63 43 51 61 64 71 63 61 56 49 49 45 46 46 47 46 48 54 49 49 49 47 43 143 147 149 150 158 160 166 167 164 157 146 150 140 139 136 142 140 139 148 153 142 156 147 151 1951—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 660 657 638 666 655 633 656 724 739 767 779 784 631 655 632 675 688 674 716 703 770 746 740 755 273 275 267 285 284 284 288 339 345 340 343 343 267 273 273 292 293 299 318 325 326 344 341 340 168 169 156 162 156 142 151 162 165 181 187 189 160 174 159 172 180 157 182 176 224 181 176 188 55 51 54 56 55 52 56 56 59 65 66 74 52 50 47 51 54 57 53 50 53 58 55 65 164 162 161 163 160 155 161 167 170 181 183 178 152 158 153 160 161 161 163 152 167 163 168 162 1952—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 809 821 800 848 933 1,011 963 889 945 1,014 1,017 1,073 759 738 759 763 758 781 804 774 791 799 810 834 364 365 349 369 450 485 437 374 417 463 483 512 344 337 341 335 356 363 378 345 359 358 362 374 182 195 188 202 200 228 185 176 186 189 164 174 227 222 225 238 238 252 176 176 177 180 190 188 71 70 70 79 81 89 91 87 93 95 92 90 57 55 58 59 58 62 61 66 70 68 72 73 192 191 193 198 202 209 208 206 210 218 204 219 173 170 174 180 180 182 189 187 185 193 186 199 1953—Jan.. Feb., Mar. Apr., May June. July. Aug. Sept. Oct.. Nov. Dec. 1,045 1,059 1,144 1,096 1,023 976 1,004 960 948 956 959 929 834 828 887 885 882 886 870 897 905 910 915 926 500 502 523 501 473 430 451 434 429 436 435 400 369 376 393 383 387 389 381 389 402 403 409 413 240 252 300 293 254 246 245 232 222 223 216 226 200 185 213 227 224 222 211 227 228 229 222 234 98 92 101 93 87 93 94 89 86 86 89 84 75 70 78 77 74 76 79 79 74 78 75 77 207 213 220 209 209 207 214 205 211 211 219 219 190 197 203 198 197 199 199 202 For note see p. 82. 80 126 120 123 125 124 125 129 127 127 128 201 200 209 202 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued F. COMMERCIAL BANKS: S.A., 1942-63 — Continued [In millions of dollars] Automobile paper Total Other consumer goods paper Repair and modernization loans Personail loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 910 907 896 903 889 929 925 950 944 998 948 918 936 964 942 971 375 379 380 390 376 404 398 410 420 426 416 412 411 417 408 427 233 214 200 204 206 213 210 214 238 278 231 204 224 238 232 228 83 93 86 85 88 77 82 83 73 87 84 85 86 86 84 86 219 221 230 224 219 235 235 243 213 207 217 217 215 223 218 230 944 955 997 951 939 976 407 415 437 410 408 425 214 219 224 223 225 227 85 79 84 92 84 90 238 242 252 226 222 234 Dec J 062 982 486 422 234 235 84 86 258 239 Jan.. Feb May Apr May June. July AUR Sept Oct Nov. Dec 1,058 ,127 ,180 151 ,198 ,213 ,158 ,208 ,242 ,171 ,191 ,183 962 986 1,000 996 1,030 1,015 1,035 1,037 1,052 1,064 1,074 ,054 487 523 569 549 581 602 575 610 623 582 563 582 414 426 438 453 455 455 470 472 473 475 488 482 238 251 259 244 255 250 237 242 250 228 253 229 223 231 231 230 233 231 234 230 232 233 234 222 73 80 86 88 88 90 87 92 96 97 98 103 88 85 90 83 92 86 85 87 88 89 94 89 260 273 266 270 274 271 259 264 273 264 277 269 237 244 241 230 250 243 246 248 259 267 258 261 ,159 ,207 ,186 ,267 190 ,204 ,192 177 ,180 ,227 ,216 ,267 1,067 1,074 1,043 ,104 I 095 1,099 1,141 1,128 1,155 1,137 1,138 1,193 1957 Jan. Feb Mar Apr. May June July Aug... SeDt Oct Nov Dec. ,281 1,293 1,265 1,263 1,279 ,293 ,285 ,283 1,306 ,300 1,255 1,251 1958—Jan Feb Mar. .. 1954—Jan Feb Mar.. .. Apr May June July Aug Sept Oct Nov 1955 1956—Jan Feb. Mar Apr May June July. Aug Sept Oct.. Nov Dec. ,. Apr May June July Aug Sept Oct Nov Dec 1959—Jan Feb Mar Apr. May June July AUK Sept . Oct Nov Dec 564 496 217 222 97 92 281 257 582 560 564 540 494 478 516 499 238 246 303 254 224 218 228 225 104 100 105 102 89 86 92 89 283 280 295 294 267 261 268 282 519 500 302 235 97 86 286 278 522 515 506 491 276 268 262 267 99 98 94 90 295 296 279 280 512 523 271 258 101 87 296 287 506 528 567 507 513 531 322 295 294 262 262 284 100 99 100 88 87 88 299 294 306 280 276 290 1,182 1,170 1,161 1,158 1,180 1,202 1,194 .21? l',23l 1,205 1,216 J 254 606 620 533 539 267 262 274 249 104 105 90 94 304 306 285 288 605 607 601 533 536 539 262 254 266 252 241 262 102 98 100 90 90 95 296 304 312 286 291 284 591 586 577 611 593 576 569 543 539 531 558 553 545 567 288 281 291 281 283 263 246 272 268 304 275 269 283 277 102 104 106 103 103 100 104 92 96 92 97 90 92 102 312 314 309 311 321 316 332 295 291 286 301 293 296 308 1,270 1,190 1,175 1,232 ,189 I 203 ,258 1,260 ,224 1,249 ,291 1,349 1,226 1,242 1,234 1,211 1,215 1,235 1,204 1,237 1,208 1,206 1,238 1,213 583 530 491 527 509 565 567 563 556 544 246 237 254 261 252 263 265 258 242 271 115 106 105 105 103 95 101 100 101 94 326 317 325 339 325 303 309 313 312 306 518 554 240 262 109 104 336 315 540 542 526 537 570 641 543 553 550 550 561 559 261 263 247 241 247 232 248 254 238 234 241 224 109 111 113 117 119 115 100 97 101 98 100 100 348 344 338 354 355 361 313 333 319 324 336 330 1,442 1 444 1,450 1,494 1,518 1,472 1,542 1,540 1 561 1,534 1,473 1,490 1,202 1,252 1,257 1,265 1,298 1,265 1,311 1,328 1,331 1,321 1,360 1.376 659 549 279 226 131 101 373 326 679 577 259 224 124 102 382 349 665 702 698 691 714 713 728 715 651 641 576 575 595 584 601 617 608 595 613 631 261 272 279 256 270 284 275 269 267 282 234 236 239 231 235 233 250 249 257 261 131 131 137 130 140 135 132 135 137 141 103 107 110 106 107 113 109 108 113 107 393 389 404 395 418 408 428 415 418 426 344 347 354 344 368 365 364 369 377 377 For note see p. 82. 81 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued F. COMMERCIAL BANKS: S.A., 1942-63 — Continued [In millions of dollars] Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1960—Jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct.. Nov. Dec. 1,534 1,579 1,543 1,568 1,544 1,542 1,483 1,493 1,534 1,469 1,527 1,458 1,401 1,357 1,369 1,383 1,413 1,408 1,409 1,393 1,406 1,446 1,433 1,425 693 716 722 738 720 713 673 688 713 657 704 646 628 610 624 627 641 640 630 630 633 656 645 645 293 305 274 272 272 275 261 253 259 261 261 261 278 262 251 255 266 260 261 257 253 264 264 262 131 139 130 130 129 129 122 124 120 117 118 117 110 109 111 110 110 113 115 113 110 114 114 114 417 419 417 428 423 425 427 428 442 434 444 434 385 376 383 391 396 395 403 393 410 412 410 404 1961—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 1,428 1,406 1,438 1,397 1,440 1,450 1,464 1,511 1,491 1,550 1,568 1,575 1,447 1,556 1,533 1,578 1,522 1,535 1,523 1,521 1,523 1,536 1,507 1J518 633 608 634 602 644 655 673 679 679 707 743 740 653 660 642 656 640 648 661 656 664 665 665 670 250 243 249 240 242 236 251 261 258 268 257 263 256 357 365 380 349 349 330 324 318 316 296 300 116 116 120 119 114 116 114 119 118 120 116 116 117 117 116 117 114 117 115 116 119 121 117 117 429 439 435 436 440 443 426 452 436 455 452 456 421 422 410 425 419 421 4j7 425 422 434 429 431 1962—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. 1,574 1,647 1,641 1,700 1,715 1,713 1,724 1,715 1,680 1,741 1,802 1,803 1,504 1,511 1,514 1,509 1,518 1,522 1,544 1,551 1,571 1,542 1,582 1,610 760 777 790 822 826 826 833 837 787 861 903 892 675 679 694 696 706 707 715 720 729 728 746 755 227 293 258 272 272 274 270 256 268 260 274 276 278 281 263 257 251 251 257 262 262 248 255 261 117 116 117 121 123 122 124 120 120 119 119 119 116 116 115 116 117 116 116 115 115 111 114 118 470 461 476 485 494 491 497 502 505 501 506 516 435 435 442 440 444 448 456 454 465 455 467 476 1963—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec. 1,843 1,879 1,902 1,916 1,887 1,919 1,898 1,878 1,878 2,000 1,877 1,963 1,592 1,594 1,664 1,646 1,681 1,699 1,690 1,692 1,737 1,737 1,734 1,802 923 944 944 966 943 946 947 925 904 994 935 990 764 771 791 798 809 820 811 814 837 843 844 865 273 277 294 289 285 297 269 287 291 307 286 288 250 233 260 252 259 264 265 259 270 273 274 289 123 122 127 127 129 128 129 124 126 127 117 120 114 115 119 116 117 117 118 117 121 117 116 121 524 536 537 534 530 548 553 542 557 572 " 539 565 464 475 494 480 496 498 496 502 509 504 500 527 NOTE.—Includes adjustments for differences in trading days. 82 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued G. SALES FINANCE COMPANIES: N.S.A., 1948-63 [In millions of dollars] Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Period Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1948 1949 1950 1951 1952 1953 1954 3,217 4,296 2,561 3,363 2,321 3,426 1,790 2,494 407 556 305 396 175 50 192 185 314 264 274 288 5,098 5,467 6,982 7,560 7,260 4,331 5,524 5,925 6,344 7,043 4,096 4,277 5,368 5,971 5,648 3,405 4,370 4,601 4,913 5,466 696 665 986 973 976 611 745 758 837 951 46 35 37 32 11 75 33 40 46 26 260 490 591 584 625 240 376 526 548 600 1955 1956 1957 1958 1959 10,206 9,619 10,250 9,043 11,196 7,903 8,949 9,759 9,842 9,742 8,223 7,289 7,434 5,838 7,368 6,188 6,956 7,280 6,921 6,512 1,220 1,404 1,747 2,003 2,361 1,013 1,175 1,515 1,830 1,963 17 29 27 40 68 20 25 27 35 32 745 897 1,043 1,162 1,399 681 793 936 1,057 1,235 1960 1961 1962 1963 11,456 10,667 11,999 12,664 10,442 10,943 11,434 12,211 7,079 5,746 7,158 7,636 6.738 6,463 6,520 6,857 2,754 3,209 2,799 2,615 2,267 2,936 3,132 3,231 128 116 110 94 61 83 101 106 1,495 1,596 1,932 2,319 1,376 1,461 1,681 2,017 1948—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 232 213 291 286 278 273 288 299 309 227 250 271 167 166 196 187 206 235 226 237 250 222 230 239 153 149 216 205 183 199 215 227 232 163 184 195 112 134 129 141 169 160 171 181 154 160 166 38 24 30 37 49 36 35 34 38 29 27 30 16 20 23 22 28 26 26 27 28 30 30 29 18 15 16 19 21 12 13 13 13 12 13 10 27 12 14 12 14 16 16 15 17 16 16 17 23 25 29 25 25 26 25 25 26 23 26 36 12 21 25 24 23 24 24 24 24 22 24 27 1949_Jan.. Feb. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 220 239 345 351 393 389 377 429 387 393 401 372 230 226 269 249 266 285 279 302 297 309 326 325 162 179 277 285 314 304 297 346 313 322 331 296 160 160 194 180 191 208 208 228 224 237 253 251 29 34 36 41 52 59 56 59 52 46 44 48 20 21 27 32 38 42 33 36 34 37 37 39 6 4 4 4 5 5 4 4 2 4 5 3 27 22 19 12 12 11 14 14 16 13 13 12 23 22 28 21 22 21 20 20 20 21 21 25 23 23 29 25 25 24 24 24 23 22 23 23 1950—Jan.. Feb.. Mar. June. July. Aug. Sept. Oct.. Nov. Dec.. 340 363 441 414 467 522 532 496 475 398 323 327 324 315 376 327 362 360 341 381 383 404 385 373 279 301 363 333 373 421 425 384 375 323 264 255 251 245 296 256 284 289 266 293 305 319 307 294 39 41 53 57 68 72 80 82 74 53 35 42 40 41 47 42 51 45 51 63 57 61 57 56 4 4 3 3 4 5 5 7 4 3 2 2 11 9 10 8 6 6 6 6 2 4 3 4 18 17 22 21 22 24 22 23 22 19 22 28 22 20 23 21 21 20 18 19 19 20 18 19 1951—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 361 317 387 396 472 490 478 592 509 512 484 469 413 379 429 417 451 448 478 505 468 542 497 497 272 243 299 316 381 396 386 472 401 397 371 343 328 299 336 326 358 350 381 402 374 433 393 390 45 44 49 45 50 50 49 70 64 68 64 67 60 53 60 61 62 62 61 65 58 70 66 67 2 1 2 2 3 3 4 4 4 4 3 3 3 4 3 4 2 3 3 3 3 2 2 1 42 29 37 33 38 41 39 46 40 43 46 56 22 23 30 26 29 33 33 35 33 37 36 39 M^Ly! US 83 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued G. SALES FINANCE COMPANIES: N.S.A., 1948-63 — Continued [In millions of dollars] Automobile paper Total Other consumer goods paper Repair and modernization loans Personal loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1952 Jan Feb Mar . . Apr May June July . Aug SeDt . . Oct Nov Dec.. 458 438 465 518 674 747 664 508 564 668 594 684 521 477 501 483 494 493 506 471 491 512 455 521 353 338 353 406 536 586 505 367 425 522 465 512 415 378 392 381 382 383 397 353 381 396 346 397 61 56 61 64 83 100 106 91 90 95 77 102 64 58 61 63 64 57 61 71 62 68 62 67 1 2 2 2 4 4 4 4 3 4 4 3 4 4 4 3 3 4 4 4 2 2 4 2 43 42 49 46 51 57 49 46 46 47 48 67 38 37 44 36 45 49 44 43 46 46 43 55 1953 Jan Feb Mar.... Apr May. June July Aue Sept Oct Nov Dec.. 571 568 680 671 642 683 681 642 622 645 577 578 478 475 549 543 486 539 506 534 550 571 533 580 442 450 541 539 508 532 547 509 500 518 455 430 367 363 417 423 371 409 399 422 435 445 415 447 78 77 90 87 85 96 84 79 72 77 70 78 63 68 79 75 68 80 55 58 65 78 73 75 2 2 2 2 2 3 2 3 4 4 3 3 4 4 4 2 5 5 5 6 3 4 2 2 49 39 47 43 47 52 48 51 46 46 49 67 44 40 49 43 42 45 47 48 47 44 43 56 1954 Jan.... Feb Mar.,.. Apr May June. July Auc SeDt Oct Nov. . Dec 428 443 552 570 581 714 695 658 632 620 634 733 516 532 638 568 550 612 576 599 599 600 621 632 330 343 425 445 459 571 546 517 497 483 482 550 403 415 491 439 421 475 443 463 468 471 486 491 51 58 72 74 73 89 95 88 87 85 92 112 64 71 91 79 79 84 81 83 80 78 80 81 4 3 2 3 2 2 2 2 2 2 2 2 2 43 42 54 50 49 53 54 52 48 51 59 70 46 44 53 48 48 51 50 51 49 49 53 58 592 656 869 841 906 997 932 1,028 925 829 792 839 556 562 663 605 627 675 617 716 698 728 737 717 465 520 716 692 750 824 763 837 756 657 616 627 433 431 514 467 488 528 484 563 555 579 585 561 75 82 90 86 99 112 108 123 108 108 105 124 72 79 88 80 82 87 79 91 85 91 91 88 2 2 2 2 2 2 1 2 2 1 1 1 52 53 63 62 56 60 59 64 59 62 69 85 49 50 59 56 55 58 53 60 56 58 60 67 705 718 823 770 843 848 820 873 723 822 887 786 712 694 756 721 777 724 736 768 686 836 781 758 551 565 641 605 663 663 629 677 550 626 578 543 553 546 588 566 603 566 566 600 531 661 608 567 92 91 100 93 111 112 112 112 102 117 224 138 99 88 98 91 111 91 100 97 90 102 99 109 3 2 3 2 3 3 3 2 2 4 2 2 2 1 2 2 2 3 2 2 2 2 60 61 79 70 67 70 76 80 69 76 84 103 57 57 68 63 60 64 67 68 64 71 72 80 789 693 824 858 889 907 1,029 907 834 865 783 872 810 734 810 800 816 782 849 817 799 878 803 860 556 517 604 625 670 681 719 672 615 631 558 586 619 552 606 605 613 581 634 608 593 653 587 628 158 103 137 144 135 138 208 146 136 146 133 162 120 114 127 116 125 123 128 128 127 143 131 133 3 3 2 2 3 3 3 2 3 3 3 3 2 2 2 2 2 2 2 2 3 2 72 70 81 88 81 85 98 86 80 85 92 122 68 66 75 77 76 76 85 79 77 80 82 97 1955 Jan Feb . Mar Apr May June July. .. Aug Seot. Oct Nov Dec 1956 Jan Feb Mar Apr May July Aug SeDt Oct Nov Dec 1957—Jan Feb . Mar Apr May June July Aug SeDt Oct Nov .. Dec 84 1 1 1 1 1 1 1 1 1 1 1 4 3 2 2 3 2 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued G. Month SALES FINANCE COMPANIES: N.S.A., 1948-63 — Continued [In millions of dollars] Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1958—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 726 655 735 769 751 791 866 769 671 752 697 860 832 764 850 849 820 805 844 801 828 858 763 827 514 420 446 487 500 524 529 492 448 475 429 575 622 547 605 600 581 569 580 558 578 600 512 569 123 148 193 187 162 166 242 179 117 176 166 144 129 138 159 159 153 150 173 154 157 163 150 145 3 2 3 3 3 4 4 3 4 4 3 3 2 2 3 2 3 3 4 3 3 3 4 2 86 84 93 92 87 97 92 94 103 97 99 137 79 77 84 87 83 82 87 86 90 92 98 111 1959—Jan.. Feb. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. 760 730 897 944 951 1,088 1,079 987 987 998 864 912 769 739 839 803 785 824 831 783 818 867 811 874 503 503 603 645 649 756 731 664 636 654 517 507 519 502 571 535 517 558 558 514 553 580 537 569 158 128 181 192 197 212 225 197 213 211 211 236 156 144 162 166 168 162 168 161 167 177 159 173 2 4 6 3 4 5 7 7 9 7 6 7 3 2 3 3 3 3 3 3 2 5 3 97 96 107 104 101 114 116 119 130 126 129 161 92 91 103 98 97 102 102 106 98 108 110 128 I960—Jan.. Feb. Mar. M^y! June. July. Aug. Sept. Oct.. Nov. Dec. 822 881 995 1,019 1,005 1,076 963 1,036 935 918 905 902 794 804 903 870 854 866 836 913 886 911 903 903 499 574 656 677 653 703 595 632 540 547 526 478 525 540 595 551 565 573 541 600 562 582 564 539 210 187 209 207 222 236 239 256 248 242 244 255 161 155 188 194 173 181 181 191 206 207 209 220 6 7 8 11 13 15 13 15 12 10 9 9 4 4 4 4 4 6 5 5 5 5 8 8 107 113 122 125 117 123 117 133 135 119 124 160 103 106 117 121 111 106 108 117 112 117 122 136 1961—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec.. 765 683 844 815 909 995 878 944 822 970 941 1,101 872 800 970 866 934 938 891 951 879 986 929 928 406 370 471 440 514 573 496 516 408 548 524 480 542 493 584 508 554 563 527 559 518 578 534 502 245 200 243 249 261 277 244 266 265 264 263 434 210 192 259 242 250 252 238 255 242 271 252 273 8 6 6 9 9 12 12 14 10 11 10 10 8 5 3 6 9 9 6 8 6 7 7 9 106 108 124 117 124 133 127 149 139 147 144 178 113 109 124 109 120 114 120 129 113 130 136 144 1962—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 884 788 937 1,008 1,059 1,081 1,069 1,068 863 1,108 1,070 1,064 911 895 1,015 941 978 951 957 954 872 1,035 944 981 484 475 582 618 673 669 657 651 467 682 637 563 541 484 555 526 546 538 551 552 498 628 547 554 263 179 207 228 223 246 239 232 223 244 244 271 240 281 316 278 289 276 255 244 235 249 229 240 7 8 9 9 11 9 11 12 9 9 8 8 6 8 8 7 9 8 8 12 8 9 9 9 130 126 139 153 152 157 162 173 164 173 181 222 124 122 136 130 134 129 143 146 131 149 159 178 1963—Jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct.. Nov. Dec. 978 845 957 1,094 1,107 1,076 1,159 1,094 955 1,194 1,013 1,192 966 957 1,053 1,048 1,030 966 1,045 995 997 1,129 959 1,066 575 523 601 705 716 688 734 658 508 723 593 612 553 517 564 580 577 532 599 574 562 659 546 594 240 160 183 196 204 204 218 218 211 256 219 306 258 281 322 289 282 271 276 243 249 276 233 251 7 6 7 8 8 8 9 9 8 9 7 8 10 8 8 10 8 8 9 10 8 9 8 10 156 156 166 185 179 176 198 209 228 206 194 266 145 151 159 169 163 155 161 168 178 185 172 211 85 8. INSTALMENT CREDIT EXTENDED AND REPAID —Continued H. SALES FINANCE COMPANIES: S.A., 1948-63 [In millions of dollars] Automobile paper Total Other consumer goods paper Repair and modernization loans Personal loans Month Repaid Extended Repaid Extended Repaid 264 251 272 273 271 255 269 288 296 236 264 278 173 182 186 191 210 226 221 238 247 220 232 235 180 179 198 192 178 185 198 216 221 169 196 209 116 124 127 133 147 161 156 171 177 151 162 165 42 29 32 36 46 32 32 32 35 30 30 31 18 24 23 23 26 25 25 27 28 30 28 28 18 15 16 19 21 12 13 13 13 12 13 10 27 12 14 12 14 16 16 15 17 16 16 17 24 28 26 26 26 26 26 27 27 25 25 28 12 22 22 23 23 24 24 25 25 23 26 25 264 289 330 342 377 356 357 384 366 407 428 396 244 247 255 254 269 276 285 290 292 303 328 320 199 219 262 274 301 278 280 309 296 332 353 323 170 176 184 185 197 199 212 218 218 231 255 249 34 41 39 42 48 53 52 51 47 48 50 51 23 25 27 33 35 42 34 34 34 36 36 37 6 4 4 4 5 5 4 4 2 4 5 3 27 22 19 12 12 11 14 14 16 13 13 12 25 25 25 22 23 20 21 20 21 23 20 19 24 24 25 24 25 24 25 24 24 23 24 22 415 445 433 426 424 468 493 436 449 405 340 364 342 344 357 346 353 350 346 363 374 391 385 380 344 371 352 338 336 376 392 336 355 326 277 293 263 267 280 272 281 280 269 280 296 308 308 301 48 51 58 62 62 64 73 70 67 55 40 46 45 47 47 44 46 45 53 58 57 58 55 56 4 4 3 3 4 5 5 7 4 3 2 2 11 9 10 8 6 6 6 6 2 4 3 4 23 21 20 22 20 19 18 19 19 21 19 19 1951—Jan Feb Mar... . Apr May.. June July.. Aug Sept Oct Nov. Dec 424 392 387 413 428 432 441 523 510 499 509 509 419 413 404 441 446 437 489 486 479 506 499 505 325 303 299 326 342 347 352 416 401 383 391 392 330 325 317 347 358 342 388 388 380 403 394 398 53 54 52 49 46 43 44 58 61 66 70 69 64 59 58 62 58 61 64 61 61 64 65 68 2 1 2 3 3 4 4 4 4 3 3 3 4 3 4 2 3 3 3 3 2 2 1 19 19 20 23 22 23 23 23 23 21 21 23 44 34 34 36 37 39 41 45 44 46 45 45 22 25 26 28 28 31 34 34 35 37 38 38 1952—Jan Feb . Mar Apr May June July.. . Aug Sept... Oct Nov Dec 543 519 485 522 616 679 588 472 551 649 651 707 531 498 489 490 493 501 505 471 487 480 474 506 424 403 367 403 481 527 441 339 413 503 512 555 420 394 385 388 385 390 394 355 374 369 359 388 74 66 68 69 80 92 94 82 86 92 86 97 68 61 59 62 61 58 63 69 64 63 64 66 1 2 2 2 4 4 4 4 3 4 4 3 4 4 4 3 3 4 4 4 2 2 4 2 44 48 48 48 51 56 49 47 49 50 49 52 39 39 41 37 44 49 44 43 47 46 47 50 1953—Jan Feb... Mar 680 693 703 669 604 584 596 592 607 624 629 579 490 513 530 550 507 523 509 534 544 537 549 558 534 552 558 530 469 449 473 466 485 499 501 455 374 392 405 431 390 399 400 423 426 415 426 432 93 93 97 92 85 83 73 71 69 73 75 69 67 73 75 73 69 76 57 57 67 74 75 74 2 2 2 2 2 3 2 3 4 4 3 3 4 4 4 2 5 5 5 6 3 4 2 2 51 46 46 45 48 49 48 52 49 48 50 52 45 44 46 44 43 43 47 48 48 44 46 50 1948—Jan Feb Mar Apr May June July AUK Sept Oct Nov Dec 1949—j a n < Feb Mar . Mav June July Aug Sept Oct Nov Dec 1950—j a n Feb Mar May.. June July.. Aug Sept... Oct Nov Dec Mav June July Aug.. Sept Oct Nov. Dec For note see p. 86 Extended Repaid Extended Repaid Extended 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued H. SALES FINANCE COMPANIES: S.A., 1948-63 — Continued [In millions of dollars] Automobile paper Total Month Extended Repaid Extended Repaid Other consumer goods paper Extended Repaid Repair and modernization loans Extended Repaid Personal loans Extended Repaid 1954—Jan.. Feb. Mar. Apr.. May June, July. Aug. Sept. Oct.. Nov. Dec. 539 542 544 568 555 614 621 611 625 635 671 735 556 573 589 577 575 593 586 596 593 588 608 609 423 422 417 436 429 483 482 475 486 494 519 582 432 448 457 448 444 462 450 461 459 457 473 475 65 71 75 80 75 79 85 82 87 85 94 98 72 75 81 77 80 80 84 82 82 78 79 81 47 49 51 51 51 51 54 53 52 55 57 54 49 48 48 50 49 49 50 51 50 51 54 51 1955—Jan.. Feb. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 710 796 859 839 876 875 864 918 927 838 813 833 584 608 616 614 643 663 638 690 699 710 732 693 559 633 709 688 717 717 707 742 751 661 635 648 452 467 480 476 502 518 501 544 553 558 581 547 93 101 90 87 98 99 95 110 110 109 111 118 78 85 80 79 82 85 82 86 87 91 92 87 58 61 60 63 60 58 61 62 63 66 65 64 52 54 54 57 57 58 54 58 57 60 58 58 1956—Jan.. Feb.. Mar. June. July. Aug., Sept. Oct.. Nov. Dec. 814 841 833 783 793 765 750 782 779 788 915 801 722 726 722 745 769 725 748 744 734 771 776 763 641 663 650 613 613 590 573 602 588 596 598 581 559 572 563 588 599 567 576 582 564 603 603 577 105 108 102 96 107 102 97 101 111 112 237 137 103 91 92 91 108 91 102 93 98 96 101 112 65 68 78 72 70 70 77 77 78 76 79 81 58 61 65 65 60 65 68 66 70 70 70 72 1957—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept., Oct.. Nov., Dec. 899 842 863 834 837 853 902 830 863 834 843 842 821 800 799 790 807 816 828 805 816 822 810 846 647 630 634 604 618 629 628 607 633 602 612 591 624 601 601 601 607 604 619 598 602 604 591 627 171 128 144 141 130 132 174 137 142 142 142 158 124 124 122 111 121 128 124 127 132 136 136 132 78 81 83 87 86 89 97 84 85 87 89 93 70 72 74 76 77 82 83 78 80 80 80 85 1958—Jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. Dec. 825 795 758 762 729 721 777 736 668 728 758 815 843 833 826 851 828 808 837 821 815 801 802 782 601 512 459 478 471 465 472 462 450 455 470 575 626 598 590 607 588 569 576 570 565 553 538 549 128 184 200 187 161 154 208 176 115 172 184 136 134 149 150 154 152 150 170 160 157 154 161 138 93 97 96 94 94 98 93 95 99 97 101 101 81 84 83 88 85 86 87 88 90 91 99 93 1959_jan.. Feb.. Mar.. Apr.. May. June. July. Aug.. Sept.. Oct.. Nov.. 867 886 909 931 958 952 968 927 1,009 983 897 875 795 808 799 802 823 799 819 790 822 825 818 843 593 613 609 631 636 645 651 611 663 637 543 518 530 551 547 541 544 537 550 515 552 543 543 562 165 159 185 192 204 190 194 191 212 211 221 229 166 155 150 160 173 156 165 165 169 172 164 168 107 110 109 105 114 112 116 118 125 128 127 121 96 100 99 98 103 103 101 107 101 108 106 110 lday! Dec. For note see p. 87 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued H. SALES FINANCE COMPANIES: S.A., 1948-63 — Continued [In millions of dollars] Total Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid I960—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 954 1,005 997 1,010 973 964 928 954 979 901 923 868 850 831 846 880 859 861 869 882 895 884 906 886 597 651 650 660 610 603 569 576 594 524 550 499 557 559 561 565 570 565 562 575 564 555 566 541 225 225 215 209 223 223 221 239 244 246 244 236 176 159 169 186 170 179 188 190 208 207 217 220 6 7 8 11 13 15 13 15 12 10 9 9 4 4 4 4 4 6 5 5 5 5 8 8 126 122 124 130 127 123 125 124 129 121 120 124 113 109 112 125 115 111 114 112 118 117 115 117 1961—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 845 835 848 835 843 891 839 885 872 925 945 1,084 900 868 897 900 899 926 907 936 906 937 932 943 468 444 462 440 457 490 464 479 466 507 534 528 551 540 548 539 535 552 533 542 531 536 533 524 249 260 253 261 250 256 230 252 262 262 262 403 223 206 228 239 236 246 244 261 248 267 264 283 8 6 6 9 9 12 12 14 10 11 10 10 8 5 3 6 9 9 6 8 6 7 7 9 120 125 127 125 127 133 133 140 134 145 139 143 118 117 118 116 119 119 124 125 121 127 128 127 1962—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 965 964 961 991 997 984 1,010 1,011 966 1,017 1,071 1,053 926 970 954 944 963 958 960 942 942 950 948 .978 550 573 581 593 609 584 605 616 563 607 642 613 541 533 533 537 538 540 548 536 535 562 547 570 262 237 224 231 217 229 228 221 229 236 246 257 251 298 280 266 279 273 259 252 252 238 242 245 7 8 9 9 11 9 11 12 9 9 8 8 6 8 8 9 8 8 12 8 9 9 9 146 146 147 158 160 162 166 162 165 165 175 175 128 131 133 134 137 137 145 142 147 141 150 154 1963—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 1,074 1,035 1,022 1,032 1,042 1,016 1,054 1,051 1,021 1,115 1,030 1,134 986 1,035 1,026 1,014 1,017 1,012 1,007 1,000 1,034 1,054 983 1,039 654 635 624 650 646 623 650 632 587 653 605 655 553 569 563 570 570 555 572 566 580 599 557 600 237 213 207 191 200 197 201 211 207 253 226 265 273 296 293 266 273 277 269 258 255 268 252 250 7 6 7 8 8 8 9 9 8 9 7 8 10 8 8 10 8 8 9 10 8 9 8 10 176 181 184 183 188 188 194 199 219 200 192 206 150 162 162 168 166 172 157 166 191 178 166 179 NOTE.—Includes adjustments for differences in trading days. 88 7 8. INSTALMENT CREDIT EXTENDED AND REPAID—Continued I. CONSUMER FINANCE COMPANIES: N.S.A., 1950-63 [In millions of dollars] Period Automobile paper Total Extended Repaid Extended Repaid Other consumer goods paper1 Extended Repaid Personal loans Extended Repaid 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1,997 2,882 3,273 3,491 3,649 4,331 4,746 4,915 4,451 4,826 1,831 2,613 2,962 3,220 3,529 3,965 4,429 4,731 4,490 4,593 139 203 251 218 172 204 189 181 150 189 114 195 229 217 199 178 182 190 168 175 139 196 306 341 387 561 632 520 449 522 112 170 253 308 393 454 601 580 483 468 1,719 2,483 2,716 2,932 3,090 3,565 3,925 4,214 3,853 4,115 1,605 2,248 2,480 2,695 2,937 3,332 3,645 3,962 3,838 3,950 1960 1961 1962 1963 5,192 5,111 5,645 6,181 4,859 4,993 5,312 5,722 178 189 229 236 176 175 208 230 596 522 499 521 540 554 524 495 4,418 4,400 4,917 5,424 4,143 4,263 4,580 4,997 1950—Jan.. Feb., Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 128 122 159 150 163 173 161 162 147 175 189 268 128 126 152 141 151 154 146 149 146 152 174 212 9 9 12 11 11 13 12 10 11 13 13 15 8 9 8 9 9 9 9 10 12 11 12 9 9 9 11 12 14 13 18 11 18 8 8 8 7 8 9 8 9 13 13 13 112 105 138 130 143 149 137 138 123 144 165 235 112 110 135 125 135 137 128 132 127 127 150 187 1951—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 185 243 212 234 241 245 249 220 244 272 349 178 176 218 201 214 215 220 228 190 255 244 274 12 13 17 14 20 18 19 20 17 17 16 20 14 13 15 14 16 17 17 18 17 19 18 17 14 12 14 10 16 15 18 19 19 17 17 25 13 13 13 11 16 14 15 14 13 17 15 16 162 160 212 188 198 208 208 210 184 210 239 304 151 150 190 176 182 184 188 196 160 219 211 241 1952—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 221 216 258 265 284 303 293 261 251 268 260 393 213 208 240 230 256 257 260 241 241 253 248 315 19 17 21 23 23 23 22 19 21 22 18 23 20 18 20 19 20 19 20 18 19 19 18 19 19 17 22 20 24 29 29 26 29 30 21 31 19 15 20 20 21 19 23 24 23 25 21 23 183 182 215 213 237 251 242 216 201 216 221 339 174 175 200 191 215 219 217 199 199 209 209 273 1953_jan.. Feb.. Mar. Apr., May, June. July. Aug.. Sept. Oct.. Nov. Dec.. 245 241 311 280 276 306 316 273 267 273 292 411 216 248 283 254 261 271 279 260 258 272 274 344 20 16 23 20 20 21 20 17 16 18 11 16 19 17 19 17 17 19 19 18 17 18 18 19 24 25 28 26 26 30 31 25 32 30 29 35 21 24 25 23 24 26 27 24 28 30 26 30 201 200 260 234 230 255 265 231 219 225 252 360 176 207 239 214 220 226 233 218 213 224 230 295 1954_jan.. Feb.. Mar. Apr., May, June. 241 241 305 303 287 316 253 253 307 288 287 298 11 10 14 16 15 18 17 16 18 17 16 17 26 27 32 32 29 32 33 32 37 33 32 32 204 204 259 255 243 266 203 205 252 238 239 249 For note see p. 91. 89 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued I. Month CONSUMER FINANCE COMPANIES: N.S.A., 1950-63 — Continued [In millions of dollars] Automobile paper Total Extended Repaid Extended Repaid Other consumer goods paper1 Extended Repaid Personal loans Extended Repaid 1954—July. Aug., Sept. Oct.. Nov. Dec. 302 288 293 293 337 443 288 289 281 291 324 370 15 16 13 13 14 17 16 17 15 16 17 17 29 29 36 36 36 43 31 31 30 32 35 35 258 243 244 244 287 383 241 241 236 243 272 318 1955—Jan.. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec.. 282 290 367 363 339 376 341 364 336 359 392 522 285 279 341 322 319 330 316 338 321 340 352 422 14 16 22 20 19 19 19 16 15 15 14 16 15 13 16 16 15 16 14 13 15 15 14 16 31 33 41 45 45 51 45 53 49 56 48 64 35 32 37 34 37 32 36 44 39 47 36 45 237 241 304 298 275 306 277 295 272 288 330 442 235 234 288 272 267 282 265 282 266 278 302 360 1956—Jan.. Feb.. Mar. May June. July. Aug. Sept. Oct.. Nov. Dec. 338 345 414 393 389 403 418 414 337 369 404 521 329 320 383 365 364 369 381 382 341 361 389 444 15 15 16 17 18 18 17 16 13 15 15 13 16 14 15 15 15 14 15 16 15 16 15 15 51 52 54 52 57 52 56 59 48 54 47 48 47 48 50 50 50 48 54 53 50 51 51 49 272 277 343 323 314 333 344 340 276 300 343 459 266 258 318 300 299 306 313 313 277 294 322 381 1957—Jan.. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. 345 344 390 439 410 406 472 411 358 379 409 553 359 341 391 405 400 382 428 393 366 388 401 478 13 13 14 17 17 19 17 15 14 15 14 13 16 15 16 16 14 15 16 18 16 16 16 16 42 43 44 50 49 43 47 46 40 42 37 41 52 47 51 49 51 46 51 50 47 49 46 45 290 288 331 373 345 345 408 349 304 322 359 499 291 279 324 340 335 321 361 327 304 323 339 417 1958_Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 339 312 362 370 333 376 378 355 340 359 367 562 357 332 387 372 353 378 377 359 361 373 368 475 11 10 12 13 13 13 14 13 13 13 12 13 15 13 15 15 13 14 15 13 14 15 13 14 36 31 34 36 36 36 38 38 38 43 36 46 45 40 45 42 40 40 39 38 39 41 37 40 291 272 316 320 284 326 325 303 289 303 319 502 297 279 327 316 301 324 323 309 308 317 318 420 1959—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 331 326 371 357 364 420 426 411 393 399 436 590 345 337 378 358 367 400 399 386 377 382 396 467 14 14 15 15 15 17 17 17 16 16 16 17 14 14 15 14 14 14 15 14 16 16 14 15 35 35 43 45 45 48 47 40 42 45 42 54 38 34 41 39 38 40 42 38 39 41 39 40 281 278 313 298 304 356 363 354 335 338 378 518 293 289 322 304 316 346 342 334 322 325 343 412 For note see p. 91. 90 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued I. CONSUMER FINANCE COMPANIES: N.S.A., 1950-63 — Continued [In millions of dollars] Automobile paper Total Other consumer goods paper1 Personal loans Month I960—j an Feb Mar Apr May June July AUK . . Sept Oct . Nov Dec . 1961 Jan Feb Mar Apr May June July.. Aug Sect Oct Nov. Dec . . . 1962—Jan Feb Mar Apr May .. July Aug Sept Oct Nov Dec. . 1963—Jan Feb Mar Apr June July Aug SeDt. Oct Nov Dec 1 ..... Extended Repaid Extended 350 378 408 441 408 448 513 469 394 376 429 578 346 369 404 407 391 408 433 425 383 387 419 486 13 15 15 16 17 15 14 16 13 14 15 13 15 15 16 17 15 14 13 15 14 15 14 40 46 47 49 55 59 52 57 55 43 42 14 347 343 410 383 424 445 427 438 377 440 478 600 372 367 428 380 423 430 415 422 386 419 465 485 14 11 15 14 18 17 14 15 14 18 19 20 15 389 377 453 481 454 482 485 495 417 460 515 637 405 376 441 450 444 442 454 454 396 455 480 515 14 16 22 23 18 21 21 23 18 19 15 19 427 410 463 522 484 506 535 534 539 543 512 706 424 406 462 487 467 456 500 481 487 499 476 577 19 16 19 23 21 21 20 19 18 21 16 23 Repaid Extended Repaid Extended 40 43 45 42 44 45 43 50 46 47 46 296 317 345 376 337 374 446 396 326 319 371 291 312 343 348 332 349 376 361 322 325 359 49 47 516 425 34 46 300 312 13 16 35 42 45 50 297 353 310 362 15 15 15 15 14 14 16 15 14 39 45 49 45 49 40 48 48 48 44 47 49 46 44 43 47 50 43 330 360 379 367 373 323 374 411 532 321 362 367 355 364 329 356 399 427 17 15 42 39 49 42 333 322 339 319 17 19 21 16 17 17 17 19 16 17 44 46 42 45 41 43 38 37 41 41 47 51 46 43 44 42 39 39 46 36 387 412 394 416 423 429 361 404 459 577 377 380 377 383 393 395 340 397 418 462 19 15 19 21 20 19 20 18 20 22 18 19 40 35 40 43 43 41 46 45 44 49 45 50 41 39 42 43 42 37 40 42 43 42 42 42 368 359 404 456 420 444 469 470 477 473 451 633 364 352 401 423 405 400 440 421 424 435 416 516 Includes a small amount of home repair and modernization loans, which in recent years have averaged about $1 million a month. 91 Repaid 8. INSTALMENT CREDIT EXTENDED AND REPAID—Continued J. CONSUMER FINANCE COMPANIES: S.A., 1950-63 [In millions of dollars] Total Automobile paper Other consumer goods paper1 Personal loans Month Extended 1950—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec. 1951 .i Jan Feb Mar Apr May June July ... AUK SeDt Oct Nov Dec 1952—Jan Feb Mar Apr May June July AUK Sept Oct.. Nov Dec 1953 Jan Feb Mar Apr May June July AUK • .. . . Sept Oct Nov Dec 1954 Jan Feb Mar Apr May June July .... AUK Sept Oct Nov Dec 1955—Jan Feb Mar Apr May June . ... .... Repaid Repaid Extended Repaid Extended Repaid 8 11 11 13 12 19 11 15 8 8 8 9 6 8 9 8 9 13 13 13 134 129 130 135 142 143 136 141 140 161 159 169 128 126 125 129 131 135 130 132 135 133 146 155 14 13 15 14 16 17 17 18 17 19 18 17 16 16 14 11 16 15 16 18 18 17 18 21 13 14 12 12 15 14 15 14 13 16 16 16 187 195 200 197 195 196 206 214 218 225 230 220 167 171 176 183 177 181 191 196 179 221 206 200 19 17 21 23 23 23 22 19 21 22 18 23 20 18 20 19 20 19 20 18 19 19 18 19 22 21 23 31 24 29 26 26 26 28 24 26 19 15 20 21 20 20 22 24 23 24 23 22 213 213 210 215 236 247 233 230 228 232 222 237 193 192 193 193 209 224 214 208 214 211 211 218 235 278 273 256 263 267 275 269 273 271 277 283 20 16 23 20 20 21 20 17 16 18 11 16 19 17 19 17 17 19 19 18 17 18 18 19 27 30 29 26 28 28 29 26 29 28 32 29 21 25 24 23 24 27 26 24 28 28 29 29 233 241 254 235 238 241 257 245 245 239 251 253 195 236 230 216 222 221 230 227 228 225 230 235 288 287 290 302 298 301 297 305 319 315 324 323 283 282 285 290 290 295 287 299 298 300 314 306 11 10 14 16 15 18 15 16 13 13 14 17 17 16 18 17 16 17 16 17 15 16 17 17 30 32 32 32 30 30 29 31 34 34 37 36 33 33 34 33 32 34 31 31 31 30 37 34 247 245 244 254 253 253 253 258 272 268 273 270 233 233 233 240 242 244 240 251 252 254 260 255 337 344 355 361 355 360 316 312 318 322 327 321 14 16 22 20 19 19 15 13 16 16 15 16 37 37 41 44 45 47 35 32 34 34 38 32 286 291 292 297 291 294 266 267 268 272 274 273 151 149 151 157 161 167 159 164 163 193 183 199 144 142 142 146 146 152 148 149 154 158 170 180 9 9 12 11 11 13 12 10 11 13 13 15 8 8 9 8 9 9 9 9 10 12 11 12 8 11 9 215 224 231 222 231 229 241 252 253 259 264 261 194 198 203 209 208 212 223 228 209 256 240 233 12 13 17 14 20 18 19 20 17 17 16 20 254 251 254 269 283 299 281 275 275 282 264 286 232 225 233 233 249 263 256 250 256 254 252 259 280 287 306 281 286 290 306 288 290 285 294 298 For notes see p. 94. Extended 92 U 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued J. CONSUMER FINANCE COMPANIES: S.A., 1950-63 — Continued [In millions of dollars] Automobile paper Total Month Extended Repaid Extended Repaid Other consumer goods paper1 Extended Repaid Personal loans Extended Repaid 1955_july. Aug. Sept. Oct.. Nov. Dec. 337 365 366 387 379 375 320 336 337 358 340 347 19 16 15 15 14 16 14 13 15 15 14 16 45 51 48 56 51 56 37 44 39 47 37 45 273 298 303 316 314 303 269 279 283 296 289 286 1956—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 389 392 410 397 395 394 406 412 391 378 392 385 353 346 366 372 360 368 381 378 384 361 376 383 15 15 16 17 18 18 17 16 13 15 15 13 16 14 15 15 15 14 15 16 15 16 15 15 58 56 55 51 55 49 54 56 50 50 50 45 47 47 51 49 50 53 52 54 49 52 51 316 321 339 329 322 327 335 340 328 313 327 328 292 285 304 306 296 304 313 310 315 296 309 317 1957—Jan.. Feb.. Mar. Apr., May, June, July. Aug., Sept. Oct.. Nov. Dec. 394 409 403 429 415 412 442 411 400 395 402 399 383 383 390 397 395 394 411 396 394 392 393 401 13 13 14 17 17 19 17 15 14 15 14 13 16 15 16 16 14 15 16 18 16 16 16 16 47 49 46 48 47 42 43 44 41 40 40 37 50 49 50 48 50 49 49 50 48 47 47 46 334 347 343 364 351 351 382 352 345 340 348 349 317 319 324 333 331 330 346 328 330 329 330 339 1958—Jan.. Feb.. Mar. Apr. May June, July. Aug. Sept. Oct. , Nov. Dec. 386 373 371 367 343 366 360 367 365 374 374 391 382 375 382 371 356 375 367 373 373 377 375 383 11 10 12 13 13 13 14 13 13 13 12 13 15 13 15 15 13 14 15 13 14 15 13 14 40 35 35 35 35 34 36 38 37 41 40 40 43 43 43 41 40 41 38 39 38 40 39 40 335 328 324 319 295 319 310 316 315 320 322 338 324 319 324 315 303 320 314 321 321 322 323 329 1959_j a n .. Feb.. Mar. Apr. May. June. July. Aug.. Sept. Oct.. Nov. Dec., 384 388 376 355 389 395 407 416 430 423 427 420 377 381 370 355 385 383 387 392 398 394 388 384 14 14 15 15 15 17 17 17 16 16 16 17 14 14 15 14 14 14 15 14 16 16 14 15 40 40 44 44 46 43 44 39 42 44 45 48 37 36 39 38 40 40 41 38 39 41 40 40 330 334 317 328 335 346 360 372 363 366 355 326 331 316 303 331 329 331 340 343 337 334 329 I960—Jan.. Feb.. Mar. Apr., May. June. July. Aug., Sept. Oct.. Nov. Dec., 424 424 412 442 426 432 516 446 435 406 407 418 393 394 391 417 399 400 442 409 402 404 399 410 13 15 15 16 17 15 14 16 13 14 15 13 15 15 16 17 15 14 13 15 14 15 14 14 48 51 47 49 52 53 51 52 55 44 43 45 42 44 42 42 44 45 45 48 46 48 44 48 363 358 350 377 357 364 451 378 367 348 349 360 336 335 333 358 340 341 384 346 342 341 341 348 For notes see p. 94. 93 296 8. INSTALMENT CREDIT EXTENDED AND REPAID — Continued J. CONSUMER FINANCE COMPANIES: S.A., 1950-63 — Continued [In millions of dollars] Automobile paper Total Other consumer goods paper1 Personal loans Month Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1961—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. 405 407 415 397 423 427 421 419 423 464 451 452 406 414 412 398 415 420 415 411 414 428 440 424 14 11 15 14 18 17 14 15 14 18 19 20 15 13 16 15 15 15 15 14 14 16 15 14 39 41 42 41 41 44 44 45 41 49 49 46 46 49 46 45 45 49 47 43 44 47 48 46 352 355 358 342 364 366 363 359 368 397 383 386 345 352 350 338 355 356 353 354 356 365 377 364 1962—Jan.. Feb.. Mar. 446 449 469 480 465 472 473 476 488 471 486 470 434 424 433 452 444 440 445 442 444 449 456 444 14 16 22 23 18 21 21 23 18 19 15 19 17 15 17 19 21 16 17 17 17 19 16 17 47 46 45 46 40 41 39 40 40 37 42 39 48 45 44 49 45 44 44 41 42 38 44 38 385 387 402 411 407 410 413 413 430 415 429 412 369 364 372 384 378 380 384 384 385 392 396 389 489 489 496 504 496 514 504 523 608 564 492 513 455 458 470 471 468 472 473 478 527 501 460 488 19 16 19 23 21 21 20 19 18 21 16 23 19 15 19 21 20 19 20 18 20 22 18 19 44 41 42 42 41 39 42 42 45 50 47 46 40 41 41 40 41 40 39 42 45 42 41 43 426 432 435 439 434 454 442 462 545 493 429 444 396 402 410 410 407 413 414 418 462 437 401 426 MLay! June. July. Aug. Sept. Oct.. Nov. Dec., 1963—Jan.. Feb.. Mar. M^y! June, July. Aug., Sept. Oct.. Nov. Dec. 1 Includes a small amount of home repair and modernization loans, which in recent years have averaged about $1 million a month. NOTE.—Includes adjustments for differences in trading days. 94 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING A. TYPE OF CREDIT: N.S.A., 1920-63 [In millions of dollars] Instalment credit1 Period Total Automobile paper Total Noninstalment credit Other consumer goods paper Repair and modernization loans Personal loans Total Singlepayment loans Charge accounts Service credit 1920 1921 1922 1923 1924 200 486 373 169 -50 128 321 278 72 -59 -22 231 144 81 -6 135 65 95 2 2 1 2 4 14 13 14 23 35 153 52 72 165 95 48 50 26 82 49 81 -21 33 65 26 24 23 13 18 20 1925 1926 1927 1928 1929 690 512 117 914 858 469 248 -44 616 589 244 63 -212 369 250 172 132 100 148 213 6 2 2 2 -1 47 51 66 97 127 221 264 161 298 269 110 74 67 116 112 67 152 64 136 95 38 30 46 62 -765 -1,036 -1,289 -141 333 -502 -559 -791 51 276 -398 -302 -328 137 121 -112 -218 -380 -35 90 -2 -3 -4 -3 22 10 -36 -79 -48 43 -263 -477 -498 -192 57 -85 -243 -207 -87 55 -163 -198 -261 -88 20 -15 -36 -30 -17 -18 1935 1936 1937 1938 1939 972 1,185 573 -578 852 818 930 371 -432 817 378 380 122 -395 398 111 290 215 -63 178 216 111 -145 -1 80 113 149 179 27 161 154 255 202 -146 35 88 137 94 -19 14 48 74 76 -101 11 18 44 32 -26 10 1940 1941 1942 1943 1944 1,116 834 -3,189 -1,082 210 1,011 571 -2,919 -1,030 40 574 387 -1,716 -387 42 207 102 -734 -376 -28 73 5 -121 -125 -11 157 77 -348 -142 37 105 263 -270 -52 170 13 45 -132 -100 11 57 174 -201 -4 77 35 44 63 52 82 1945 1946 1947 1948 1949 554 2,719 3,214 2,849 2,917 286 1,710 2,523 2,301 2,594 58 526 943 1,094 1,537 25 474 853 758 805 63 223 313 135 45 140 487 414 314 207 268 1,009 691 548 323 122 376 234 89 87 95 464 305 341 132 51 169 152 118 104 1950 1951 1952 1953 1954 4,107 1,241 4,808 3,873 1,071 3,113 591 4,109 3,602 563 1,519 -102 1,761 2,102 -26 1,093 81 1,294 605 -28 118 69 300 225 6 383 543 754 670 611 994 650 699 271 508 289 113 186 67 221 513 333 430 144 211 192 204 83 60 76 1955 1956 1957 1958 1959.. 6,366 3,504 2,637 159 6,411 5,338 2,814 2,148 -225 5,601 3,652 960 920 -1,189 2,268 890 965 238 184 1,602 77 212 197 245 463 719 678 793 534 1,269 1,028 690 489 384 810 594 251 111 263 502 310 200 151 -86 124 239 227 207 264 , 4,487 1,651 5,485 6,726 3,588 696 4,506 5,711 1,270 -465 2,318 2,659 896 332 746 1,161 330 53 55 143 1,093 777 1,388 1,748 899 955 979 1,015 378 629 320 503 225 —5 360 187 296 331 299 325 1940—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. -174 -137 79 178 238 186 14 100 49 120 106 357 -16 70 130 163 162 64 76 30 74 97 170 19 30 52 87 100 93 55 27 -7 33 40 45 -44 -45 0 28 37 38 -9 21 17 30 40 94 -1 -2 -3 5 5 8 8 15 14 5 12 7 10 8 21 10 21 23 10 13 6 6 5 24 -158 -128 9 48 75 24 -50 24 19 46 9 187 -7 -9 -7 -3 1 2 2 4 8 9 6 7 -162 -131 5 41 57 16 -48 15 15 47 14 188 11 12 11 10 17 6 -4 5 -4 -10 -11 -8 1941—Jan.. Feb.. Mar. -172 -87 102 354 379 210 79 143 -33 -118 -155 132 9 32 86 252 257 173 106 86 -87 -133 -124 -58 41 47 76 159 167 132 82 38 -72 -88 -93 -102 -69 -26 -3 66 68 24 10 32 -8 -30 -11 49 -2 0 -7 4 3 4 2 7 8 1 -9 -6 11 11 20 23 19 13 12 9 -15 -16 -11 1 -153 -119 16 102 122 37 -27 57 54 15 -31 190 1 -4 11 20 6 -3 -1 2 6 6 3 -161 -133 7 81 83 23 -23 58 51 19 -27 196 7 16 13 10 19 8 -1 0 1 322 1930 1931 1932 1933...... 1934 1960 1961 1962 1963 M*ay June July. Aug. Sept. Oct.. Nov. Dec. Digitized for For FRASER note see p. 99. Q 95 -10 -10 -9 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued A. TYPE OF CREDIT: N.S.A., 1920-63 — Continued [In millions of dollars] Instalment credit1 Month Total consumer credit Other consumer goods paper Noninstalment credit Repair and modernization loans Total Automobile paper May! June. July. Aug., Sept. Oct.. Nov. Dec.. -421 -423 -209 -191 -257 -363 -387 -299 -207 -188 -231 -13 -289 -269 -191 -225 -270 -291 -285 -274 -242 -238 -202 -143 -162 -168 -147 -157 -149 -146 -138 -137 -135 -136 -118 -123 -82 -65 -26 -37 -73 -104 -101 -83 -64 -53 -47 1 -15 -13 -14 -10 -13 -14 -16 -13 -5 -6 -1 -1 -30 -23 -4 -21 -35 -27 -30 -41 -38 -43 -36 -20 1943—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. -425 -302 -149 -52 -78 -61 -163 -91 27 38 11 163 -246 -207 -147 -112 -113 -66 -91 -59 -18 -22 -4 55 -96 -78 -69 -44 -32 -27 -20 -7 -1 -5 -4 -4 -96 -71 -57 -28 -45 -35 -46 -32 -10 -2 7 39 -7 -18 -19 -16 -12 -10 -10 -10 -5 -7 -6 -5 -47 -40 -2 -24 -24 6 -15 -10 1944_Jan.. Feb.. Mar. -92 -61 16 M*ay! June. July. Aug.. Sept. Oct.. Nov., Dec.. -287 -174 56 49 119 58 -50 0 41 58 72 268 10 23 4 4 7 18 31 97 -9 2 2 7 14 19 18 8 -2 -2 -5 -5 -54 -44 -15 -11 -3 -7 -17 -2 8 25 29 63 1945_jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov., Dec.. -244 -185 99 -13 90 82 -44 -17 23 173 186 404 -60 -57 31 -12 9 28 1 -5 15 73 94 169 -12 -10 5 -1 -1 7 7 2 9 11 18 23 1946__Jan.. Feb.. Mar., Apr.. May. June. July. Aug.. Sept., Oct.. Nov.. Dec.. -96 6 228 315 279 173 89 277 233 298 335 582 21 46 102 156 141 127 122 162 137 179 198 319 1947_jan.. Feb.. Mar. -85 3 283 355 394 239 97 172 275 346 381 754 119 117 205 241 229 214 159 161 149 212 287 430 1942—Jan.. Feb.. Mar. M^y. June. July. Aug., Sept. Oct.. Nov. Dec.. -17 Single payment loans Charge accounts Service credit -132 -154 -18 34 13 -72 -102 -25 35 50 -29 130 -12 -10 -7 -13 -15 -17 -12 -9 -8 -8 -6 -15 -129 -156 -17 40 5 -60 -84 -17 40 61 -28 144 9 12 6 7 23 5 -6 1 3 -3 5 1 I 25 -179 -95 -2 60 35 5 -72 -32 45 60 15 108 -13 -18 -9 -2 -6 -13 -21 -10 16 13 -3 -34 -169 -96 -6 50 17 12 -42 -19 32 54 18 145 3 19 13 12 24 6 -9 -3 -3 -7 0 -3 -6 -4 -4 -4 -3 1 0 2 1 0 3 3 -23 -10 33 -9 2 10 3 -4 0 -5 4 36 -195 -113 40 66 109 35 -54 -4 34 40 41 171 -24 -17 0 16 20 29 -1 -4 -9 4 -1 -2 -172 -120 25 37 55 -3 -43 2 46 41 36 173 1 24 15 13 34 9 -10 -2 -3 -5 6 0 -37 -39 -2 -15 -10 -3 -16 -7 2 35 36 81 1 2 4 1 7 8 5 6 3 10 9 7 -12 -10 24 3 13 16 5 -6 1 17 31 58 -184 -128 68 -1 81 54 -45 -12 8 100 92 235 -4 -3 0 20 28 32 5 -5 -10 5 21 33 -174 -146 58 -28 25 16 -38 0 23 98 64 197 -6 21 10 7 28 6 -12 -7 -5 -3 7 5 20 20 30 53 49 38 43 51 47 53 55 67 -16 -4 40 39 26 24 39 34 63 70 142 8 9 14 17 17 19 20 25 22 26 22 24 9 21 41 46 36 44 35 47 34 37 51 86 -117 -40 126 159 138 46 -33 115 96 119 137 263 32 30 33 31 25 18 21 29 32 36 43 46 -149 -102 58 106 67 13 -44 82 61 84 81 207 0 32 35 22 46 15 -10 4 3 -1 13 10 68 77 99 97 96 86 68 64 54 61 83 90 -3 11 46 73 70 64 30 36 58 95 135 238 17 4 17 31 28 34 32 36 39 33 26 16 37 25 43 40 35 30 29 25 -2 23 43 86 -204 -114 78 114 165 25 -62 11 126 134 94 324 37 20 11 13 21 23 15 19 18 25 18 14 -247 -168 36 80 98 -18 -70 -9 102 115 72 314 6 34 31 21 46 20 -7 1 6 -6 4 -4 17 For note see p. 99. 96 Personal loans -2 -8 Total 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued A. TYPE OF CREDIT: N.S.A., 1920-63 — Continued [In millions of dollars] Instalment credit1 Month Total consumer credit Total 1948—Jan.. Feb.. Mar. Automobile paper Other consumer goods paper Nonmstalment credit Repair and modernization loans Personal loans Total Single payment loans Charge accounts Service credit May! June. July. Aug. Sept. Oct.. Nov. Dec. -131 -95 362 432 363 273 154 212 330 155 163 631 118 85 280 299 226 199 206 218 223 48 108 291 83 75 164 150 93 88 124 119 91 23 40 44 16 -18 63 89 82 57 42 65 101 25 49 187 -5 7 14 29 25 14 9 10 14 9 11 -2 24 21 39 31 26 40 31 24 17 -9 8 62 -249 -180 82 133 137 74 52 -6 107 107 55 340 11 16 17 4 25 8 -14 —1 8 -5 15 5 -263 -224 43 99 86 54 -13 96 114 49 344 3 28 22 30 26 12 6 8 3 -2 -9 -9 1949_jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct.. Nov. Dec.. -445 -300 94 394 393 297 109 303 403 391 403 875 -104 -37 119 231 304 277 210 294 271 286 288 455 -8 28 141 179 202 159 162 196 146 142 123 67 -67 -33 -28 35 75 59 32 62 103 125 128 314 -23 -20 -8 0 11 21 -2 22 9 16 16 3 -6 -12 14 17 16 38 18 14 13 3 21 71 -341 -263 -25 163 89 20 -101 9 132 105 115 420 -3 -3 -7 -13 17 5 -3 9 15 17 40 13 -342 -277 -35 144 54 6 -103 1 108 91 82 403 4 17 17 32 18 9 5 -1 9 -3 -7 4 1950—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 347 -171 263 460 629 587 702 596 524 176 16 672 9 70 219 248 398 496 548 467 407 118 -78 211 58 104 151 156 196 284 321 207 159 21 -79 -59 -35 -28 47 70 127 117 155 190 197 65 -23 211 -9 -2 -15 0 25 25 23 26 25 18 7 -5 -5 -4 36 22 50 70 49 44 26 14 17 64 356 -241 44 212 231 91 154 129 117 58 94 461 -6 1 19 30 70 -3 26 14 15 72 101 -50 -345 -264 10 133 130 63 96 110 92 3 -6 491 -5 22 15 49 31 31 32 5 10 -17 -1 20 1951—Jan.. Feb.. Mar. Apr., May. June. July. Aug. Sept. Oct.. Nov. Dec.. -304 -340 34 -38 206 58 -194 271 253 227 288 780 -139 -155 -27 -61 55 61 -68 253 144 60 120 348 -90 -74 -35 -2 59 64 -4 116 49 -62 -47 -76 -72 -88 -48 -89 -57 -52 -104 65 35 89 94 308 -15 -13 1 2 13 1 9 17 16 19 18 3 38 20 57 28 40 48 31 55 44 14 55 113 -165 -185 61 23 151 -3 -126 18 109 167 168 432 5 36 44 17 50 -35 -14 -8 -4 19 46 -43 -178 -263 -17 -27 74 -1 -125 26 90 168 129 457 8 42 34 33 27 33 13 0 23 -20 -7 18 1952—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. -551 -295 -47 386 815 782 344 306 439 690 504 1,435 -173 -91 2 202 600 754 456 285 340 547 363 824 -91 -33 -24 92 333 413 216 68 109 238 211 229 -104 -93 -36 20 145 189 132 119 148 226 86 462 -11 —1 2 20 41 42 42 38 43 48 29 11 33 36 64 70 81 110 66 60 40 35 37 122 -378 -204 -49 184 215 28 -112 21 99 143 141 611 7 46 22 12 52 0 -34 1 7 -2 81 -6 -376 -291 -89 157 152 14 -82 15 86 166 63 615 -9 41 18 15 11 14 4 5 6 -21 -3 2 1953_jan.. Feb.. Mar. -190 -259 467 569 659 394 234 300 239 304 180 976 183 134 430 401 465 451 420 259 171 186 151 351 166 194 304 296 303 245 273 163 95 103 23 -63 -29 -75 30 24 76 87 50 32 10 43 63 294 -5 1 11 20 29 31 28 24 33 28 24 1 51 14 85 61 57 88 69 40 33 12 41 119 -373 -393 37 168 194 -57 -186 41 68 118 29 625 51 -27 97 34 51 -102 -114 58 4 6 -23 32 -414 -380 -62 109 117 30 -77 -35 56 139 56 605 -10 14 2 25 26 15 5 18 8 -27 -4 -12 June. July. Aug., Sept. Oct.. Nov. Dec.. For note see p. 99. 97 AA 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued A. TYPE OF CREDIT: N.S.A., 1920-63 — Continued [In millions of dollars] Instalment credit1 Month Total consumer credit Total Automobile paper 1954_jan.. Feb.. Mar. Apr. May. June. July. Aug. Sept. Oct.. Nov. Dec.. -843 -662 -334 284 252 262 79 30 134 218 290 1,361 -367 -273 -205 47 61 233 157 82 63 78 102 585 -185 -153 -94 1955—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. -526 -183 339 817 784 898 378 712 613 388 564 1,583 -56 92 442 545 613 765 532 636 492 251 289 737 1956—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec. 659 -349 273 458 649 476 28 411 253 118 518 1,328 1957_jan.. Feb.. Mar. Apr.. May, June. July. Aug. Sept. Oct.. Nov. Dec.. Other consumer goods paper Noninstalment credit Repair and modernization loans Personal loans Total Single payment loans Charge accounts 89 -157 -132 -159 -35 -40 5 -27 -20 4 62 97 374 -15 -14 -10 4 19 2 8 11 7 6 -2 -10 -10 26 58 65 39 81 58 44 40 23 55 132 -476 -389 -129 237 191 29 -78 -52 71 140 187 776 -49 -30 18 32 127 21 -26 10 26 43 32 17 -487 -391 -139 192 78 34 -47 -46 58 114 145 700 52 167 382 386 458 540 441 479 355 169 79 143 -83 -105 -9 42 69 105 41 80 76 68 148 459 -42 -22 -19 5 14 20 14 28 28 25 14 12 17 52 88 112 72 100 37 50 33 -11 47 123 -470 -275 -103 272 171 133 -154 75 121 137 275 846 -43 66 63 22 105 105 -63 66 54 27 130 62 -499 -421 -130 229 95 37 -77 25 87 130 118 716 -118 37 194 312 344 386 243 367 90 136 248 575 14 91 165 146 165 195 125 148 5 -52 -32 -13 -116 -87 -53 59 84 97 39 110 39 141 200 449 -27 -6 7 18 39 30 20 32 33 33 25 6 10 38 74 89 56 62 58 79 11 11 54 132 -541 -386 79 146 305 90 -215 44 163 -18 270 753 -79 10 116 38 164 -11 -82 25 56 -70 89 -5 -564 -444 -56 65 170 111 -119 35 98 89 147 668 -814 -446 -63 518 658 474 202 388 116 38 232 1,334 -252 -97 25 244 373 427 353 308 81 72 511 -56 13 88 152 184 234 186 152 53 15 -48 -53 -185 -150 -115 -28 78 78 42 27 4 14 64 409 -15 -4 7 14 35 28 25 43 25 29 17 -5 5 44 45 106 78 87 99 86 20 23 40 160 -562 -349 -88 274 285 47 -151 80 13 -43 160 823 -48 37 49 13 133 -21 -88 20 17 -73 23 49 -551 -464 -153 213 171 61 -43 63 4 67 95 688 1958—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. Sept. Oct.. Nov. Dec.. -894 -927 -521 139 298 137 -91 172 -29 33 256 1,587 -379 -436 -327 -54 20 101 71 88 -92 -21 75 730 -164 -195 -228 -95 -71 -15 -16 -44 -179 -162 -90 70 -209 -232 -101 -66 25 20 5 42 29 89 112 471 -6 -15 -6 11 39 25 26 43 40 38 33 15 -1 6 7 95 28 72 57 46 19 12 21 174 -515 -491 -194 193 278 36 -162 84 63 54 181 857 -2 10 -3 -5 88 47 -57 56 21 -22 67 63 -549 -573 -197 172 205 1959—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept. Oct.. Nov. Dec. -454 -316 167 733 888 879 514 801 562 506 543 1,590 -53 6 217 522 594 776 633 760 522 480 350 796 29 61 150 306 311 426 348 353 182 179 7 -87 -85 -90 -24 70 140 163 115 176 142 171 205 617 -14 2 22 34 60 55 58 63 59 50 41 32 16 33 68 112 81 131 111 168 139 80 98 233 -401 -322 -50 211 294 103 -119 41 40 26 193 794 -46 94 54 60 108 65 -35 72 47 -34 63 54 -412 -499 -109 105 196 45 -66 -39 7 90 81 645 103 13 43 145 118 47 12 -13 -48 For note see p. 99. 98 -88 22 54 109 71 690 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued A. TYPE OF CREDIT: N.S.A., 1920-63 — Continued [In millions of dollars] Instalment credit1 Month Total consumer credit Total Automobile paper Other consumer goods paper Nomnstalment credit Repair and modernization loans Personal loans Total Single payment loans Charge accounts Service credit I960—Jan.. Feb.. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. -599 -231 144 1,048 666 700 212 371 259 131 323 1,463 -109 44 231 604 469 619 345 382 191 84 136 592 -31 101 195 339 253 315 131 123 -3 -43 -10 -101 -82 -125 -58 72 64 132 34 64 87 89 95 522 -8 11 18 40 63 50 36 53 35 21 14 -4 11 57 76 151 89 122 143 141 73 18 38 175 -490 -275 -87 444 197 81 -133 -11 68 47 187 871 -70 87 79 55 106 -2 -11 28 59 -28 46 29 -479 -445 -164 312 107 94 -116 -23 21 93 101 724 59 83 -2 77 -16 -11 -6 -16 -12 -18 40 118 1961—Jan.. Feb. Mar. Apr. May June July. Aug. Sept. Oct.. Nov. Dec. -1,017 -868 -217 94 409 382 -64 326 74 191 573 1,767 -488 -470 -206 -47 161 303 53 215 -21 160 241 794 -234 -212 -102 -53 56 130 13 8 -159 19 58 13 -173 -229 -135 -91 12 34 -13 56 69 87 120 595 -37 -25 -8 6 29 22 9 36 19 5 11 -13 -42 -3 39 90 65 119 44 116 50 51 51 199 -529 -398 -11 141 248 79 -117 111 95 31 332 973 -5 69 37 -23 127 26 -6 91 93 -22 131 111 -575 -567 -46 88 146 65 -113 33 6 82 153 723 51 100 -2 76 -25 -12 2 -13 -4 -29 48 139 1962—Jan.. Feb.. Mar. Apr. May June. July. Aug. Sept. Oct.. Nov. Dec. -989 -605 126 1,005 958 785 246 633 192 412 762 1,962 -339 -209 96 636 627 717 434 531 124 382 526 983 -95 29 182 371 365 404 291 248 -46 221 223 125 -176 -225 -148 65 77 116 8 63 54 86 183 645 -43 -36 -13 7 37 28 21 33 12 11 8 -13 -25 23 75 193 148 169 114 186 103 64 111 226 -650 -396 30 369 331 68 -188 102 68 30 236 979 -212 52 149 90 148 23 -35 50 2 -48 65 36 -478 -554 -124 207 221 48 -133 69 62 126 116 800 40 106 5 72 -38 -3 -20 -17 4 -48 55 143 1963—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. -702 -473 160 1,018 968 852 504 817 230 550 658 2,144 -114 -68 223 731 678 823 587 632 192 539 438 1,050 42 96 252 446 418 442 357 226 -94 246 136 92 -152 -203 -101 48 75 150 37 148 95 143 201 720 -35 -26 -8 23 45 36 35 41 20 23 7 -18 31 65 80 214 140 195 158 217 171 127 94 256 -588 -405 -63 287 290 29 -83 185 38 11 220 1,094 -26 49 60 23 112 35 -26 106 55 -14 64 65 -613 -560 -137 207 212 -10 -23 79 -6 65 101 872 51 106 14 57 -34 4 -34 0 -11 -40 55 157 1 Net changes in instalment credit outstanding equal extensions less repayments except in 1959, when the differences do not reflect the introduction of outstanding balances for Alaska and Hawaii. 99 NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued B. TYPE OF CREDIT: S.A., 1940-63 [In millions of dollars] Noninstalment credit Instalment credit Month Total Total Automobile paper Other consumer goods paper 1940—Jan... Feb... Mar.. Apr.., May.. June., July.. Aug.. Sept.. Oct... Nov.. Dec.. 87 72 84 59 86 121 64 79 69 119 133 136 85 70 76 67 85 105 59 67 73 98 110 116 55 62 49 46 46 41 24 12 28 62 65 84 13 -5 16 9 16 42 16 27 21 16 21 15 1941—Jan... Feb... Mar.. 125 154 103 219 214 134 130 137 -43 -124 -140 -93 113 143 88 175 165 100 92 86 -58 -106 -121 -106 102 101 77 111 100 68 41 22 -43 -60 -72 -60 -14 20 11 40 46 26 36 44 -8 -41 -32 -26 1942—Jan... Feb... Mar.. Apr... May.. June., July.. Aug.. Sept.. Oct... Nov.. Dec.. -149 -238 -218 -291 -352 -376 -315 -296 -235 -220 -248 -218 -197 -223 -195 -259 -296 -302 -275 -273 -235 -236 -221 -207 -142 -166 -145 -172 -169 -151 -142 -142 -126 -127 -119 -115 1943—Jan... Feb... Mar.. Apr.., May., June.. July.. Aug.. Sept.. Oct... Nov.. Dec.., -208 -149 -165 -121 -148 -79 -81 -73 -4 -15 -43 -192 -167 -149 -126 -121 -74 -75 -55 -16 -26 -16 -13 1944_Jan... Feb.. Mar.. M*ay! June. July.. Aug.. Sept.. Oct.. Nov.. Dec.. -57 -17 21 -8 49 38 31 27 26 11 34 36 1945—Jan... Feb... Mar.. Apr... May.. June.. July.. Aug.. Sept.. Oct... Nov.. Dec... 14 -22 58 -64 19 57 40 12 20 119 131 152 May! 1 June.. July.. Aug.. Sept.. Oct... Nov.. Dec... Personal loans Total 1 16 5 12 -4 21 23 20 -9 -7 23 18 4 22 17 4 13 15 -13 -5 -8 -13 -25 -27 -16 -56 -79 -104 -86 -82 -69 -69 -65 -56 -15 -11 -12 -10 -13 -15 -16 -14 -6 -7 -1 -1 -94 -77 -65 -50 -40 -33 -24 -10 -53 -39 -48 -38 -46 -32 -27 -30 -15 -18 -13 -17 -33 -13 2 -26 6 13 18 12 11 13 15 22 -2 6 -18 -14 g -16 -1 -3 1 3 7 8 6 -13 23 -15 4 17 14 5 24 65 77 79 -4 -6 2 -5 -7 1 6 12 10 5 -1 4 2 -10 8 -16 -9 1 1 -1 1 18 15 15 100 Singlepayment loans Charge accounts A 16 12 11 7 18 16 11 15 12 17 12 10 For note see p. 103. Repair and modernization loans -2 -1 -5 -6 2 5 5 7 5 2 5 3 6 -7 5 11 -3 -1 -9 15 20 13 12 11 15 44 49 34 38 51 15 -18 -19 13 6 4 1 8 13 6 2 -1 1 2 10 31 34 22 30 47 11 -21 -20 -15 -19 -22 -21 -35 -32 -31 -35 -34 -33 -36 -35 48 -15 -23 -32 -56 -74 -40 -23 16 -27 -11 -4 -4 -5 -18 -21 -19 -6 -9 -10 -12 -10 -11 45 -10 -18 -15 -39 -58 -38 -20 3 19 -28 -11 -7 -17 -18 -15 -12 -11 -10 -11 -6 -7 -6 -5 -38 -34 -18 -23 -23 2 -14 -4 5 -1 1 5 -16 18 -16 5 -27 -5 -6 -18 16 22 1 -30 -5 -12 -7 -10 -14 -19 -13 -9 17 10 -6 -29 -14 24 -14 9 -16 10 4 -13 -5 8 3 -5 -4 -3 -3 -4 -3 -9 -2 13 -7 4 4 7 3 5 2 5 12 -24 -4 19 18 43 25 13 15 15 -2 19 14 -18 -12 2 8 11 20 5 -12 5 -1 8 5 14 9 7 2 9 25 31 26 8 -9 35 -49 15 40 26 7 -4 54 54 73 5 6 8 13 12 3 12 7 2 4 A 2 2 2 2 5 6 2 1 4 -4 2 -2 2 3 12 19 21 11 2 -4 5 19 31 10 4 22 -2 3 8 13 -10 13 10 2 -14 36 -62 -8 17 9 3 -6 41 26 31 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued B. TYPE OF CREDIT: S.A., 1940-63—Continued [In millions of dollars] Instalment credit Month Total Total 1946—Jan.. Feb.. Mar. Automobile paper Noninstalment credit Other consumer goods paper Repair and modernization loans Personal loans Total Singlepayment loans Charge accounts Service credit 186 219 186 247 192 155 195 310 221 230 258 235 99 118 94 143 129 116 137 173 158 173 176 194 30 31 23 40 38 30 35 46 51 58 64 80 28 38 30 40 38 33 49 51 37 44 41 45 12 14 15 17 16 16 19 23 20 23 21 27 29 35 26 46 37 37 34 53 50 48 50 42 87 101 92 104 63 39 58 137 63 57 82 41 35 34 35 27 16 9 28 35 38 37 38 41 42 53 36 62 27 19 22 88 12 8 27 -18 10 14 21 15 20 11 8 14 13 12 17 18 291 298 253 257 292 221 209 201 227 280 315 309 230 227 203 218 205 200 169 165 156 213 277 260 89 99 82 72 76 73 51 54 59 74 103 111 58 72 72 75 71 77 57 46 53 74 107 91 24 12 19 31 27 29 32 33 34 28 25 19 59 44 30 40 31 21 29 32 10 37 42 39 61 71 50 39 87 21 40 36 71 67 38 49 36 25 15 14 11 19 24 24 20 25 10 8 9 30 19 16 55 -15 8 1 37 33 16 35 16 16 16 9 21 17 8 11 14 9 12 6 June. July. Aug. Sept. Oct.. Nov. Dec.. 319 265 345 303 253 242 261 219 243 101 89 147 261 221 276 266 198 169 212 198 210 64 99 127 123 108 136 115 70 67 101 97 90 45 65 77 90 56 94 93 82 67 73 69 80 8 18 28 5 16 17 29 23 7 9 5 8 5 10 1 43 41 29 29 23 28 29 27 32 6 6 21 58 44 69 37 55 73 49 21 33 37 -10 20 13 20 18 10 12 11 -3 3 6 -8 -4 9 34 12 43 14 37 54 35 4 16 31 -10 10 11 12 8 13 6 8 17 14 11 14 4 1 1949—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 55 108 128 276 258 240 197 265 297 364 347 356 53 114 147 219 260 223 203 230 240 324 304 277 41 63 124 146 163 122 129 149 137 177 164 122 14 54 15 53 77 70 62 52 76 112 101 119 -13 -10 11 7 10 19 12 18 14 14 24 26 24 28 2 -6 -19 57 -2 17 -6 35 57 40 43 79 3 0 —6 -8 -3 15 8 15 15 10 10 31 -12 -7 -20 55 -2 -3 -24 14 29 15 23 38 11 1 7 10 3 5 10 6 13 15 10 10 1950—Jan.. Feb.. Mar. Apr.. May. June. July. Aug. Sept. Oct.. Nov. Dec.. 228 312 334 375 437 485 782 531 406 128 -69 90 231 287 263 265 311 392 530 373 364 144 -70 23 149 179 143 133 130 216 264 147 151 54 -49 2 62 77 100 107 119 115 197 167 159 39 -49 6 13 -9 1 19 16 21 18 16 11 6 14 18 29 24 43 45 48 41 38 40 22 21 -3 25 71 110 126 93 252 158 42 -16 1 67 5 1 14 33 39 18 40 24 19 62 53 -11 -13 18 52 48 68 52 179 123 10 -86 -69 56 5 6 5 29 19 23 33 11 13 8 17 22 1951—Jan.. Feb.. Mar. 326 212 166 -137 -24 -39 -132 185 167 156 208 103 114 66 58 -41 -39 -48 -121 150 125 74 143 110 -2 -22 -21 -31 -19 -11 -67 53 45 -28 54 42 24 -43 -58 -51 -87 37 8 47 67 41 -2 7 3 6 -6 6 9 9 10 16 11 62 48 48 30 32 20 27 51 63 45 60 57 212 146 108 -96 15 9 -11 35 42 82 65 -7 16 34 27 19 10 4, 9 1 175 88 56 -129 -12 -8 -34 29 19 62 55 -21 21 24 25 14 17 21 14 M^y! June. July. Aug. Sept. Oct.. Nov. Dec.. 1947—Jan.. Feb.. Mar. M*ay! June. July. Aug. Sept. Oct.. Nov. Dec.. 1948—Jan.. Feb.. Mar. Mly. M*ay! June. July. Aug. Sept. Oct.. Nov. Dec.. 1 For note see p. 103. 101 8 13 15 9 15 10 1 -4 23 10 9 18 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued B. TYPE OF CREDIT: S.A., 1940-63—Continued [In millions of dollars] Noninstalment credit Instalment credit Month Total 1952—Jan Feb Mar Apr May June July . ... AUK Sept Oct Nov Dec 1953 Jan Feb Mar Apr May June July Aug. Sept .. .. Oct Nov Dec 1954—Jan Feb Mar ... . May June July Aug Sept Oct Nov Dec Jan.. Feb Mar Apr May June July AUK 1956 . . Automobile paper Repair and modernization loans Personal loans Total 163 302 119 303 121 170 109 232 24 43 _9 60 28 49 54 82 9 15 10 22 60 63 54 68 42 132 10 71 519 618 380 267 465 574 370 215 215 284 121 21 144 180 154 103 32 33 35 27 74 77 60 64 54 44 10 52 357 581 482 323 536 432 108 266 296 125 165 61 33 35 28 57 70 47 Singlepayment loans 17 48 -2 12 31 1 10 Charge accounts Service credit 19 61 -1 61 6 23 13 -2 56 10 5 35 -2 3 4 7 34 45 50 7 -5 46 23 39 4 11 10 4 640 562 332 149 21 60 78 22 52 639 539 322 108 22 87 100 64 33 3 439 657 420 348 186 440 542 399 334 236 312 317 245 186 105 70 127 80 78 59 20 26 20 18 20 38 72 54 52 52 -1 115 21 14 -50 -12 60 39 -17 -76 12 51 -24 18 23 -1 4 6 13 263 249 167 205 146 308 179 159 190 204 162 103 97 133 107 62 21 -7 -7 21 66 42 48 49 53 -45 70 8 15 -58 -64 58 4 4 -43 16 -8 -2 11 -25 3 20 6 95 72 13 -7 18 13 21 15 23 9 57 23 37 -4 10 -10 -59 1 -65 13 -97 -70 -35 45 -57 9 5 3 31 50 45 6 -12 -15 -15 -17 -10 -5 12 -1 — 7 -88 40 74 -112 68 27 Apr 1955 Other consumer goods paper Total — 87 34 52 26 -4 28 -47 -38 — 58 17 -34 2 9 47 36 10 4 -4 18 58 160 25 22 62 24 7 21 -6 -25 -13 -18 -7 -2 47 56 47 36 98 1 23 37 12 21 38 -13 -8 23 2 110 188 209 327 69 121 159 274 19 39 59 176 -4 22 37 37 -4 -4 -2 -4 58 64 65 65 41 67 50 53 24 43 8 20 8 2 47 39 9 22 -5 -6 416 322 191 79 -18 70 94 9 29 56 542 566 627 491 644 418 571 520 486 525 284 390 332 367 368 52 107 90 54 75 -4 -5 6 9 86 79 92 67 73 124 -5 107 5 119 68 31 24 29 110 15 -6 78 -18 7 41 -30 5 -6 2 483 582 445 489 338 361 73 68 5 14 29 46 38 93 11 64 18 28 9 1 16 56 81 43 40 -2 15 8 19 27 27 15 2 Sept Oct. Nov Dec 592 511 373 66 389 433 290 299 224 140 27 97 24 54 99 134 53 92 506 354 215 79 23 37 152 71 60 Jan Feb Mar 309 426 312 388 170 202 69 100 7 20 66 66 -3 38 -28 10 -38 23 63 5 466 337 190 48 22 77 129 77 29 23 Apr May 375 284 258 157 288 248 141 380 184 302 218 180 154 241 112 175 268 172 90 76 60 31 61 27 8 25 51 125 66 62 66 99 29 95 157 60 21 21 20 11 16 22 23 21 16 66 55 38 46 65 34 49 65 45 73 66 78 3 47 136 34 112 12 41 73 -5 7 15 44 -29 44 -5 6 -10 74 -19 29 63 -22 56 -14 26 3 9 15 3 29 17 12 31 182 348 299 172 261 220 107 119 114 -23 43 28 — 12 58 45 43 17 2 22 21 22 66 78 56 10 87 79 17 31 13 -9 32 46 2 24 20 16 72 -32 13 -79 34 13 18 17 25 12 71 64 87 72 43 146 35 70 63 9 43 -18 3 3 4 88 24 51 48 -14 15 29 16 -44 -20 -42 -1 49 -27 42 7 -10 July AUK Sept Oct Nov Dec 1957_j a n Feb Mar Apr May June July AUK Sept Oct Nov Dec 131 163 87 376 253 292 244 153 230 218 222 181 144 88 91 75 67 91 73 117 52 -19 20 64 133 100 134 51 57 -32 13 16 10 5 54 62 For note see p. 103. 102 21 12 19 18 19 17 9. NET CHANGE IN CONSUMER CREDIT OUTSTANDING — Continued B. TYPE OF CREDIT: S.A., 1940-63—Continued [In millions of dollars] Instalment credit Total Month Total 1958 Jan Feb Mar Apr May July SeDt Oct Nov Dec .. 1959—Jan Feb Mar Apr May June July AUK. . . SeDt Oct Nov Dec I960—Jan Feb Mar Apr May June July SeDt Oct Nov Dec 1961 Jan Feb Mar Apr May ... June y Julv . . Y" Aug SeDt .... Oct Nov Dec 1962 Jan Feb Mar Apr May June July AUK SeDt. Oct Nov .. Dec 1963—Jan Feb Mar Apr May June July Aug SeDt Oct Nov Dec.. 132 -196 -282 -53 -41 -79 16 34 1 103 102 352 Automobile paper Other consumer goods paper Repair and modernization loans Personal loans Total Singlepayment loans Charge accounts Service credit -1 -122 -209 -154 -148 -141 -99 -113 -135 -104 -49 129 -49 -60 13 -28 7 -17 -3 30 17 54 62 51 39 11 8 12 18 14 17 26 25 27 26 26 65 37 21 58 22 44 51 25 34 51 42 70 78 -62 -115 59 60 21 50 66 60 75 21 76 77 -4 -37 -5 3 49 26 35 7 41 18 48 -6 -70 -92 59 38 -43 5 9 35 11 -19 -2 7 12 14 5 19 15 19 22 18 23 22 30 575 559 357 615 477 576 620 646 616 570 383 295 54 -134 -167 -112 -101 -100 -34 -32 -59 28 81 276 402 428 361 469 451 487 524 618 583 522 353 288 191 173 161 231 216 239 236 267 257 235 49 -23 101 155 79 141 123 116 132 167 126 127 145 147 26 31 38 33 37 39 47 40 41 38 33 46 84 69 83 64 75 93 109 144 159 122 126 118 173 131 -4 146 26 89 96 28 33 48 30 7 42 80 17 60 20 72 39 52 31 35 14 37 105 29 -39 68 -19 -3 36 -52 -19 -8 -13 -41 26 22 18 18 25 20 21 28 21 21 29 11 484 627 499 682 318 390 356 231 350 176 177 158 382 485 429 472 311 325 285 236 285 100 148 103 120 213 209 231 135 126 57 70 109 -28 51 -41 130 122 89 110 49 86 55 37 67 53 30 67 32 46 35 39 40 32 27 28 22 15 5 9 100 104 96 92 87 81 146 101 87 60 62 68 102 142 70 210 65 71 -5 65 76 29 55 29 51 54 55 28 7 49 6 46 39 10 7 44 74 -4 117 -47 38 -9 -25 -1 2 1 22 29 17 20 38 26 20 31 14 20 35 18 26 57 -46 81 -183 24 101 92 189 164 244 374 458 -30 -74 6 -174 3 25 8 84 65 169 221 332 -96 -142 -87 -151 -59 -36 -50 -29 -45 21 102 93 15 18 18 -63 5 -18 12 28 46 49 43 146 2 1 10 5 3 6 -1 15 7 3 5 1 49 49 65 35 54 73 47 70 57 96 71 92 87 28 75 -9 21 76 84 105 99 75 153 126 104 33 0 -19 44 39 51 67 78 46 87 85 -40 -32 53 -21 -49 16 -5 12 -6 -2 43 11 23 27 22 31 26 21 38 26 27 31 23 30 183 317 483 553 581 468 402 460 337 457 522 556 186 260 312 485 420 389 374 388 250 368 483 485 75 145 187 248 207 203 207 211 99 206 253 230 34 41 18 103 66 53 38 34 30 42 96 153 -6 — 10 3 4 11 11 8 11 1 6 2 -2 83 84 104 130 136 122 121 132 120 114 132 104 -3 57 171 68 161 79 28 72 87 89 39 71 -81 28 99 90 53 38 24 23 -9 28 11 9 61 3 45 -49 86 15 — 22 29 58 41 1 42 17 26 27 27 22 26 26 20 38 20 27 20 599 573 521 546 525 535 643 626 413 609 389 604 485 495 477 521 441 486 509 481 341 531 383 460 243 243 265 285 236 232 251 195 71 234 154 207 83 106 82 83 63 91 79 115 78 95 108 139 5 4 10 17 18 19 20 15 7 18 154 142 120 136 124 144 159 156 185 184 120 119 114 78 44 25 84 49 134 145 72 78 6 144 117 32 5 17 17 46 30 83 43 68 0 35 -30 25 6 -8 37 -31 82 28 -3 -21 -14 90 27 21 33 16 30 34 22 34 32 31 20 19 NOTE.—The sum of monthly changes, seasonally adjusted, does not necessarily add to the changes for the year, which are based on amounts Noninstalment credit -5 outstanding at end of year, unadjusted for seasonal variation. 103