Full text of Consumer Debt Study
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Department BUREAU OF of Commerce FOREIGN AND DOMESTIC COMMERCE CONSUMER DEBT STUDY Marck, 1935 Price 10 cenfs a THE BUREAU OF FOREIGN AND DOMESTIC COMMERCE In foreign countries the Bureau maintains 32 offices where information is being constantly sought relative to marketing conditions throughout the world. This information is sent back to the Washington office and there fitted into the economic picture which is continu ously being constructed by the staff of business experts. To keep abreast of the swift changes taking place in our business life; to maintain intensive study of special phases of economic effort; and to guarantee the closest possible contact with American business the Bureau maintains the specialized service divisions, and offices, listed below: INDUSTRIAL DIVISIONS - WASHIHGTON OFFICE AutomotiveAeronautics Trade Chemical Electrical Equipment Foodstuffs Minerals Iron and Steel Textiles Tobacco Machinery Forest Products SpecialtiesMotion Picture Leather-Rubber-Shoe TECHNICAL DIVISIONS - WASHINGTON OFFICE Commercial Intelligence Foreign Trade Statistics Economic Research Transportation Negro Affairs Finance Marketing Research and Service Regional Information Commercial Laws Foreign Tariffs DISTRICT OFFICES ATLANTA, Ga........................................ 325 New Post Office Bldg, BIRMINGHAM, Ala............................................ 242 Federal Bldg. BOSTON, Mass............................................... 1800 Customhouse. BUFFALO, N.Y..................................... ..Chamber of Commerce Bldg. CHARLESTON, S. C .................................... Chamber of Commerce Bldg. CHICAGO, 111............................... Suite 1028 - 333 No. Michigan Ave. DALAS, Texas........................................ Chamber of Commerce Bldg. DETROIT, Mich.......................................... 367 New Federal Bldg. HOUSTON, Texas...................................... Chamber of Commerce Bldg. JACKSONVILLE, Fla................................. United States Federal Bldg. KANSAS CITY, Mo.....................................Chamber of Commerce Bldg. LOS ANGELES, Calif.............................. 206 Chamber of Commerce Bldg. LOUISVILLE, Ky............................................. 404 Federal Bldg. MEMPHIS, Tenn.............................................. 229 Federal Bldg. MINNEAPOLIS, Minn.......................................... 213 Federal Bldg. NEW ORLEANS, La........................................... 225-A Customhouse. NEW YORK, N. Y .............................................. 734 Customhouse. NLRFOLK, Va................................................ 409 Federal Bldg. PHILADELPHIA, Pa................................... 422 Commercial Trust Bldg. PITTSBURGH, Pa................................... 714 Commonwealth Annex Bldg. PORTLAND, Oreg......................................215 New Post Office Bldg. ST. LOUIS, Mo...................... 825 Louderman Bldg., 11th & Locust Streets. SAN FRANCISCO, Calif........................................ 311 Customhouse. SEATTLE, Wash........................................809 Federal Office Bldg. There are cooperative offices (usually in connection with a chamber of commerce or board of trade) in 54 other cities. M a r c h 1935 UNITED STATES DEPARTMENT OF COMMERCE DANIEL C. ROPER, Secretary BUREAU OF FOREIGN AND DOMESTIC COMMERCE CLAUDIUS T. MURCHISON, Director CONSUMER DEBT STUDY By H . T. LaCrosse Price 10 C e n t s <m m§. Page Foreword................. . . ........... ....................... 1 Conclusions......................... .................. . 2 Method and Scope of Survey........................................ 3 Total Business.................................. ................ , 4 Kind and Extent of Credit Business........... .................... 4 Delinquency of Accounts Owing to Hetail and Service Creditors . . . . 6 Delinquency According to Size of Business . ....................... 9 Retail Creditors ........................... . . . . . . . . . . . 9 Service C r e d i t o r s ...................................... . . . . 12 Delinquency According to Degree of Credit Business......... . . . . 1 5 Delinquent Accounts Expected to "be Collected . . . . . . . . . . . . . 1 7 Methods Used in Collecting Delinquent Accounts............. . 19 Sources of Credit Used by Creditors ................... 21 Accounts Receivable Compromised . °......... .............. . . . . 2 3 Table 1.- Kind and Extent of Credit Business of Reporting Retail and Service Creditors, 1933, By Type of Creditor......... . 5 2.- Somber and Value of Retail and Service Creditors' Accounts Receivable Delinquent Six Months or More on December 31, 1933 ................................ . . . . . . . . . 8 3-12.- Value of Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business: 3.- Department S t o r e ............................... 9 4.- Electrical Dealer.............................. 10 5.- Furniture S t ore....................... ; . . . . 10 6.- Grocery Store................... .............. 11 7.- Men's Clothing S t o r e ...........................11 12 8.- Women's Clothing S t o r e ................. . 9.- Dentists' ........................ . . . . . . . 13 10.- Doctors'....................................... 18 11.- Landlord's..................................... 14 12.- Undertakers'................ . . . ............ 14 13.- Value of Retail and Service Creditor's Accounts Receivable Delinquent Six Months or More on December 31, 1933, Classified According to Degree of Credit Business . . . . 16 14.- Proportion of Retail and Service Creditors' Accounts Receivable Delinquent Six Months or More Expected to be Collected and Anticipated Collection Cost ............. 18 15.- Methods Used by Retail and Service Creditors in Collecting Accounts Delinquent Six Months or M o r e ........... . . .2 0 16.- Sources of Credit Used by Retail and Service Creditors in the Conduct of Their Business During 1933 ............. 22 17.- Number of Retail and Service Creditors' Accounts Receivable Compromised During Six Months Period, 1933-1934 ........ 23 Some publications of the Bureau of Foreign and Domestic . Commerce...................................... . Inside back cover The purpose of this consumer debt study was to gather selected facts on the extent to which consumers' accounts with retailers and professional men were long overdue. Some people believe that an enormous amount of delinquent debt has been accumulated by consumers because of unemployment or severely reduced incomes. To the extent that this situation holds, creditors having much of their capital tied up in these accounts may have difficulty in secur ing bank loans. At the same time, consumers recently reemployed may find thei incomes largely diverted into debt liquidation, rather than into new purchases This study was inaugurated by a Conmittee on Consumer Debt, appointed by the Consumers1 Advisory Board of the National Recovery Administration. The basic data were gathered by the staff of the District Offices of the Bureau of Foreign and Domestic Commerce and by a small group of men employed by the Works Division of the New York Emergency Relief Bureau,, working under Mr. Rolf Nugent, who is directing the general study for the Committee. Acknowledgment is made for the valuable assistance rendered by the follow ing organizations and individuals: all retail and service creditors who gave their confidential figures, Mr. Rolf Nugent, district office managers of the Bureau of Foreign and Domestic Commerce, and H. B. Moore, R. M. Sanders, and Z. A. Koenig of the Market Data Section of the bureau. This report was prepared by H. T. LaCrosse, under the general direction of N. H. Engle, Assistant Director of the Bureau of Foreign and Domestic Com merce, and Wilford L. Waite, Chief, Marketing Research and Service Division, and represents one section of a more detailed analysis being prepared by Mr. Nugent, on behalf of the committee. March, 1935. Claudius T. Murchison, Director, Bureau of Foreign and Domestic Commerce. Conclusions 1. The proportion of total business on credit was much greater for the service group of creditors (90 percent) reporting in this study than the re tail group (54 percent). 2. (See page 5) The ratio of delinquency was much higher for the service creditors (59 percent) than the percentage of delinquency for the retail creditors (13 percent). 3. (See page 81) Of the amounts delinquent six months or more, 658 creditors reported that 66 percent was expected to he collected; 68 percent for the retail group and 52 percent for the service group. 4. (See page 18L) The anticipated costs of collecting delinquent accounts is about the same on the average for both the retail and service groups. The retail credi tors reported that of the amount they expected to collect^ 12 percent would be spent in collection costs; service creditors, 15 percent. 5. (See page 1&) Over 800 creditors reported that dunning letters and personal visits were the most common methods used in collecting accounts delinquent six months or more. 6. (See page 20J IPhe commercial bank.was reported most frequently by both the retail and service creditors as the source of credit used in the conduct of their business. 7. (See page 22.) The percentage of retail and service creditors effecting a compromise of delinquent accounts"*«a. approximately the same. Jor the retail group 232 or 45 percent of the total reporting followed this practice; 138 or 46 percent of the total service group reporting did likewise. - 2 - (See page 23.) Method and Scope of Survey The field investigation method of study was followed in collecting material for this report. A few representatives of 10 major creditor groups in cities located throughout 21 States were asked to furnish information showing their experiences in dealing with consumer accounts. Factual data and opinions were submitted on the number and value of accounts outstanding six months or more, proportion expected to be collected, methods used in collecting these accounts, and other relevant points pertaining to the subject. The median and arithmetic average as well as the highest and lowest per centages reported by each class of creditors have been employed to esqpress the various relationships based on tabular material. The median was obtained by arraying the individual percentages in order of magnitude and selecting the "middle item*, that is, the percentage located where the number of items larger and smaller were equal. The arithmetic average is the figure used throughout the text in describing conditions unless otherwise specified. A total of 839 creditors located in selected cities in the States appear ing in the footnote to Table 1 submitted reports that were usable in at least one table. In the compilation of each table, all those reports containing pertinent material were included. Results have been presented separately by States where 15 or more reports were received from any one type of creditor. The data collected and analyzed in this report are presented with a full reallzation that the sample is very small. While there is no reason to believe that these results are at all representative of consumer debt conditlons generall£. it is believed that they have sufficient significance to .justify their publication on the grounds that a few carefully selected facts, well analyzed. are better than none at all. - 3 - 'Total Business The total net business of the 718 creditors reporting on this subject in the study amounted to $462,578,517 for the year 1933. This amount, distributed among kinds of business in Table 1, furnishes some indication of the sample obtained for each class of creditors. The bulk of the busi ness (98 percent) was done by the retail group, a fact caused by the number of reports from department stores with relatively large sales in 1933. Kind and Extent of Credit Business The proportion of total business on credit (open And installment) for this group of 718 creditors amounted to 55 percent. The Service group had a much greater proportion of business on a credit. ba*is than the retail group; 90 percent as compared with 54 percent for retailers. Furniture stores did a larger proportion of their business on a credit basis than any of the other types of retail stores (89 percent) althougi electrical goods store figures irere also high (86 percent). The highest percentage of credit business reported by any of the gro,ups was 94 percent, the figure for undertakers. - 4 Table 1.- Kind and Extent of Credit Business of Reporting Retail and Service Creditors, 1933 Kind of credi tor Retail: Department ............ Electrical goods .. : Humber of : : creditors : : reporting Total net : business : Dollars : Cash Dollars :Percent: Otsen credit : : : :Percent: Dollars Installment credit •• Dollars . 4Peroent Grocery ....... ......... Men's clothing . . . . Women18 clothing .. 7** 5U 82 113 73 68 332.893,59U 7.93*.9*8 28.387.515 15,682,805 27.862,735 39.577.900 l 67 .UU3 .OU7 1.1U9.555 3,233.930 8,ooo,UUo 1 2 , 102.022 IUJU 9.626 50.3 lU.5 1 1 .U 51.0 U3 .U 37.3 139.015.737 3 . 312.726 5.U21.959 7.682.365 1 U . 966.0U6 23 , 861,109 Ul.8 Ul.7 19.1 U9 .O 53.7 60.3 26 .u3u.s 10 3 .U76.701 19.731.626 79U.667 967,165 2-9 2 .U Service: Dentist ................. Doctor (M.D.) ....... Landlord ................ Undertaker ............ 82 58 5U 6o 796,289 775.021 2.5**9.599 6,nU,077 182 M S 100,590 366,Uoo 388,5U3 22.9 13.0 lU.U 6.U 551.607 6U0.902 2.1U8.199 5.301.833 69.3 82.7 8U.3 86.7 62 . 19U 33.529 35.000 U23.701 7.8 U.3 l.U 6.9 Total Retail ......... U6U U52 . 3U3.531 206,678.620 U5.7 19U,259.9U2 U2.9 5 1 .U0U .969 1 1 .u Total Service ....... 25U lO. 23U.986 1 ,038,021 10.2 8 . 6U2 .5U1 8U.U 55U.U2U 5*U Grand Total ........... 718 U62.578.517 207, 7i 6 , 6Ui UU.9 202. 902.U83 U3.9 51.959.393 1 1.2 7*9 U3.8 69.5 — Delinquency of Accounts Owing to Retail and Service Creditors In practically all forms of "business enterprises extending credit, the problem of delinquency is present to a varying degree. With respect to the ratios of consumer indebtedness past due, the subject to which this study per tains, a wide variation was found to exist between sales and service creditors. Table 2 shows that the percentage of accounts receivable delinquent six months or more was much lower for the group of 416 retail creditors reporting in the study than the percentage of delinquency for the group of 264 service creditors. The ratio of amounts delinquent six months or more on December 31, 1933, to the amount of receivables outstanding on that date, was 13 per cent for the retail group, which is in striking contrast with the figure of 59 percent shown for the service group. A comparison of the median percentages for the same relationship shows less variation but the difference is still very great. One of the reasons for this variation may be attributed to the difference in credit methods employed. Creditors dealing in coranodities more frequently check carefully on the worthiness of an applicant for credit, while those covered in the service group are forced to extend credit, in a great many cases, at least, without sufficient investigation. Moreover, the collection policies of the latter group are less aggressive than those of the retail group, as a result of their apparent reluctance to press debtors for overdue accounts. -6 - Grocery stores reported, on the average, 25 percent of their total dollar accounts receivable delinquent six months or more, which figure was the highest ratio of delinquency for any of the types of creditors in the retail group. Department stores, at the other extreme, reported 9 percent. The ratio of delinquency for the 65 doctors (M.D.) reporting in the study amounted to 67 percent, which was higher than any of the types of creditors in the service group. The sa-ne number of landlords reported in the study and had, on the average, the lowest ratio of delinquency (45 per cent) . The average value of delinouent accounts for all retail establishments was slightly more than one-half ($37 per account) the figure for service organizations ($64 per account). The difference, however, between the average of all accounts and delinquent accounts was small, only $3 for both tvpes of establishments. All types of creditors, with the exception of the landlord group, re ported very slight differences in the average values of delinquent and total accounts. In the c' oe of the landlords reporting, the average value of the delinquent account was larger by $187. - 7 - Taole N u m b e r an d Value of Retail and Service Creditor*' Accounts Receivable Delinquent Six M onth* or More on D ecember 31, 1933. B y Type of Creditor l e e o t a t i ■umber Type of creditor by States Retail: Department store, total* : creditors : : reporting : Humber : Amount : : (dollars) 62 1 ,200 ,63U 55.718.U57 Electrical goods, total* Hew Tork Other states (20) 50 23 27 U3 ,168 5.659 37,509 1,576 ,U88 269 ,8U9 1 ,106,639 Purniture store, total* Sew Tork Other states (20) 68 18 50 272.153 31,181 2Ul,022 115 3« 22 55 Grocery, total* Few Tork Pennsylvania Other states (19) Men's clothing, total* NeW Tork Other states (20) Women's clothing, total* Hew Tork Other states (20) Service: Dentist, total* Hew Tork Othe^btates (20) Doctor (H.D.), total* Hew Tork Other states (20) jHec'ii 1 v a b la Delinouent l6 months or more ■I.g V.a-A Average : value per : Humber : account : j (dollars) 1 I Amount | (dollars) 30 3.19U.370 31 8.9 37 U8 35 7,823 1.736 UU 30 u* 22 .0 . 6,087 3U7.363 52,268 295.095 15.771,320 1.805.0U6 1 3 .966 .27U 58 58 58 55.781 8,899 U6.882 2,860,9*40 U56.905 2,U0U,035 37,966 8,509 6,159 23.29* 1,273.582 28U.282 156.751 832.5U9 3U 33 25 36 7,6 3 6 61 16 12U,012 19.052 10^,960 27 UU 2U 19 .7 5 6 U5 3.3U5.601 831.18U 2,5iU,Ui7 60 16 163.972 21,331 lU2,6Ul U.U15.936 711,181 3.70U.755 27 33 31.532 13.569 6,753 6,816 15 U .019 167,209 UU 75 36 1*2 321,228 1 .0 11.3 79-2 57.1 79.2 28.9 19.U 22.6 0.0 30.0 51 51 51 18.1 25.3 17-2 77-0 77-0 70.0 0.0 1.8 0.0 19-3 32.U 18.2 315.203 90,820 25.08U 199,29* Ul U9 2U.7 0.0 23.9 9U.1 80.0 75.0 9U.I 5-0 0.0 0.0 33.3 36.7 U7 .U 29.7 598,306 137.123 U6i,i83 2° 63 7 1 .u 50.0 71.U 2 .5 2 .5 26 17.9 16.5 18.3 u.5 22.2 11.8 2U.8 2.697 763,122 99.7§l 26 29,835 663,361 23 37 22 17.3 lU.0 17.9 6 5 .2 6 5 .2 60.0 0.0 0.0 0.0 13.3 16.1 12.7 2U 23 25 6.528 2.U85 U.OUj 17 8 ,7 1 8 27 29 27 55*6 U6 I3 6U.2 90.0 83.3 10.0 10.0 55.8 53*9 90.0 19 .3 62*5 25 28 2U 12.U57 3,78r 330 .UU3 123.350 207.093 27 33 2U 66.6 70.1 6U.6 92.2 90.0 92.2 1 5 .0 8,670 1 5 .0 62 .U 6U.7 62 .U 317,1U7 17.U28 3.535 296.18U 316 160 U5.1 19.U 0.0 0.0 0.0 0.0 u.o . 0.8 0.0 37.7 10.0 10 .9 22.0 50.7 Ul.l 5 U.6 1,859 7 U6 5 .0 31 8,161 17.588 71.290 107,U28 65 27 17 21 5,lU8 5«9 375 U.isU 663.939 51.157 20,858 5 9 1 ,92U 129 56 1 U1 1.00U 109 U3 852 Undertaker, total* Hew Tork Other states (20) 56 UO 9.m 1.05U 8,720 1.U50.306 2 73 ,UU6 1 ,176,860 lUg 259 135 5.366 U22 U,9UU 790,951 16 Ul6 |.8Ui,905 6 2 ,1 0 1 ,3 SU 3U 26U >+8,197 2.931,729 61 680 1,890,102 65.033.113 9tas4 Total U96.256 1 7 5 .9 1 9 320,337 H 3U =-— 21.8 26.0 82 1 6 .9 3U8 50.0 90.3 80.0 UU.O 90.3 703.315 1U7 *08 1U2 5U.5 32.0 59.8 85.U 80.6 85»lf 219,18U 8.079.30U 37 13*0 9U4 0.0 22.2 25.355 (1.617.259 6U 58.6 90.3 0.0 50.0 9.696.563 * = = Uo IU.9 9U.> 0.0 33.3 87.636 2UU.539 :nar r Uo 3 1 .9 1 6 .0 = *Ooaprialng; returns from the following states: Alabama, California, Colorado, Tlorlda,jOeorgia, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, few Jersey, Sew Tork, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Wa«hlngtP&t : : Median 0.0 0 .5 Landlord, total* Hew Tork Hew Jersey Other states (19) 65 t Highest : Lowest ♦ 88.9 19,706 6,239 13.U67 8ervic* : value per < account' 1 Average : (dollars) l 95.656 28 37 Yptal Retail J. Percentages of total — annte t Delinquency According to Size of Business Retail Creditors The most striking fact to he found, when the reporting retail creditors are classified by volume of sales, is that the larger stores had the smallest proportion of their dollar accounts delinquent six months or more. The range (Table 3) for department stores, for example, was from an average delinquency ratio of 16 percent for the smallest stores to 7 percent for the largest group. A similar situation was found to exist with respect to the other types of retail creditors (see Tables 4-8 Inclusive). The only significant exception is the group of women's clothing stores, the ratio of delinquency dropping from 23 percent for the smallest size group to 13 per cent, back up to 20 percent for those with annual sales over $1,000,000. Table 3.- Value of Department Store Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business $1,000,000 or less 24 1,371,578 $1,000,001-5,000,000 32 14,143,025 Accounts receivable .Amount P e r c e n t • delinquent « • six months ♦, or more Average Highest:Lowest • (dollars) • • • • 217,892 15.9 88.9 : 1.0 • 11.4 1,607,360 60.0 : 1.4 $5,000,001 and over 20 34,418,819 2,444,482 7.1 15.2 : 2.0 • 7.6 76 49,933,422 4,269,734 8.6 88.9 | 1.0 . 11.0 Number Size of Business of (annual sales volume) creditors report ing Total Total amount (dollars) - 9 - Median 24.1 9.5 Table 4.- Value of Electrical Dealers' Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business Number Size of Business of [jBaanal sales volume) creditors report ing Total amount (doliars) Accounts receivable .Amount P e r c e n t delinquent six months Average Highest Lowest or more (dollars) Median $50,000 and less 37 316,219 101,083 32.0 79.2 2.4 30.0 $50,001-500,000 15 517,240 116,548 22.5 51.4 0.0 26.0 5 1,202,315 209,292 17.4 65.0 0.9 10. JF 57 2,035,774 426,923 21.0 79.2 0.0 29.8 $500,001 and over Total Table 5.- Value of Furniture Store Accounts Receivable Delinouent Six Months or More on December 31, 1933, Grouped According to Size of Business Ilumber Size of Business of [amual sales volume) creditors report ing Total amount (dollars) Accounts receivable Amount P e r c e n t delinquent six months or more Average: Highest Lowest: Median (dollars) $100,000 and less 30 806,615 259,826 32.2 j 77.0 0.0 1 33.5 $100,001-250,000 26 3,293,517 883,250 26.3 j 70.0 0.4 ; 21.0 $250,001-500,000 11 2,948,131 370,793 12.6 ; 64.8 0.0 | $500,001 and over 15 12,581,270 1,987,630 15.8 : 49.7 0.6 : 12.7 82 19,629 ,533 3,501,499 17.8 j 0.0 ; 13.2 Total - 10 - 77.0 5.5 Table 6.- Value of Grocery Store Accounts Receivable Delinquent Six ‘'rntbs or More on December 31, 1933, Grouped According to Si^e of Business Number of Size of Business annual sales volume) creditors report ing Accounts receivable Amount Pei c e n t delinquent six months or more Average Highest Lowest Median (dollars) Total amount (dollars) $25,000 and less 31 59,934 30,559 51.0 80.0 11.8 48.0 $25,001-50,000 27 86,462 34,648 40.1 77.0 17.9 35.3 $50,001-100,000 32 254,110 86,493 34.0 94.1 0.0 30.3 $100,001-250,000 14 251,841 58,221 23.1 43.9 5.0 -19.9 $250,001-500,000 12 362,593 58,126 16.0 48.7 2.8 13.4 5 385,429 59,352 15.4 24.2 0.0 18.0 121 1,400,369 327,399 23.4 94.1 0.0 33.3 $500,001 and over Total • • *----- Table 7.- Value of Men’s Clothing Store Accounts Receivable Delinquent Six Months or More oh December 31, 1933, Grouped According to Size of Business Number Size of Business of (annual sales volume) creditors report ing Total amount (dollars) Accounts receivable Amount P e r c e n t delinquent six months or more Average Highest Lowest Median (dollars) $100,000 and less 27 359,773 98,356 27.3 71.4 5.5 27.1 $100,001-250 ,000 18 534,740 133,908 25.0 55.8 4.7 24.1 $250,001-500,000 17 1,197,681 293,043 24.5 53.9 0.0 16.0 $500,001 and over 14 2,409,207 250,878 10.4 26.1 2.5 10.3 76 4,501,401 776,185 17.2 71.4 0.0 18.1 Total - 11 - Table 8.- Value of Women' s Clothing Store Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business Iftunber Size of Business of (annual sales volume) creditors report ing _ ■ Total amount (dollars) Accounts receivable Amount P e r c e n t i delinquent six months Average Highest Lowest Median or more (do liars) $250 ,000 and less 36 691,640 161,893 23.4 65.2 0.0 15.5 $250,001-500,000 14 815,410 117,756 14.4 28.4 3.7 11.5 $500,001-1,000,000 12 1,373,949 184,280 13.4 28.8 3.9 11.1 $1,000,001 and over 12 4,253,488 853,326 20.1 : 44.5 4.9 11.9 74 7,134,487 1,317,255 18.5 65.2 0.0 13.3 Total Service Creditors The inverse ratio between the size of retail establishments and the proportion of their dollar receivables *hich has been delinquent six months or more, does not hold for service creditors, with the exception of dentists (Table 9). In this instance the range is from 61 percent to 52 percent. In the case of the landlords, there is a direct relationship with those with the largest incomes sustaining the highest proportion of delinquency. - 12 - Table 9.- Value of Dentists1 Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business Number of Size of Business annual sales volume) creditors report ing Total amount (dollars} Accounts receivable Amount Per cent delinquent six months Average Hipest Lowest or more (doliars5 Median $5,000 and less 25 39,401 23,836 60.5 83.3 31.7 60.8 $5,001-10,000 31 137,715 82,257 59.7 81.0 19.3 57.0 $10,001-15,000 23 119,225 63,7*7 53.4 90.0 12.5 52.4 6 76,695 39,838 51.9 71.2 10.0 45.8 85 373,036 209,648 56.2 90.0 10.0 55.9 $15,001 and over Total Table 10.- Value of Doctors’ Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business Numb er Size of Business of annual sales volune) creditors report ing Total amount (dollars) Accounts receivable Anount P e r c e n t delinquent six months Average Highest Lowest or more (dollars} Median $5,000 and less 18 65,699 41,351 62.9 86.6 33.3 64.8 $5,001-10,000 16 100,841 69,428 69.4 87.7 26.4 67.6 $10,001-15,000 13 95,879 64,676 67.5 88 .7 43.3 66.7 $15,001-20,000 10 107,923 70,489 65.3 86.2 21.8 65.9 10 137,058 81,418 59.4 92.2 10.4 56.9 507,400 327,362 64.5 92.2 10.4 62.4 $20,001 and over Total 67 - 13 - Table 11.- Value of Landlords' Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business « Number Size of Business of (amual sales volume) creditors report ing To tal amount (dollars) Accounts receivable Amount P e r c e n t delinquent six month8 or more/ Average Hi^iest Lowest (dollars) Median $5,000 and less 18 5,208 270 5.2 40.0 0.0 0.0 $5,001-10,000 12 11,812 1,888 16.0 76.1 0.0 0.0 $10,001-25,000 16 38,835 16,651 42.9 90.3 0.0 29.9 $25,001 and over 20 718,859 373,838 52.0 80.0 0.0 42.5 Total 66 774,714 392,647 r 0.0 15.7 . . » ---------- aL 90.3 50 .7 . . , , . I 1--------- Table 12.- Value of Undertakers' Accounts Receivable Delinquent Six Months or More on December 31, 1933, Grouped According to Size of Business Number Size of Business of (annual.sales volum^ creditors report ing Total amount (dollars) Accounts receivable Amount Per cent • delinquent • six months • Average Highest Lowest: Medlar or more • (dollars) • • ^>50,000 and less 31 231,144 125,317 54.2 74.1 16.0 : 50.0 $50,001-100,000 13 380,389 272,638 71.7 85.4 22.5 : 64.6 $100,001-250,000 12 647,522 331,570 51.2 69.8 5 407,609 132,736 32.6 62.9 10.0 s 50.6 .• 13.6 : 22.0 • $250,001 and over • Total 61 1,666,664 862,261 14 - 51.7 85.4 10.0 ; 50.3 Delinquency According to Degree of Credit Business The business of creditors Is further analyzed in Table 13 according to ratios of delinquency by proportions of credit business. In general, the greater the proportions of credit business the higher the ratios of delinquency. For all creditors reporting (729) the range was from a delinquency ratio of 11 percent for establishments having the smallest proportion of total business on a credit basis (25 percent or less) to 22 percent for establishments having the largest proportions of credit business (over 75 percent). Similar figures for the retail group were about the same; 10 and 18 per cent, respectively, for service establishments, however, the figures are con sistently higher, running 42, 68, 62, and 54 percent for the four quartiles. It is interesting to notice, in passing, that while only 38 percent (177) of the 469 retailers reported over 75 percent of their 1933 business as credit sales, 77 percent (201) of the service operators so reported. With respect to the service group an unusual situation was found to exist for the landlord type of creditor, as only two landlords reported 25 percent or less credit business with the remainder (53) reporting all of their business on a credit basis. The reason for this is that most of the landlords cooperating in the study did not follow the usual practice of re quiring rent payable in advance and, therefore, listed all of their business on credit. In the case of the two landlords reporting a portion of their business on a credit basis, one reported that rent was required in advance from all but a part of his tenants and the other made a practice of arranging for installment repayments wherever the advance deposit was used up. - 16 - Table 1 3 .- Value of Hetall and Service Creditors' Accounts Receivable Delinquent Si* Months or More on December 31. 1933. Claseified According to Degree of Credit Business Type of creditor Accounts Receivable Amount : t Humber of delinquent : six months : Percent Total : creditors. : or more : : reporting amount (dollars) : (dollars) : s :Ratio of Delinauent Accounts to Total Accounts by Proportion of Credit Business 26 to 50 percent: 50 to 75 percent: Over 75 percent : 1 to 25 percent : : Number : Ratio Number : Ratio : Number : Ratio: Number : Ratio : of of : of : : of stores : : stores stores : : stores 9i «i»4 Retail: Department -— ■— — Electrical goods-Purniture — ----Grocery------ ■— Ken's clothing--Women's clothing -- fk 56 82 113 75 69 U9,530,U22 2.035.6*4 19.629.533 1*3^3.200 4 ,530.734 7 .060,759 4 ,205,634 425,277 3.501.U99 308,871 774,730 1,308,203 8.5 20.9 17 .8 23«0 17.1 18.5 7 2 2 16 13 5-7 32.7 41.4 15.6 16*3 34 12 4 24 21 14 7.6 19.7 52.8 30.1 9.7 25.1 8 43.3 37.1 88.7 71.9 32.5 - - 4 27 8 7 44 24 25 8.7 41.4 24.4 28.7 19.3 14.0 6 34 69 29 17 22 19-9 20.3 17.5 18.3 27.7 19.0 Service: Dentist -— ------ Doctor (M.D.) — — Landlord — --- — Undertaker — — -— - 84 55 6l Betail (excluding Department stores) 366,025 518.361 409,809 206,263 56.4 67.9 48.1 52.2 64.8 67.4 49 56.7 68.3 47.7 52.0 75 19.3 108 17 .6 171 18.2 9-7 109 9.2 135 10.5 177 18.3 13 41.5 21 67.5 23 62.4 201 5U.3 63’ 10.6 130 9*4 158 10.8 378 21.6 1.703.37U 52.3 7 1 2 5 395 34,599.910 6,318,580 18.3 Ui 21.9 Total Betall ----- 469 8U.130 ,332 10,524,214 12.5 48 Total Service -— — 260 2.997.569 1,61+6,864 54.9 Grand Total — ---- 729 87.127.901 12 ^171.078 14.0 67.O 11 9 3 352.037 197.182 891,382 60 9 8 71.9 62.9 - 57 42 53 Delinquent Accounts Expected to be Qollected Creditors were asked: H0f the book value of accounts delinquent six months or more, what proportion do you expect to collect?" A total of 658 creditors furnished percentage estimates on this question which were converted to dollars for purposes of obtaining arithmetic averages. The figures on this basis were 66 percent for the total group, as shown In Table 14. The proportion expected to be collected for the retail group amounted to 68 percent, whereas the service group expected to collect a smaller proportion or 52 percent. The median average showed approximately the same result for each group, the figures being 70 percent and 50 percent for the retail and service groups, respectively. Furniture dealers were the most optimistic of all types of creditors reporting. The 71 furniture creditors reporting indicated that, on the average, they expected to collect 74 percent of their delinquent accounts. A contributing factor to the situation may be the practice of furniture stores in repossessing merchandise where necessary to effect final liqui dation of the account. This is borne out by Table 15, which shows that 75 percent of the furniture creditors reported repossession as a method used in collecting delinquent accounts. The anticipated costs of collecting delinquent accounts is about the same on the average for the retail and service groups. The retail creditors reported that of the amount they expected to collect, 12 percent would be spent in collection costs; for the service creditors the estimated figure on the average was 15 percent. The higher figure for the latter group was caused largely by the 77 dentists whose estimate averaged 22 percent. - IT - Table lU^ - Proportion of Betail and Service Creditors 1 Accounts Receivable Delinouent Six Months or More Expected to be Collected and Anticipated Collection Cost (On December 31, 1933) Type of creditor, bf State Betail: Department ------- — Electrical goods ----New York -------Other States----- Purnitare--- ----- - New York ------- -— Other States ----Grocery -— --------- Hew York ---------Pennsylvania -----Other States ------- Humber of creditors : reporting Amount delin quent six : (dollars) i Proportion expected to be collected Anticipated collection costs on amounts ----- wp^cted to be collected Percentages Amount (dollars) :Average :Highest SLowest S Median 1 Average t Highest : LowAt Median 65 3,^5.589 2 ,270,631 66.0 100.0 5** 23 U2U.051 262,986 60,769 363,282 61 .O 68.0 60.D 100.0 100.0 31 ^5.329 217,657 100.0 5-0 10.0 71 3.139,377 **91.905 2,6U7.**72 2,320,117 293.989 2,026,128 7**.0 100.0 100.0 100.0 0.0 0.0 10.0 28*5,592 75,556 27.318 182,718 168,866 59.0 63.O 55.0 58.0 100.0 100.0 0.0 90.0 0.0 0.0 18 53 101 31 21 U9 **7.815 15.086 105,965 Page 18 lien's clothing ------Hew York----.--- -— Other States ------ 71 683,116 55 137.123 5^5,993 Women's clothing ----Hew York -------- — Other States ------- 6U 15 U9 1.235.631 99.761 1,135.870 750,557 Service: Dentist -----r------Hew York---- -----Other States ---- — 77 ?2 189.578 75.23** 63,690 65 Doctor (M.D.) --- -— Hew York--------- Other States --- --- 63 23 >40 Landlord *--------- - 39 Undertaker — — --- -— Hew York--- ---- — Other States ---- — - 60.0 77.0 75-o 12.0 50.0 1.0 10.0 5.0 >5-0 80.0 16.0 1 U.0 0.0 10.0 1 U.0 60.0 17.0 50.0 *10.0 50.0 5.0 Or.O 0.0 10.0 75-0 12.0 50.0 17.0 75.0 11.0 30.0 50.0 0.0 0.0 0.0 10.0 73.0 0.0 0.0 0.0 0.0 10.0 10.0 50.0 60.0 50.0 52.0 7.0 10.0 50.0 33.0 25.0 50.0 11.0 16.0 13.0 10.0 5.0 10.0 60.0 15.0 50.0 75.0 7.0 99.0 0.0 25.0 0.0 60.0 17.0 50.0 50.0 0.0 5.3 0.0 10.0 10.0 10.0 68.0 86.0 66.0 100.0 98.0 100.0 0.0 20.0 0.0 75-0 75.0 11.0 50.0 0.0 10.0 16.0 5.0 15.0 70.0 10.0 33.0 50.0 0.0 10.0 140.0 U2.0 95.0 50.0 50.0 **8,558 39.0 50.0 50.0 50.0 17.0 125,888 0.0 0.0 0.0 2U.0 50.0 0.0 0.0 0.0 10.0 26,676 358.511 133.793 0.0 33-0 I7 .O **5,070 88.723 37.0 U2.0 35.0 100.0 10 7 .**95 251.016 75.0 5.0 13.0 100.0 0.0 1*0.0 32.0 19.0 95.0 95.0 >50.0 0.0 0.0 0.0 10.0 10.0 10.0 387.076 I83 ,60U **7.0 100.0 0.0 50.0 19.0 50*o 0.0 10.0 53 15 38 797.950 83.313 71 H .637 51**.**35 57 ,078 **57.357 6U.0 69 .O 0.0 20.0 0.0 75-0 75-0 6U.0 100.0 100.0 100.0 75.0 11.0 12.0 12.0 50.0 50.0 50.0 0.0 0.0 0.0 10.0 10.0 10.0 Total Detail — j------ U26 9.233.356 6 ,303,021 68.0 100.0 0.0 $0.0 12.0 50.0 0.0 10.0 Total Service---- -— 232 1.733.U5 907,066 52.0 100.0 0.0 50.0 15.0 95.0 0.0 10.0 Grand Total --- ---- ■ 65? 10 ,966,1*71 7.210,087 66.0 100.0 0.0 60.0 12,0 95.0 0.0 10.0 16 **3.73** 109,372 33**.862 836,687 86,130 65.0 100.0 10.0 80.0 100.0 100.0 61.0 95.0 95.0 22.0 5.0 20.0 Methods Used In Collecting Delinquent Account a Over 800 creditors report that dunning letters and personal visits were the most common methods used in collecting accounts delinquent six months or more. Of these two, the second is employed much more frequently by retailers than by the service operators. (See Table 15.) A private collection agency and suits, two other methods,, were reported by about four out of ten creditors. Both retail and service establishments used the former to about the same proportion, but proportionately only a little more than one half the service creditors resorted to suits, as compared with the retailers. Although almost one-third of the retailers reported that they repossessed merchandise sold but unpaid for at the end of six months, none of the grocers and very few of the men’s and women's clothing store proprietors reported such a policy. The only service group to report repossession was the landlord. One striking fact found in the following table is that so few of these retail and service creditors use merchant credit bureaus. The only exceptions to this conclusion were department stores and men’s and women's clothing stores, for all of which the figure is over 30 percent. With two exceptions, all of the creditors reported using one or more methods in collecting delinquent accounts. One undertaker stated, however, that no method was used in collecting delinquent accounts because "when they have money they will pay - old families." to the same question: H3Ione, because conditions specifically known in each instance." A physician stated, with reference - 19 - Table 15-- Methods Used by Retail #nd Service Creditor* In Collecting Accounts OellnoucBt SI* Month* or More on December 31, 19J3 Typ# of creditor >Number t Dunning letters tcreditors: (reporting) i t < Personal visit* Humber : '• Somber : using : Percent » using I Percent ____ :__ __I .15SSSX_______ 5 Sumter I using > Percent __ I __ Number u sing Percent s Merchant* credit bureau Somber t : Bianber : S using : Percent > using i Percent : Other Repossession s Private collection: Somber : using ! Percent ____ __ !________ L Betall; i £ 1 g 1 Bepartnent Pennsylvania Otter 95 87.U 6li,l 37-5 78 12 66 82.1 75.0 83.5 58 6 52 65.8 83.3 60 92.3 77-5 23 37 90.9 88.5 20 7 26.9 92.5 13 32.5 91 .k 23 5 18 2k. 7 36 9 1 56 5 51 58.9 17 8 9 25.8 k6 10 36 k9.5 26.3 2k.3 29.8 23.7 k.3 >*3.3 31 9 2 80 25.6 53.5 Ul 50.0 7 5k. 3 3k 70.2 32 76.5 68.0 79 83 8 75 50.0 9**.9 Zlectrloal rood* Sew Tork Other 66 26 Uo 55 2U 31 furniture Sew Tork Other 93 19 7k 8k 17 67 90.3 89-5 90.5 85 19 66 Qrooorj lew Tork Pennsylvania Other 121 3® 69.H 106 87.6 73-7 83.3 3>* 19 53 89-5 82.6 60 8k 28 6 50 88.3 26 Mra's clothing lew Tork Other 86 7k 16 16 70 58 86.0 100.0 82.9 78 10 68 90.7 68.5 97.1 US 8 38 67 17 50 63 Ik k9 9k.O 82.U 98.0 39 8 31 58.2 62.0 U7 13 3k 96 3* 5« 88 3k 5k 91.7 89.5 93.1 30 8 ?2 31.3 21.1 37-9 *♦7 19 28 U9.0 Doctflfr(n.S.) Sew Tork Otter 7* 29 **■9 71 »*7 91,0 93.1 95.9 18 5 13 23.1 17.2 26.5 16 ?7 Landlord Sew Toik Otter 68 22 1*6 29 9 20 U2.6 k0.9 kj.5 k6 67.6 16 72.7 65.2 Undertaker Sew Toik Other 69 17 52 57 12.6 61 16 kl 9U. 1 78.8 lk *»7 Total Retail 52* UUJ 83.9 total 8*rvloe 311 2k5 Orand Total 839 688 Vamn's clothing Vow Tork Otter Servicet Dentist Sew. Tortc Otter 16 100.0 89.2 30.3 6k.6 30.8 22.5 52.6 ks.6 6 2.1 59 8 51 50.0 6k. 6 k8 5 k3 50.5 31.3 5k.k 31 9 22 k7 .o 3U.6 55-0 12 5 7 18.2 19.2 17.5 0 70 11 59 75.3 57-9 79.7 11 3 8 - 17 1 7 .9 3 ik 18.8 17.7 6 6 9.1 __ 15.0 11.8 15.8 10.8 6 1 5 6.5 5.3 6.8 22 3 18.2 7.9 8 .7 17 28.3 18 6 0 12 ik.9 1 5 .8 2 a 2k.k 33.3 0 0 0 0 k7-7 k3.8 ks.6 2 0 2 2.3 _ 2.9 31 36.0 1 30 6.3 U2.9 1 20 28.6 8 2k k7,8 k7fl kf.p 5 1 k 7-5 5.9 8.0 22 2 20 32.8 11.8 ko.o 20 3 1 7 .6 17 3k.0 w»e jtb.3 Il.p 0 0 0 • _ - 22 ik 18 22.9 10.5 U8 .3 28 IP 18 71 17 31.0 ik 32.3 kk.7 2k. 1 13 23 U6.2 kU.S U6 .9 S> 1 d n-5 10,3 fP.2 0 0 0 _ - 6 1 5 7-7 3.U 10 .2 15 2 13 15 5 10 22.1 22.7 21.7 30,9 ko.9 1.5 16 9 22 3 19 88.k 82.k 90.U 27 9 18 39.1 52-9 3k. 6 18 k lk kk6 8U.5 230 *3.6 78.8 155 U9.8 125 U0.2 82.0 601 7 1 .6 355 k?.j 26.1 30 kj.l 50.0 83.7 8 .7 26,1 26.» 81.5 0 0 0 - 32.3 I 13 .6 0 kl.3 X 2.2 7 10.1 3 1 7 .6 k - 20.0 6 .3 29.9 19.2 6.9 26.5 23*5 36.4 8 8. 17 .k 7.7 8 1 7 11.6 5.9 13.5 1 6 .7 ka.2 167 31.6 V* 87-7 88 76 8k.U 22 7.1 36 1 1 .6 70 21.5 299 35-6 189 22.5 182 81.7 158 18,8 Sources of Credit Used by Creditors The commercial hank was reported most frequently by both the retail and service creditors as the source of credit used In the conduct of their business. Of 527 retail creditors reporting, 239 or 45 percent checked the regular terms of banks as a source of credit; for the 278 service creditors reporting, 79 or 28 percent checked the same agency as a source (Table 16). Cooperative credit associations (26 percent) and wholesalers or factors (22 percent), were also an important source of credit for the retail group. For the service group of creditors, the second most Important source of credit was the assistance obtained from relatives or friends. The group of creditors rendering service alone had, as to be expected, less occasion to secure credit from outside sources than the group of credi tors selling merchandise. The number of service creditors that reported using no agency for credit requirements was 117 or 42 percent of the total, as compared with 55 or 10 percent of all retail creditors reporting. - 21 - Table l6.- Sources of Credit Used by Ret»ll and Service Creditors in the Conduct of Their Business During 1933 : Cooperative tcredit association b a n k s Tyre of credi tor Re 19i 1: Deosrtment 1 JJ . Number •creditors ; reporting • 8U Regular terms : Personal Logn ! Department Number ;Percent : Number : usin? ! : using s Percent Mo Number using 6.0 3 3.6 30 35.7 3 3>» lU 51.5 53-8 1.5 3.8 - 12 .1 6 7 3.2 17.5 2 50.0 3.0 3.8 2.5 8 1 20 2 1 1 UU »*7-3 52-6 U5.9 6 2 6.5 26 10 .5 2 1 1 2.2 U 5.3 l.U 21 28.0 26.3 2 8 .U 1U • U0 .3 UU.7 1*7.8 3U.5 2 0 0 2 1 .7 .8 19 16.0 12 2 5.3 3 13.0 u u u 50.6 68.8 U6 .3 3 3-6 0 8 0 8 Furniture New York Other 93 19 7* 10 3U Grocery New York Pennsylvania Other 119 38 23 58 Us 17 n Men's clothing New York Other 83 U2 16 11 67 31 20 3 ro 5.U a 3.5 U.5 11 37.3 6U.7 65 20 30.8 0 0 0 19.1 1 U .7 22.0 U 0 u U.8 3 0 3 U.l 31 SU 16 50 5 11 Doctor (M.D.) New York Other 73 zk U9 20 8 12 27 . U Landlord New York Other 55 20 7 13 36.U Undertaker New York Other 66 33.3 2U.5 1+3.5 33.3 3U .8 1 0 1 0 u U.3 U.8 0 82 17 39 S Number : : : Percent : using : Percent 5 MO 16 : Number : us in* _ _ 8 .0 _ 6.1 0 0 0 U 6.0 2 0 2.U 2 5 lU 30 3 27 24.2 36.2 18.8 U0.3 Wholesaler or factor Relative or friend 1 1 0 66 26 Women's clothing New York Other Service s Dentl c t New Yoric Other Industrial U7.6 Electrical goods New York Other 1X1 1 : : : Percent Number : using : Percent 1 U.3 12 1 U.3 10 9.1 7-7 21 12 9.1 U 18.2 15 . u 6 7 lU 31.8 26.9 35.0 U 8 20.0 2 15 . u 5.0 18.3 15.8 lU 15.1 10.5 18.9 17 3 lU 18.9 16 .2 2 0 2 2-7 10 .1 U5 37.3 10 26.3 6 .7 2.6 17 7 6.9 17 18 73.9 31.1 8 1 0 1 U.3 10.5 17. u 7 12 .1 2 8 8.7 13.8 9-6 11 13.3 18.8 11.9 6 0 6 7.2 c J _ 1 6.0 6.3 6.0 u 10.0 18 U 19 .U 2 1.1 3 11.9 8 1 12 15.5 2 .9 2U .0 11 2 9 13.1 5.9 18.0 5 1 U 1 0 1 l.U 2 .0 3 1 2 U.l U.2 u.l 2 1 I 2.7 U.2 2.0 0 0 0 1 .8 0 .. 1 0 .. 0 0 0 - 1 2.6 0 - 3 - 1 2 U.5 5 .9 U.l 13 U 9 19.7 23.5 1 8 .U 1.5 2.0 0 0 0 7-1 39 2U 15 U6.M 12.0 3U 13 21 Ub.6 5U.2 U2.9 26 6 20 *+7.3 37.5 51.3 18 k lU 27.3 23.5 28.6 6.0 13 2 .9 8 .0 1 0 1 6 0 6 1.5 6.0 52.9 28.6 7.3 11.8 6.2 11.8 12-3 5 1 U 23 9 lU 2 U 12 .2 2 8 35. U 2 .9 8.0 _ - 0 0 - 0 - - 10 0 10 13.7 8 3 5 1U.6 18. S 10 .6 - 20.U 12.8 13.3 1 1.8 20.0 70.6 30.0 19.7 7 0 10 1 7 .6 20. U 22.0 58 11.0 55 10. U 117 U2.1 172 21. U 13 3 7 - 1 U.3 Total Retail 527 239 U5 .U 17 3-2 lU 2.7 138 26.2 51 9 .7 116 Total Service 278 79 2 8 .U 8 2 .9 6 2.2 20 7 .2 26 9.U 18 6.5 31 11.2 Grand Total 805 318 39-5 25 . 3-1 20 2 .5 158 19.6 77 9.6 13* 16 .6 89 11.1 1 8 .U U 10 23 2.2 15 2 13 U.9 3 .1 1 1.9 9.0 1 7 .6 30.5 1 1 .8 17 U9 2 12 6 2 0 : Number:Percent JJuaber: .-Percent. : uein* : . 12 25 .. None Other 3.6 U 3 1 _ : , Accountb Receivable Compromised Creditors were asked if any delinquent claims with debtors were com promised over a period of six months. The table below shows the answers to this question and indicates that the percentage of retail and service creditors effecting a compromise of delinquent accounts was approximately the same. For the retail group 232 or 45 percent of the total reporting followed this practice; 138 or 48 percent of the total service group re porting did likewise. The average number of accounts compromised by the retail group was 19; for the service grot?) 16. Table 17.- Number of Retail and Service Creditors1 Accounts Receivable Compromised During Six Months Period, 1933-1934 Type of creditor Retail: Department ...... . Electrical goods ... Furniture ......... Grocery .......... Men's clothing .... Women's clothing ... • Number of i • s creditors : : reporting : Creditors effecting conroromi ee Number :* Percent Accounts compromised To tal : Average number : number 89 63 92 113 84 77 44 33 58 38 27 32 49.4 52.4 63.0 33.6 32.1 41.6 1,088 597 2,138 160 165 139 25 18 37 4 6 4 Service: Dentist ........... 89 Doctor (M.D.) ..... 74 Landlord ......... 59 Undertaker ......... ___ £ 5 50 42 18 28 56.2 56.8 30.5 43.1 382 1,098 418 251 8 26 23 9 . . . Total Retail ...... 518 232 44.8 4,287 19 Total Service.... . 287 138 48.1 2,149 16 Grand Total ........ 805 370 46.0 6,436 17 - 23 - SOME PUBLICATIONS OF THE BUREAU OF FOREIGN AND DOMESTIC COMMERCE STATISTICAL ABSTRACT OF THE UNITED STATES: 1954: Fifty-sixth annual edition. Tables giv ing, in as condensed form as practicable, statistics collected by Government agencies on all forms of activities and progress in the United States. $1.50. MISCELLANEOUS CREDIT AND BUSINESS FAILURE REPORTS NATIONAL RETAIL CREDIT SURVEY Published, 1930, in three parts. Price 10 cents per copy for each part. nate Domestic Commerce Series No. 33: No. 34: No. 36. 1930 1930 1931 1931 1932 1932 1933 1933 January - June July - December January - June July - December January - June July - December January - June July - December RETAIL CREDIT SURVEY Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series Domestic Commerce Series No. No. No. No. No. No. No. No. 42: 46: 53: 64: 72: 83: 84: 89: In ordering desig 10 cents. 10 cents. 10 cents. 5 cents. 5 cents. 5 cents. Out of print. 5 cents. MERCANTILE CREDIT SURVEY Published, 1932, in three parts. Price 5 cents per copy for each part. In ordering desig nate Domestic Commerce Series No. 74: No. 77: No. 78. CAUSES OF BUSINESS FAILURES AND BANKRUPTCIES OF INDIVIDUALS = NEW JERSEY: Covers the period: 1929-30: Domestic Commerce Series No. 54: 10 cents. CAUSES OF FAILURES AMONG DRUG STORES: 1932: Dom. Comm. Ser. No. 59: 5 cents. CAUSES OF COMMERCIAL BANKRUPTCIES: 1932: Dom. Comm. Ser. No. 69: 10 cents. CAUSES OF BANKRUPTCIES AMONG CONSUMERS: 1933: Dom. Comm. Ser. No. 82: 5 cents. PERIODICALS SURVEY OF CURRENT BUSINESS: Monthly; $1.50 per year (Foreign $3.00) in advance. Gives the principal figures respecting basic industries of the United States, shoving comparative data on production, prices, sales, stocks, distribution, employment, and other factors that are useful in the study of current business trends. A weekly supplement, containing weekly and monthly data made available during the previous week, included with each subscription. COMMERCE REPORTS: Weekly; $1.50 per year (Foreign $3.00) in advance. Devoted primarily to foreign trade; carries reports from Consular Offices, Commercial Attaches, and Trade Com missioners, on economic and commercial conditions throughout the world. DOMESTIC COMMERCE: Issued the 10th, 20th, and 30th of each month; $1.00 per year (Foreign $2.00) in advance; special group subscription rates on request. An official bulletin of the Department of Commerce which brings to those interested in keeping abreast of current distribution problems the latest research data in highly condensed form. Subscriptions should be made payable to the Bureau of Foreign and Domestic Commerce, and sent directly to the Bureau, Washington, D. C. Sample copies are available on request. Except as noted, publications, are distributed on a sales basis; available from District Offices (inside front cover), or Superintendent of Documents, Washington, D. C. Remit tances in full, payable to Superintendent of Documents, should accompany all orders. SURVEY OF CURRENT BUSINESS Presents the basic and current figures of industry and trade in the United States; (weekly sup plement) monthly, $1.50 per year. COMMERCE REPORTS Gives a running resume of busi ness activities and prospects abroad. Weekly, $1.50 per year. DOMESTIC COMMERCE Presents the latest developments in the field of distribution, re search, and commercial practice; Government and private sources. Issued on the 10th, 20th, & 30th of each month. $1.00 per year. SEE INSIDS THIS COVER