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BOARD OF GOVERNORS OF

FEDERAL RESERVE SYSTEM
' A p r i l 3, 1944
• ' B3cS. dsc- - 17

iiEPARTMEi^ iSTb'RE O M I T
' " ' %RUARY'19%4 ' ' '

At department s t o r e s i n s t a l m e n t accounts o u t s t a n d i n g showed about the
usual seasonal d e c l i n e in February, and continued a t about t h r e e - f o u r t h s of
the year-ago l e v e l . C o l l e c t i o n s . o n i n s t a l m e n t accounts decreased 8 per c e n t ,
r e s u l t i n g i n a c o l l e c t i o n r a t i o of* 31 per c e n t . The average length of time
i n s t a l m e n t accounts were o u t s t a n d i n g was approximately f i v e and one-half months,
one-half month l e s s than i n February 1943.
•
Charge accounts receivable* d e c l i n e d by about the customary seasonal
amount, and a t the end qf the month were 9 per cent below those on the c o r r e s ponding date l a s t y e a r . C o l l e c t i o n s on charge accounts decreased s h a r p l y , as •
i s usual a t ' t h i s time of the y e a r , 'and the c o l l e c t i o n r a t i o was unchanged a t
the January leye'l of. 61 per c e n t . Charge, accounts were .outstanding, ' on the
average, n e a r l y 50 days i n February, approximately the same l e n g t h of time as
i n the corresponding month l a s t y e a r . '
. . . . Chargp-accOunt s a l e s increased s l i g h t l y .from January t o February,
but wore s u b s t a n t i a l l y below the l a r g e volume of s a l e s ' i n February 1943 t h a t
..was a t t r i b u t a b l e i n p a r t t o forward buying. Instalment, s a l e s were 19 per cent
..below the ..corresponding month of l a s t year . Cash s a l e s , Which accounted f o r
about 62 per cent of the t o t a l i n February, remained a t the January l e v e l and
showed l i t t l e change from a year ago.
Department S t o r e S a l e s , Accounts Receivable and C o l l e c t i o n s

/

.

S a l e s during month
L
;
Cash
Instalment
Charge account
Accounts r e c e i v a b l e , end of month
I n s t a l m e n t accounts
Charge accounts
C o l l e c t i o n s during month
Instalment accounts'
Charge, accounts
.
R a t i o of c o l l e c t i o n s during month "to r e c e i v a b l e s

I n s t a l m e n t accounts

Charge
accounts


Percentage .change' from:
February 1943
January 1944
to
to
February 1944 February 1944
s
+ 1
-19
-15

o .
+ 8+ 6
>- 7
-13

-26
- 9•

. -33 '
- 8
-25
:• . , " 7 •
t beginning of month
February
1944
31
61

January
1944
- 30
61

February
1943
28
61

•

' DEFARTI/IENT STORES
Cash and C r e d i t S a l e s , by F e d e r a l Reserve D i s t r i c t s
F e d e r a l Reserve
District Boston
New York
Philadelphia
Cleveland' .
RichmondAtlanta
Chicago
St.-Louis
Minneapolis
Kansas City.
Dallas
San F r a n c i s c o
T

J. 3; T o t a l

Cash s a l e
j an.
Feb.
1944
1044
.119
110
154
134
137
213
137
144
147
205
260
185

rl22
113
134
136
133
182
rl28
146
150
rl84
231
183 .

141

140

Ind exes; 1941 average = 10,0
I n s t : :lment s,a l e s
Charge—accourr s 3 l e s
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
1943
1943
1944
1944
1943
1944
1944
114 '
109
136
142
142
158
147 •
146
151
.186
216
172
139

55
65
56
55
= 47
77
45
50
78
60
62
60

58
59
45
50
- 46
35
48
57
83
r55
69
60

57

53

- 66
66
61
69
64
64 .
76
73
91
85
64
80

77
68
85
80
80
102
83
00
82
90
113
89

77
60
r79
77
03
97
r?8
02
81
. r85
97
83

70

84

7?

84
82
95
98
101
108
101
106
96
111
135
104
98

Accounts Receivable and C o l l e c t i o n s , by F e d e r a l Reserve D i s t r i c t s

. F e d e r a l Reserve
District

Accounts o u t s t a n d i n g , end of month
Collection r a t i o s *
I n d e x e s ; 1941 average = 100
Charge accounts
IJ istalm:3nt
I:nstr-.L; :ent Charg* ac<counts
Feb. Fob. J a n . Fob. Fa b. J a n . Feb.
Feb. J a n . Feb. Feb.
1944 1944 1943- 19W 1944 1943 .1944 1944 1943 1944 1944 1043

Boston
Nei? York . ' Philadelphia .
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City.
DallasSen F r a n c i s c o

36
52
- 40
30
45
44
35
56
44
45
34
35

_U. S. T o t a l

41

39
52
54 • 61 •
51
- 42
40 • 51
5y
49
4950
39
54
57
41
40
50
61
1-46
37
49
?9/
56
44

55

77
92 - 87
78
71
02
74.
70
66
77
59
60
70
73
00
00
03
00
7973 . 83
75
01
81
69
63
r7001
70
r79
85
77
r02
79
60 . rC'-.l
72

. 02

79

27
28
25
W . 24
25
29. 27
. 35
30
iZ
£5
21
26
27 . 1-5
2%
56
3?
36
55 . 31
55
55
50 r39:
51
39 r55
53
30
27
35
33
29
.51

30

20

53 • 51
53
51
61
5.':
60
• 62
53
53
52
54
57
68
67
64
r73
' 73
64 r69
63
65
66 r67
61

61 •

53
51
62
63
. 50
57
70
63
77
63
64
64
61

•r~- Revised.
- C o l l e c t i o n s d u r i n g month os per cent of accounts a t beginning of month.
Note: These dat-i a r e k e s f d on r e p o r t s of about 47fj l a r g e department s t o r e s r e p o r t i n g
s a l e s by type of t r a n s a c t i o n , more t h a n 400 having charge e c c o u n t s and about
300 having i n s t a l m e n t a c c o u n t s . Back f i g u r e s may be obtained o n ' r e c u e s t
• • from t h e D i v i s i o n of Research and S t a t i s t i c s .