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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
G.17.3

February 6, I9I48
DEPARTi.ubNT STORE CREDIT

Instalment account$ outstandift^; at; department''stores; showed more than
the customary rise-in December, -and. continued, considerably-larger than a year ago.
Although the increase in collections on instalment Accounts was substantial, the
ratio of collections during the month to Accounts outstanding at the beginning
of the month was' down one point to 29 per; cent; "The average repayment period for
instalment accounts outstanding in December was six. months as compared1 with four
and one-half months in December.19 k6.
" '
;
.Charge, accounts receivable increased slightly hore than the usual amount
in December, and'at the year-end were 18 per cent above the level of a year earlier.
Collections on charge accounts rose 10 per cent' during the month, resulting in a
collection ratio pf 5 t per cent,'the same, as! in December. 19L6. At the currenti
rate of repayment change accounts would be outstanding,/on the average-, £6 days.
Credit sales of department, stores showed more- than the customary ex-- :
pansion from November to December. Charge-account Bales.exceeded the year-ago
volume by almost two-fifths,' but instalment sale's wpre up l 3 per cent' from- a • '
i
year earlier". " Cash sales increased' seasonally -in-December - and were* slightl-y-- - •
larger than in the corresponding: month- of I9U6 . .TheratjLo of this t ^ e of transaction to total sales was 5k per dent in December.
Department Store Sales, Accounts Receivable and Collections
Ferceiytage'^'hahge from: ,
November, ly.kl pecember 19^6
December 19U7- December 191:7
Sales during month
Cash
Instalment; •
Charge account :

\
,

j
;

+ia
+26
>37;

&

+8U
+18

+13 '
+10:

+L2
+15

Accounts receivable, end of month'
Instalment .accounts
Charge accounts
Collections during month
Instalment '"accounts
Charge accounts

; 1
:•

Ratio of collections during month to accounts

vabXe at beginning of month
Dec.
1917

Instalment accounts
Charge accounts

N,ov.
1917

29.

30
55

% .

Dec.
• 19U6

36
5U

Mote .—Figures, for December 19ii7 are preliminary and subject to revision




6.17.3

- 2 D2FARTI.OT STORES' - DECEMBER 19k7
Cash and Credit Sales, by Federal Reserve Districts
Cash sales
Dec.
Nov.
19k7c
19k7

Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Sty Louis
Minneapolis
Kansas City •
Dallas
San Francisco

3#
257
270
380
'28k
k22
263
389
276
107
321
321
293
399
300
3#
315
m .
#8 ' #6
375
5k3
126
292

U. S. Total . kOO

285

Indexes; 19kl average = 100
Charge--account sales
Instalment sales
Nov.
Dec.
Dec.
Nov.
Dec.
Dec.
19k7p. 1917
19k6
19k7p / 19 k7... 19k6

|
l

Federal
Reserve
District

k92
563
131

276
302
31b
291
22k
209
262
3I I
I
260
332
#6
252

212
235
23k
230
.2#
256
197
2k7
: 2lU '
27k
313
,191

259
23k
222
180
1:75
136
180
220
163
152
219
153'

313
313
355
356
338
309
351
3k5
366
353
k28
37k

381

281

223

197

3k7

353
371
390
361
368
307
380
376

khz

267
272.
292
309
288
255
276
291
305
278
368
327

.232
227
283
2k5
2k2
267
258
267
259
253
31k
, #6
2%

293

Accounts Receivable and .Collections, by Federal Reserve Districts
Accounts outstanding, end of.month
Collection ratios*
Indexes; 19U- average = 100
Federal
Instalment
Charge accounts
Instalment
Charge accounts
Reserve
District . Dec. Nov. Dec Dec. Nov, Dec, Dec. Nov. Dec. Dec. Nov. Dec.
19k7p 19k7 19k6 19k7p 19k7 19k6 19k7p 19k7 19k6 19k7p 19k7 19k6
Boston
10k '"82
155
Kevr York'
10k
12k
77
Philadelphia
76
lk5
Ilk
Cleveland
162
138
76
Richmond
121
78
95
Atlanta
88
157. 12k
Chicago •
106
88
59
100
St.'Louis
12k
79
Minneapolis
129
153
97
Kansas City
"163
83
135
Dallas
171 ; 138
83
San Francisco 127
1Q8
65
U. S. Total

137

111

75

223
2k8
195
188
207
239
308
230
225
270
205
237
206
196
251
2k6
192
197
213
223
273
228
292
23k
279 • 219 211
191
19k
2k3
263
21k . 221
262
196
256

2k
22
26
25
28
26
k3
3k
3k
33
27
3k

22
2k
k7
30
27
k5
28
36
k5
25
3k
5k
25
30
k2.
26
k2
33
63
kk
5k
37
k3 • 55
32 . 38
.59
3k
k3
6k
29
37
59
36
k3 . 65

56
55
k7
k-2
6k.
55
57
59
59
65

k7
k6
55
52
k9
k6
6k
59
65
66
61
5k

20k

29

30

55

5k

263

223

.36

5k

k7

h7

p - Preliminary.
, .
.
* - Collections during month as percentage of accounts receivable at beginning of
month. ' ,
•Note.—These data are based on reports of about k75 large department stores reporting sales by type of transaction, more than kOO having charge accounts and
about 300 having instalment accounts. Back figures may be obtained on re. quest from the Division of Research and Statistics.