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BOARD OF GOVERNORS OF THE- FEDERAL RESERVE SYSTEL
March 8 , I9h9

G.17.3
•
-

DEPARTMENT STORE'CREDIT

. .

;

:

f"

JANUARY 1 9 l 9 ' ' ' ' '

i

.

=

• Instalment..accounts outstanding'at'department-..store.s .showed afiout' 'the*'
customary seasonal d e c l i n e i n .January^ b u t 'stood 2-8 per cent above the l e v e l • of
a year a g o T h e volume of c o l l e c t i o n s on i n s t a l m e n t accounts- was unchanged,
but the r a t i o of January c o l l e c t i o n s ' to''aeouurits•••outstanding :on t h e f i r s t of
"the month, dropped t h r e e p o i n t s t o 22 per c e n t . At t h i s r a t e of repayment"
i n s t a l m e n t accounts v:ould be outstanding about e i g h t months. Charge accounts r e c e i v a b l e r/ere reduced by about t h e u s u a l seasonal
amount, and continued above l a s t y e a r ' s , l e v e l . , C o l l e c t i o n s on charge accounts
shov/ed t h e customarily s u b s t a n t i a l gain i n January, and amounted to 52 p e r
cent of accounts o u t s t a n d i n g on the f i r s t of the month a;s compared v/ith 53. percent i n December. The average ..repayment p e r i o d f o r charge accounts o u t s t a n d ing in January v:as approximately 58 days. .
Both' cash and c r e d i t s a l e s shov/ed - about- the same sharp r a t e s of.
d e c l i n e i n January as occurred i n the corresponding month of- 19 W . Cash and
i n s t a l m e n t s a l e s f e l l L per cent below t h e volume of a year e a r l i e r , but
charge-account s a l e s , oh the -other hand, were up, h per c e n t .

- -

.. Department S t o r e S a l e s , Accounts Receivable and Collections'

" -

"

' .'Item "

S a l e s during month
Cash
Instalment
Charge account

,

:^55
: - -51
-51t

;

Accounts r e c e i v a b l e , end of month
Insta lm e n t accounts
Charge.accounts .
,
C o l l e c t i o n s during month
Insta lme n t accounts
Charge accounts

Percentage 1
change from:
.. Dec.-';19lt8
J a n . I9U8
. to .
toJ a A . 1 . 9 W "Jan.- 19ii9 ••

\

:

rU

h
*:h

-

. +28
+ 7 '

- 7
-22

*.

;

0
+21 -

,

+22
+ 5

V'VV .

R a t i o of c o l l e c t i o n s ' during month to accounts, r e c e i v a b l e a t beginning "of month
Jan.
'
"Dec.
Jan.
19JU9
19248
19h8
I n s t a l m e n t accounts
Charge accounts

• 22

-52

. 25'
53


Note.—Figures f o r January 19h9 a r e p r e l i m i n a r y and s u b j e c t to r e v i s i o n .


2h
53

0.17.2 ,

'

"

• -2- '
DEPARTI.aiT Si'ORLS - JAliUAl:! 1919

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
Indexes; 19U1 average =
Cash s a l 2S
I n s t a l m e n t ,sales
Jan.
Dec.
Jan.
i-'ec.
Jan.
Jan.
19L3.
19L8
19W
19L9P
19L9P : .19L3

reaerax.
. _sunc
Do:ton
NezDcrk
Thiladolchia
Cleveland '
/ icrv one
Atlanta
Chica.-o
T : . Zo'.is
:..inneapolis
Kansas City
Dallas
San F r a n c i s c o
S. "Total

158
171
171
-131

" 191

'

.237
136
•175
2 ID
2C5
.227
207

111
37b
W5
395
q05
535
397
390 |1
153
513
'520
127

151

107 |

158 . 151.
18D
Iii3
179
123
173
1#
108
l6h
152
235
122
195
115
1U2
226
171
2L.S
131
26a ' 197
217
12%

279
323
31L
275
232
3li2
2U6
332
235
250'
331.
235

109

1U2
150
137
i#
166
131
172
152102
152
172
191
128
172
161;. . 1 6 0
173
207
176 . 177
25<
220
• 112
191

261

13%

Boston
Dew York
Philadelphia
Clovaland
Atlanta
7nica-o
S t . Lov.is .
L.inneapolis
I'ancas C i t y
Dallas
San F r a n c i s c o
U. S. T o t a l .

351
330
385
373

*

-355

Ll3
36b
317
359:
333
.1:56
397

171

112

Accounts r e c e i v a b l e and Collections-, by _ Federal
•federal
Reserve
District

IOCCharge-account s a l e s
Dec.
Jan.
Jan.
19h3 . 19W
19L9P

370 '

1U.
118
161 .
157
150
178
167
163
199
181
222
132
I6!i ,

Reserve D i s t r i c t s

Accounts o u t s t a n d : n ' , e n d of montl.
C o l l e c t i o n ratios-x.
_noe:-:es: 19L. average = 100
.instalment
„harge accounts
.Instalment
Charge accounts
Doc. | Jar.. J a n . Dec. J a n . J a n . Dec. J a n . J a n . Deb. J a n .
19L9o 191.8 119Ld ' 1 9 ^ P 19u8 19L3 I?a9n 19L3 19':8 19L9o 19L8, 19L8
156
1L0
177
169
133
211
12li
i::6
151
203
231
166

155
151
19L
2C9
l':9
235
132
196
161
216
273
171

163

176

22
13 . L5
' 131 - 202 -- 262 2<)b.' -••••19
h9
ill
202
22
2h. 22
50
250 191
h3
13V
220
215
19 ' • 21- 21 ' 53
313
a3
22L
21
iai
292 215T. •20- 22
52
53102
203
25': 199 ' 17
19. 1-3
33
39
20 . 36
Id
15 u
221
275 -19L
17
38
60
212
283 -196
101
63
38 • i d . 37
120
21 • 2b ' - 28 • 51 ' 53
250. 31a 232
Ilia
220
26- 25" -:30
271 209
. 57 -60
1-1
216
' 22- •25
270 19a
2r5
57
53
132 ' 223 ' 2 35 205
61
21
57
21
19
127
2J3 209.
27'
29 , 59- 63
233

2
9

127

21;

231 '205 .

22

,

25-

21

•52

53

li5
h6
55
52
U$
33
62
52
56
56
53
61
53

- p - preliminary.
•
- C o l l e c t i o n s during month -as percentage of accounts r e c e i v a b l e a t beginning
of month.
NOTL.—These -data are based on r e p o r t s of about 1l75 l a r g e 'departn.ent 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 than 1;00 having charge accounts and
about 3Q0 having i n s t a l m e n t accounts. Back f i g u r e s may be obtained on r e q u e s t
fro:., the D i v i s i o n .of 1 e s e a r c h and " S t a t i s t i c s . •.
........