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- \94*

BOARD OF GOVERNORS 01' THE FEDERAL RESERVE SYSTEM
Aiay 2, 1944
R&S dsc - 18
DEP/dtTT^OT STORE CREDIT
' LIARCH 1944.'. /

.

Instalment. accounts outstanding ot- department stores at. the end of
March showed little change from February," and amounted to about four-fifths of '
the year-ago volume. Collections' on-instalment accounts rose 9 per cent in .March, resulting: in a. cclleccicn ratio of 5c per cent, one of the highest" on .
roc 3rd. Instalment accounts. . / r . outstanding,-' o n the average, .approximately.'..
ve«'
.'four and one-half months compared with nearly five and one-half months in
March 1943.
' . .
-"
Charge accounts receivable increased-in March by considerably more
than the usual seasonal amount, and at the end of the month were -slightly a-hove
those for the corresponding date last year. Collections on charge accounts declined 0 per.cent, but the-collection ratio rose 5: points to.64 per cent. The
average period charge accounts were outstanding' in March was about 47 days,-two
days less than in March 1945.
In March,, both cash and credit sales showed large, increases over the
February volume, probably due in part to early Easter buying and to advanced purchasing of goods that were subject t c new or Increased excise taxes on
'
April 3. . Cash sales continued to account for about 62 per cent of the total,
and'were one-fourth larger than a year ago. Charge-account and instalment sales
also showed substantial gains over th:se.for the corresponding month in 1945.
Department Store Sales, Accounts Receivable and Collections
" Percentage, change from:
March 1945
February 1944
to
to
Mureh 1344
March 1944
Sales during ; onth
Cash
Instalment
• .
Charge account
Accounts receivable, end of month
'
Instalment accounts
Charge accounts
Collections during month
Instalment accounts
Charge accounts .
.... ;
Ratio of collections during month to receivables

+31 .
+ 51
+36

+ 25
+11
+15

- 1 •
+11

+

-22

+ 9
" 8
beginning of month
February
March
1944 ; • 1944 •

Instalment accounts

accounts•
Charge


,56 64

51 .
61

2 .

-14,
- 5
March
1945
51
.
62

DZPARnviEM' STOKES
Cash and Credit Sales, by Federal Reserve Districts
Federal Reserve
District .
Boston
Neiv York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St . louis. • •
•
Minnaapolis
Kansas City
Dallas
San Francisco
U. S._ Total

Tar.
1344

c ash sale
Feb.
1944

Ind exes;- 1941 ovc.rj*:t: - 100
Instalment s ties
i
Charge--account sales
Liar. l-Fcb.
Mar.
I' I - .
.a
Tear.
Feb.
1944 ! 1944. 1943
1944 . 1944 1943

Mar.
1943

225

rllG
110
134
134
137
213
137
•r!45
147
rl32
268
rl83

124°
120
150 '
-"150
149
170
145
147
iro
181
201.
176

103

rl40

146.

1.-0
150
191
179
266
176
190
190
231

65
81
80
71
70
• 31

60
79
90 •
73
83
79

63.
70
65
53
•62
48
67 •
64
78
71
54
82

r53
65
r55
55
' 47
77
l'46
r54
?8
r67
62
r59

74

66.

57

12%
133
108
117
107
118
151
118

r 74
68
85
80
88
102
83
88
82
r 94
113
r 91

114

97
. 88
103
99
101
108 '
96
. 103
94
108
115
104

84

104
98
122
] 12

99

I
Accounts Receivable and Collections, by Fetiera] Reserve Districts
nts outstanding,

1344

194.3

1944

1944

35
51
40.

48

82
75
87
78
77
84
82
82

77
71
• 74
69
70

Boston
Nev; York
Philadelphia
CIevoland
.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

. 45
45
33
55
43
43
34
35

36
52
4038
45
44
35
36
44
45
34
35

' U. S. Total

10

. 41

38^

59

46
46

55
51

s

1944

Federal Reserve
District

80

51 .
54
56
45
53

76
85
75

73
73
r62
r69
77
r69

51

79

72

48

72

1943

1944

rnl 1 p / ^ t . i n n

ii

Instalment
Mar. Feb. Mar.

-end of month
^e = 1 0 0
io
Char, accounts.
. ' Feb. hinr. Mar.

1341

Fee.
1944

r"-< t. i n r. *

accounts
Mar. Mar. Fob. Mar. •
1 9 4 3 1 9 4 4 1944 1 9 4 3

89
31
r28
77
25
28
35
29
81
76 • 39
33
.30- • 25
72
75
30
2'
77
•43
36
35
80.
42
43
68
r33
. 39
83
"42
.33
38
82
35
77
42

28
32

71

78

31

64

36

31

27
26
29
33
26
24

39
31
37
33

57
53
65
66
58
54
72
69

80
71
67
.

55
51
.
rS3
62
55
54
67
64
r74
r66
63
66
61

53
51
63
63
56
54
72
67
78
67

62
67

62

r - .Revised.
'
*• - Collections during month as per cent of accounts at beginning'of month.
Note: These data are based on reports of about 475 large department stores reporting
sales by type of transaction, more than 400 having charge accounts, and about
300 having instalment accounts.* Back figures may be obtained on request
from the Division of Research and Statistics. .