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CONFIDENTIAL DEPARTMENT STORE SALES IN DECEMBER, 1929 Preliminary r e p o r t Department s t o r e s a l e s f o r December were 2 per cent smaller than in the corresponding month a year ago, according to preliminary r e p o r t s made to the Federal r e s e r v e system by 4 j 8 s t o r e s l o c a t e d in leading c i t i e s of a l l Federa l r e s e r v e d i s t r i c t s . Decreased s a l e s were r e p o r t e d by 365 s t o r e s and i n - » creased s a l e s by 113 s t o r e s . A p a r t of the decrease may be due to t h e f a c t t h a t December, 1929 contained four Saturdays, on which t r a d i n g i s more a c t i v e than on other days, while December, 1928 contained f i v e Saturdays. When a l lowance i s made f o r the e f f e c t of t h i s d i f f e r e n c e , the decrease, compared with a y e a r ago, f o r the country as a whole, may be estimated a t one per cent, i n s t e a d of 2 per c e n t . Decreases were r e p o r t e d f o r nine Federal r e s e r v e d i s t r i c t s , i n c r e a s e s of 2 per cent f o r t h e New York and Richmond d i s t r i c t s , and l i t t l e change f o r the San Francisco d i s t r i c t . The r e p o r t e d decrease i n s a l e s in the other d i s t r i c t s v a r i e d from about one per cent in t h e Cleveland d i s t r i c t to 6 per cent or more in the A t l a n t a , Chicago, S t . Louis, and Minneapolis d i s t r i c t s . In some d i s t r i c t s , p a r t i c u l a r l y in the Middle West, heavy snowstorms were a f a c t o r in r e ducing the volume of Christmas t r a d e . The p r e l i m i n a r y r e p o r t s would appear to i n d i c a t e t h a t i n c r e a s e s in department s t o r e t r a d e in the New York and Richmond d i s t r i c t s , and p a r t i c u l a r l y in New York City, o f f s e t i n p a r t the decreases in n e a r l y a l l the other d i s t r i c t s . A f a c t o r in t h e New York i n c r e a s e was t h a t the department s t o r e s q u i t e g e n e r a l l y began annual clearance s a l e s b e f o r e Christmas i n s t e a d of waiting u n t i l January, as has been t h e i r custom i n e a r l i e r y e a r s . PERCENTAGES OF INCREASE OR DECREASE IN SALES BETWEEN GIVEN MONTHS IN 1929 AND CORRESPONDING MONTHS IN 1928 December (Preliminary) Federal reserve d i s t r i c t Boston New York Philadelphia Cleveland Richmond Atlanta Chicago S t . Louis Minneapolis Kansas City Dallas San Francisco +1 - 2 United S t a t e s , - 2 +2 - 3 - 1 +2 - 6 - 7 6 - 8 - 3 - 5 e e • Novenib er • • • f • • - 1 - 1 4- 4 - 5 - 2 +3 +7 +6 +4 +5 +5 - 1 +3 +4 - 2 - 2 - 3 +3 +6 • • • + l 1 October + 1
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