TABLE XXXII-G

The Kroger Co., earnings and finances-Long term digest of consolidated income account

1 Includes excess profits taxes: 1953, $1,639,000; 1952, $1,663,000; 1951, $766,000; 1950,
$762,000; 1945, $7,573,000; 1944, $6,912,000; 1943, $4,653,000; 1942, $4,212,000; 1941, no return.
2 Includes provisions for contingencies: 1947, $2,500,000; 1946, $1,500,000; 1941, $2,000,00.
Includes small amount of preferred dividends in 1948 and after.

4 53 weeks.

Not directly comparable with 1953 due to change in leasehold improvement accounting. Excludes changes for leasehold improvement in both years, net income for 1954 exceeded that for 1953 by $0.04 per share.

Before profit from sale of property of $242,325 in 1952 and $3,545,000 in 1951, $0.07 and
$0.97 per share.
NOTE.-Adjusted comparative share earnings for 2-for-1 split in 1950: 1949, $3.71; 1948,
$3.21; 1947, $2.61; 1946, $2.55; 1945, $1.53; 1944, $1.40; 1943, $1.35; 1942, $1.25; 1941, $1.34;
1940, $1.24.

Source: Standard and Poor's Corporation Records, vol. 16, No. 12, p. 8785.

TABLE XXXII-H

Miller-Wohl Co., Inc., earnings and finances (consolidated earnings)

Includes excess-profits taxes: 1946-45, not reported; 1944, $1,091,515; 1943, $1,039,096; 1942, $167,895. Table as follows:

NOTE.-Adjusted common earnings for 1945 recapitulation and 2-for-1 split in May 1946: 1945, 0.93; 1944, $0.89; 1943, $0.85; 1942, $0.42; 1941, $0.30.

Source: Standard and Poor's Corporation Records, vol. 17, No. 7, p. 7229.

Number of shares

TABLE XXII-J

People's Drug Stores, Inc., earnings and finances (consolidated earnings)

$3,672, 460
4, 111, 586

3,736, 304

486, 857

1, 671, 164

1,433, 157

1951.

3.34

51,567, 031

3,634,905

3,741, 708

445, 649

1950.

3.45

48, 108, 540

3, 335, 981

3, 442, 589

426, 733

1,222, 328

1,653, 659

1949.

3.85

47, 617, 736

3,259, 454

3, 378, 511

1948.

3, 405, 717

461, 156

1947-

4.01

4, 152, 088

365, 745

1, 411, 153

1946.

44, 952, 762

4,037, 229

4,305,343

2,322,609

1945.

5.96

4, 186, 148

1944

35, 262,279

3.05

312, 161

2, 171, 099

1943..

35, 301, 489

3, 229, 468

1942.

33,085, 963

3,019, 793

1941.

28, 119, 591

2,264, 362

2, 361, 567

337,258

772, 044

1940-

24, 320, 186

1,781, 869

1,871, 438

337,803

372, 159

1,069, 108

2.18

2 Shares: 1947 and after, 429,000; 1946–45, 390,000; prior years-490,948.

NOTE. Adjusted earnings for 10 percent stock dividend in 1947: 1946, $5.41; 1945, $2.77; 1944, $2.11; 1943,
$2.11; 1942, $1.96; 1941, $2.05.

Source: Standard and Poor's Corporation Records, vol. 16, No. 14, p. 7547.

APPENDIX XXXIII

MINORITY REPORT SUBMITTED TO COMMISSIONER of Labor AND INDUSTRY CARL
HOLDERMAN BY EMPLOYER REPRESENTATIVES OF THE WAGE BOARD FOR
MERCANTILE OCCUPATIONS

We the undersigned employer members of the New Jersey State Wage Board
for Retail Occupations dissent from and object to the recommendations approved
and signed by the employee and public members of the wage board. We hereby
submit our minority opinion setting forth our reasons for such action.

The New Jersey minimum wage statute as amended, herein called the act, sets
forth the basic law under which you have acted in the creation of the wage board
affecting the retail industry. The preamble of the act sets forth, among other
matters, "the protection of industry," which in our case is the retail industry.
The act further provides that a fair wage means a wage "fairly and reasonably
commensurate with the value of service of the class of service rendered." It
further provides than an oppressive and unreasonable wage is one "which is both
less than the fair and reasonable value of the service rendered and less than sufficient
to meet the minimum cost of living necessary for health."

1. The proposed "fair" minimum wage of $1 for retailing in New Jersey is not
based on evidence.

2. No minimum wage for women and minors can be said to be "fair" which is
higher than that earned by 34.7 percent of the women now employed in retailing
in New Jersey.

3. The proposed rate does not take into consideration the area or zone differ-
entials which now exist and are recognized in the present mandatory wage order
No. 8 for mercantile occupations.

4. The impact of the proposed recommendations on retailing and the public
would represent "too much too soon" and would disrupt every Main Street in
New Jersey, impair the distribution of consumer goods in New Jersey and cause
considerable disemployment.

5. The decision reached by the wage board for mercantile occupations was reached without adequate and proper consideration given to the limited information furnished or without giving retailers an opportunity to be heard before the final recommendations were formulated in spite of the fact that a number had asked specifically for this right and in spite of the fact that this right was recommended in writing by the employer members of the board.

6. The recommendations of the present wage board for mercantile occupations are arbitrary, capricious and were in fact predetermined.

In substantiation and explanation of the above points the following from statements and exhibits presented to this wage board is submitted for your consideration.

1. The proposed "fair" minimum wage of $1 for retailing in New Jersey is not based on evidence

From evidence submitted by the wage-hour bureau of the New Jersey Department of Labor and Industry to the wage board entitled "Preliminary Report" (chart 5b on p. B-7) shows some very significant facts concerning rates now being paid to women in retailing in New Jersey. It is pointed out that although the present minimum (mandatory order No. 8) sets a floor of 55 and 60 cents, depending on the zone or county, only 2.1 percent of all women in retailing now receive less than 65 cents per hour. 6.3 percent receive less than 75 cents per hour. However, because of differences in retailing, such as the average sale and the sales per employee hour, 7.5 percent of the women in general merchandise stores and 21.5 percent of the women in drug stores receive less than that amount; 25.2 percent of women are paid less than 90 cents and 34.7 percent less than $1.ˆ In general merchandise stores 41.8 percent receive less than $1 and 51.1 percent in drug stores are under $1 per hour. (This chart with cumulative percentage figures added is attached to this report as exhibit A.)

Table 50B on page F-2 is also shown as exhibit B because it gives the current rates being paid to male minors in retail occupations. Cumulative figures have been added and only the total employed shown. The breakdown by kind of work has been omitted. This indicates that 58.2 percent of all male minors now receive less than $1 an hour.

It is emphasized that a "fair minimum wage" is not and cannot be a rate higher than that now being paid to 34.7 percent of the women employees and 58.2 percent of the male minors in retail stores in New Jersey.

Scope and function of retailing.-Retail stores are located everywhere, in every city, town, and crossroads village in New Jersey.

Wage-hour figures show 10,648 places of retail employment reporting to Division of Employment Security. Many do not report because of their small size; 229,529 workers are employed in these firms for an average of 21.5 per retail firm. In September 1953 the United States Department of Labor estimated that 98 percent of all retail firms had fewer than 20 employees.

95 percent of all retail firms have 15 or less employees. In manufacturing 95 percent have fewer than 200 employees.

Only 0.04 percent of retail firms employ over 500 people. These larger employers account for 25.2 percent of all retail employees. The firms employing 15 or more (5 percent) account for 59.5 percent of all retail employees. (Source: Survey of Current Business for May 1954.)

These national figures are cited to show somewhat more clearly the extent to which retailing is a field of small employers.

It is the function of retailing to distribute everything that is produced on the farms and in the factories to consumers. The welfare and employment of the rest of the economy depends on retail distribution.

Differences in kinds of retailing.-Within the field of retailing there are great differences. There are differences in kinds of stores, as for example the corner stationery store and the Cadillac automobile dealer. The skill requirements for employees are obviously different. So too is the possible sales volume per employee working hour. So too is the level of pay.

Between these two examples are the many different kinds of stores with which everyone is familiar-department stores, general merchandise stores, apparel stores, clothing of all kinds, shoe, variety, drug, food stores from giant supermarkets to neighborhood groceries and delicatessens, hardware, farm equipment stores, and so on.

Some of these stores are large; most are small. Some are in big, busy cities with a heavy density of customer traffic. Some are in areas where the flow of customers is spasmodic and light.