Mr. STEPHENS. This is our chart, sir.

Senator CAPEHART. Yes; but the material on your chart is the same as the material on the chart he presented to this committee.

Mr. STEPHENS. We built this chart from one of Mr. Feinsinger's statements; yes.

Senator CAPEHART. He had the chart, but he had it in red and he had it going the other way.

Senator CAPEHART. Did Chairman Feinsinger know that on December 1, 1950, every steelworker in the major companies received the benefit of the 16-cent-an-hour increase?

Mr. STEPHENS. I would assume he did, sir. We stated it in the case. I do not know whether he read any of the evidence, but we put it there. Senator CAPEHART. Then your point is, if you go back from November-let's take November 30-then you would have to include the 16-cent-an-hour increase, of course, in the charts of the steel industry! Mr. STEPHENS. Yes, sir.

Senator CAPEHART. Plus the additional benefits you have explained, it makes it 21 cents?

Mr. STEPHENS. If you go back to 1 minute after midnight on November-I am somewhat confused. If you go back to the 1st of December, you do not say "since"-well, I have it mixed up now.

Senator CAPEHART. It would appear to me that Mr. Feinsinger has misrepresented it.

Senator FREAR. If he left the word "since" off of this it would show an entirely different chart. It would have shown the steel industry with 16 cents?

Mr. STEPHENS. That is right.

Mr. STEPHENS. Here, on chart 2B, we show the increase for steelworkers including the Wage Stabilization Board recommendation as it would add to average hourly earnings at January 1, 1953. The Wage Stabilization Board recommendations, when fully effective at January 1, 1953, would add 24.6 cents to the average hourly earnings of the steelworkers. This is less than the full employment cost to the companies, which is about 30 cents-29.8-per hour, because the Bureau of Labor Statistics' average hourly earnings figures do not reflect the employment cost items of vacations, pay for holidays not worked, payroll taxes, and pension costs.

These items make up the difference between the 24.6 cents cost shown and the 30 cents total cost. It can be readily seen that the increase for steelworkers would be enormously more during this period than for the other industries. Thus, there will be tremendous pressure for a new round of increases in other industries to match the effects of the steel wage increases.

Mr. STEPHENS. Mr. Feinsinger also presented data showing the general wage increases granted by the same selected companies since Korea or June 1950. These increases are shown by chart 3. What do the statistics of average hourly earnings issued by the Bureau of Labor Statistics show for the same period?

Mr. STEPHENS. Here, on chart 4A, are the actual increases in average hourly earnings for the various industries. Again it can be seen that the steel wage increase during this period is not much behind even those industries having the largest increases. Steel shows a greater increase than three of the industries and a lesser increase than four. Now, if it be the view of the Wage Stabilization Board that a wage

increase in steel is needed to catch up with these industries, three of which it already exceeds, they have considerably overshot their mark. Let us see what the addition of the WSB recommendations in steel would do to this comparison.

Mr. STEPHENS. As shown on chart 4B, the addition of the full Wage Stabilization Board recommendation would put steel wage increases, at the beginning of next year, greatly ahead of the increases in any other industry. Again during this period the increase in steel wages is much greater than the highest of the other industries and would require a new round of wage increases to enable these industries to catch up with steel. As I stated earlier, the Board itself selected January 1950 as the appropriate base date for wage comparisons under stabilization.

Senator FULBRIGHT. What would be the relationship there if that same chart was based upon straight-time and hourly wages? Mr. STEPHENS. I have that later, sir.

Mr. STEPHENS. Here in chart 5 are reflected figures presented by Chairman Feinsinger as to relative increases in selected companies starting with increases in January 1950, in these industries.

Now again, what do the figures compiled by the Bureau of Labor Statistics on average hourly earnings show for these industries?

Mr. STEPHENS. In chart 6A is the comparison of wage increases beginning with the wage-stabilization base period-a very appropriate period for comparison. Again it can be seen that the wage increases in steel are very substantial in relation to the other industries.