Deals & Developments

Labor in Business. To its 200,000 employes last week U. S. Steel Corp. made its annual stock subscription offer--200,000 shares at $27 a share, about the market price. It was the lowest offer ever made. Highest was $169 a share in 1930. Steel's workers are permitted to cancel their subscription with a refund of all paid up instalments plus 5% interest, thus protecting them against a slump in price. But to discourage this Steel has always in effect guaranteed dividends through payment of "special benefits" for a period of five years after the offer. "Special benefits" on this year's offer are $2 a share for the first two years, $3 a share for the last three--an average of nearly 10%. When this year's offer is taken up, Steel's workers will own about one-eighth of all Steel's stock.

For Bankers-New York, New Haven & Hartford R. R. last week inaugurated a low-price, no-tipping dining car service on its Bankers' Express, "Coffee and a doughnut for 15-c-."

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