CORPORATIONS: More from Less

After 16 years of profit-sharing, W. A. Sheaffer Pen Co.'s 1,766 workers were used to bonuses. But last week, in the main plant at Fort Madison, Iowa, a notice went up that set men & women dancing among the machines. For the latest quarter, their bonus would total 50% of their pay—by far the biggest in Sheaffer's history, and more than double the previous quarter's.

Next day, brawny (6 ft., 195 lbs.) Craig Royer Sheaffer, 52-year-old president of the biggest U.S. pen company, gave stockholders something else to celebrate: the company declared an extra dividend of $1.15 a share on top...

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