Steele Rudd and Shop Assistants' Magazine was Arthur Hoey Davis' fourth stint as proprietor of a magazine that displayed his pseudonym in the title. Moving to Sydney a year after the closure of Steele Rudd's Monthly in February 1925, Davis secured the support of the Australian Workers' Union for his new magazine. But the socialist connections and related content in the magazine deterred many booksellers from ordering the magazine. In addition to the socialist focus, Davis and his companion Winifred Hamilton also contributed articles and stories. Hamilton wrote under the pen-name 'Callisto' and Davis published a serialisation of The Romance of Runnibede, using the magazine to advertise the upcoming film version of the novel.
Like Davis' other forays into magazine publication, Steele Rudd and Shop Assistants' Magazine ran into financial difficulty. Although the magazine was a less expensive production than previous manifestations, it failed to assert its place in the magazine market. The magazine folded during 1927 and the Australian Workers's Union later sued for unpaid printing bills.