Word: junkmen
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...business," warned Chairman Louis Lippa gravely. "We've got to do something about it or else close up shop." More than 1,000 waste paper dealers, brokers in rags, old rails, cracked stoves, rusty boilers and smashed automobiles, listened soberly to his plan and found it good: let junkmen junk their NRA code. "We are making the first move to withdraw from the code authority," said Chairman Lippa. "The code has not served any useful purpose...
...junkman with his knobby old horse and ramshackle wagon, collecting old rags, old bottles, bones and scrap iron. Yet when Junkman Bill Kearns of Chicago died, it was found he had accumulated more than $1,000,000 (TIME, Aug. 15). There are 150,000 itinerant junkmen in the U. S. From their humble beginnings has come the half billion-dollar scrap iron and steel industry. Founded by Russian Jews who swarmed to the U. S. in the last century, it now supplies the steel industry with over 50% of its raw material. To finance large scrap dealers who have been...
...total tonnage. What he collects in his backyard, he sells to the dealer for cash. Thus, dealers large & small require bank credits to carry their huge junk piles until sales in big shipments are made to the steel mills. Large dealers are generally college-bred sons of junkmen who found the picking particularly good, have considerable investments in machinery to handle and break up junk. Despite the size of the industry, there are no large units...
...junkmen love a big scrapping job. After the Washington Naval Conference Henry A. Hitner's Sons Co., potent Philadelphia dealers, had tied up at their waterfront yard awaiting the torch three battleships, 26 submarines and destroyers, 55,000 tons of auxiliary vessels. Ingenious British junkmen picked the best ships of the German navy off the floor of Scapa Flow, sliced them into $13,000,000 worth of scrap. An abandoned railroad is always a juicy plum. A big deal that junkmen missed was the sale of 199 World War vessels to Henry Ford for $1,600,000. He towed...
Three months ago he bought the building at Seventh Avenue and 33rd Street, Manhattan, in which the Brotherhood of Locomotive Engineers Co-operative Trust Co. occupied ground floor space. They vacated, leaving to Mr. Loft fine banking fixtures worth $150,000. When salvaging junkmen offered him only $25,000 for all the equipment, he decided that for such an amount he might well play as a neighborhood banker himself. His bank, created last week, has capital of $750,000, surplus of $250,000; is named Emerald National Bank & Trust...