Word: scrapped
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Dates: during 1930-1939
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...most lowly looking businessmen in the U. S. is the 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...
Every ton of steel manufactured is potential scrap. Big users of steel are big sources of scrap. Railroads, buildings, old automobiles supply immense quantities. Old rails, cars, locomotives, machinery, pipes, automobiles pour into the big scrap yards to be cut or broken up, carefully sorted. Giant shears leisurely chomp a steel freight car into bits. Oxyacetylene torches slice up rail's, girders, beams. "Skull-crackers" shatter cumbersome castings. Twisted sheets and waste are bundled by hydraulic presses. Great electric magnets on overhead cranes pile the fragments into heaps or load them in gondola cars for the blast furnaces...
...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...
Because the scrap industry is composed of many small units, the market is free, highly-competitive, peculiarly sensitive to supply & demand. When the steel industry, using more scrap than ore-made pig iron, is in the market for scrap, every dealer knows it; the price responds accordingly. Keen students of business therefore keep their eye on scrap prices to get wind of imminent changes in steel production-keystone of the nation's industrial life. Bullish brokers nodded last week when scrap prices were upped in both the Pittsburgh and Chicago districts. But some of their joy was sapped when...
...withstanding such unfavorable factors as a further decline of 11.8% in pig iron production in July, a drop in steel ingot output this week to about 15%, a recession in the price of heavy melting steel scrap at Pittsburgh, a further falling off in automobile production, and the failure of steel and pig iron bookings to show any noticeable change for the better, sentiment in the iron and steel industry remains buoyant...