Steal Gold Cargo

1919

Scrap Iron Is Found in Boxes Packed With $50,000.

SAN FRANCISCO, California — A box supposed to hold $25,000 in gold coin shipped by the Anglo and London Paris National Bank of San Francisco on the liner Korea Maru Aug. 2 was found to contain scrap iron and metal washers when opened by the consignee in Hong-Kong, according to advices received by the bank and steamship company.

The bank, acting as agent for a New York firm, packed two boxes, each containing $25,000 in gold and the correctness of the shipment was certified to by three trusted employes.

Both boxes were put in the strong room of the steamship, but only one of them arrived at its destination with gold in it.

Officials of the bank said they believed the substitution of scrap iron for the gold was either made on board the steamer or after the consignment reached Hong-Kong.

—The Saturday Blade, Chicago, Jan. 3, 1920, p. 7.

Saves U.S. Millions From Junk

1915

When William Jacobus sinks his hands into his pockets and surveys the great amount of Government "junk" he has sold for Uncle Sam at a big saving he must, indeed, feel like congratulating himself.

Here's how it happened. In 1911, Mr. Jacobus, who probably knows more about the scrapping and junk business than any one else, went to the "powers that be" in Washington, D. C., and placing his finger on a leak, said: "Millions of dollars go every year right here because nobody knows anything about the business of selling the Government's junk to the best advantage."

At that time there was what was known as the "junkmen's agreement." A number of junkmen had agreed that they would pay a certain price for the junk offered by the Government.

The junkmen got the scrap "dirt cheap," They carefully assorted it, and resold it at a large profit.

Jacobus changed the system of disposing of Uncle Sam's junk. He saved the Navy Department approximately $2,000,000. He also did a good job for the Light House Department and the War Department. He respectfully declined a position from Col. Goethals to handle the scrap at the Panama Canal. Recently he saved the city of New York $200,000 by judicious sale of scrap.