STEEL: The Daisy Chain

When he got out of the Army in 1946, Seymour Waldman, 25, had no particular relish for his old job as a letter writer in a Chicago mail-order house. Instead, he "studied up on steel," and with $5,000 saved and borrowed, set up the Emergency Steel Service Corp., a company dedicated to "easing the troubles of businessmen with no established sources of steel supply." In short, he became a grey-marketeer in steel. This year alone, Waldman, whose only sales instrument is the telephone, took in $7,000,000, expects to end 1951 with a profit of $280,000.

Last week Waldman and seven...

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