All persons licensed under the provisions of this article and secondhand dealers shall keep and retain on their premises all junk or secondhand articles purchased or pawned in their original forms, shapes and conditions, and shall not dispose of, reduce, change or alter such articles until a period of seventy-two hours has passed from the time of the receipt or purchase of such articles. However, an itinerant dealer who has no place of business in the City shall not be compelled to hold such articles for seventy-two hours before disposing of the same if such articles are disposed of in the City and if the itinerant dealer upon making a sale immediately files with the Chief of Police a copy of the register required by Section 749.13, the name and place of business or residence of the person to whom the article was sold or delivered and the time of such sale or delivery.
(1947 Code §16.15)