My father had two bikes, an early-70s Peugeot 10-speed and "The Truck", an earlier Raleigh Sports, black, which at one point had a wood and steel child's seat bolted to the back. I rode around lower Manhattan as a kid in that seat.
So I'm predisposed to like these bikes. Even though Sheldon says the Phillips is not as good (and he's right, of course), it's still pretty good. It's all wheels and tires and how t fits anyway, which this one didn't, but I did find it in the garbage.
Specifically, I found it on the corner of 23rd and 9th Avenue in Manhattan. It had been thrown out by the coffee shop there, after being used as a delivery bike.
That's really the end of the line for most bikes. Normally, I won't even inspect a bike that's been thrown out after being used for delivery. That's like checking the pedigree of a stray dog.
I became friends with the dog and we hung out for a few years, until the frame cracked at the head tube/top tube lug. Actually, I rode it for a while with the lug cracked, wondering what that creaking noise was. It seems like the lug was never fully brazed, and eventually rusted out from the inside.
Only lasted 40 years.
Phillips as found with a couple extra parts
As ridden everywhere, late 2007
Phillips headbadge
Cracked head lug rusted through from within