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Tom Waits – Bronx Lullabye/Smugglers Waltz Lyrics 16 years ago
The lyrics aren't right.
It's:
For a dime bag of schoolboy
Tied up with a yellow balloon

So he is not hunting for a person. He is a drug addict looking for a dimebag of cocaine (schoolboy is slang for coke)
Balloons are also used to contain illegal narcotics.

I can only guess about the rest of the song.
Maybe in his drug induced state he accidently killed his son (downed in bath tub, starved, etc)

And I agree. It's one of the saddest song ever. Equally sad is The Tragically Hip's Fiddler's Green.

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