Junction City bulletin. [volume] (Junction City, Or.) 189?-1901, 1901-02-14
WHAT A FALL WAS THERE
Industrial MaRnate Of Newfoundland
Has Been Repudiated.

Has Been Repudiated.
The Car Of Newfoundland has been
deposed. After an uninterrupted and
almost despotic sway In business af-
fairs lasting for many years, Robert
Gillespie Reid, Industrial magnate Of
the province. failed 70 receive an III
dorsemcnt at the recent election, and
now finds himself In novel position.
Reids life has been q romance with
few parallels. He was born a poor boy
In Coupar-Augus, Scotland, and by his
own efforts aud foresight has acquired
wealth that makes him probably the
richest man In the world to-day. II was
through no ordinary course Of building
up business that his vast riches were
amassed. He practically bought the
islands Of Newfoundland on risky spec
ulations; he rIsked time after time
when there seemed no hope OF gain, but
he always came out with another small
fortune 70 put In his pocket. Reid went
to Australia In 1866. Very little Is
known OF his life there, but when he
came TO America In 1871 and settled In
| Newfoundland he soon became promi.
nent In the affairs OF the colony. Five
or six years ago he was given a con-
! tract for the construction Of railroad
across the island. The ministry be-
came financially embarrassed, and by
shrewd deal Reid persuaded them
I that they could only lose money by
/ operating the road. so II was turned
/ over to bin. This deal netted him a
grant Of 5000 acres for each mile Of
/ the 630- mile road. Afterward he se-
cured another $500 acres Of land for
each mile Of track and the right to oper-
ate the road for fifty years.
This was all done at cost Of $1,000
900 10 Mr.. Reid. The road Ii now said
/ to be worth $tO.O0O,O00. In much the
same way he acquired the Government
drydock at ST. Johns for $325, 5,000 and
the telegraph lines around the coast for
$125,000. The dock was being operated
by the Government at an annual loss
Of S12,400. The telegraph line cost
them loss Of $4,000 yearly.
Mr. Reid then agreed to build at a
cost of Sl.000,000 eight steamers OF the
latest pattern. For that he received
mail subsidies by steamers and trains
OF $lT7,000. He undertook to build at
his own cost great hotels in st. Johns
AID other terminal points and at what
ever points would attract tourists to
the interior. He has also acquired the
electric street railways In st. Johns.
the charter of which gives him the use
OF extensive water works In the sub
urbs and the right to generate electricity
for lighting aud mechanical purposes.
This contract Is worth cool $1,000.00
This immense property Mr.. Reid
wished TO capitalize as limited liabil-
ity company at $4,000, 600. The recent
election. however, puts his political
enemies into power, and they are de-
cidedly opposed to his schemes. So far
as the capital Is concerned, the COM
pany could undoubtedly have been
started with no difficulty. Premier
Bond. however. has now announced
the terms ON which the new Govern
ment win allow Mr.. Reid to convert his
private holdings into company.
Mr.. Reid must give the telegraph
lines back to the colony; he must
amend his land grants so that no
settlers are dispossessed of home
steads, and he must give guarantees as
I. "a the amount OF mortgage money he
win spend in labor and the develop
ment OF the colony.
Mr.. Bond is not so definite In his
plans as to the railway. He hopes,
however. to come to satisfactory
ownership a. the lines, Mr.. Reid con-
tinuing his fight to operate them for
fifty years. The Premier is not slow to
hint at legislative action should Mr..
Reid prove obstreperous. But, In spite
of this reverse, MIR. Reid's fortune must
continue to increase. His LANDS are
full of valuable mineral deposits, and
are well covered with lumber areas.