The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-30
Daniel G. Reid, Noted Finan-
cier, Is Discussed in Connec-
lion With Unsteady Market.
BRILLIANT CAREER OF
GREAT SPECULAT0R
Capitalists ExOnerate Him
From Charge of Causing Re-
cent FURRY in Stocks.

The recent break In railroad and steel
stocks has been var!ously accounted for
by capitalists. In connection with the
furry the name OF Daniel G. Reid Is
frequently mentioned. Concerning the
discussion anent the operations by tails
financial giant the New York CONNER
cisl says
Wall street believes II has a new
bear leader He Is Daniel &. Reid, who
has accumulated fortune OF between
SIS. .0Ol, 900 and so. 100000 by the cNer-
else OF a wonderful talent Tor organ!za-
tion and manipulation. III. began his
business career at the age or II as bank
rnond. Ind. He LETT the bank In 1926
when he was It's vice president 10 become
one OF the pioneer Tin plate manufac-
turers OF the United states.
''Slnce then seemingly everything R"ld
has touched he turned to gold. About
1922 lac came 10 New York from Chicago
and later sold out his Interest In 2.o I'm I'm
plate mils-all there were IN the country
together with affiliated Industries 10
the United States Steel corporation.
The preseat is peculiarly propitious
time for the advent of new giant IN
stock manipulation. The death OF John
W. Gates and the az" and practical re-
tirement OF James r. Keene has left the
field open. II Is felt that Reid Is a
worthy successor. He Is credited with
all the ruthless energy. shrewdness
faculty for adroit manipulation and iron
a
would cope successfully with the thou
sand ills which the stock market is heir
10 and who would bend them all TO bis
profit and service.
REID has been brought into the hme-
light once more By his reported activity
In steel stock. Ho has been known 70
have professed great friendsh,iln for t!l- ,eX
Corey and Charles NJ. Schwae.
Investigators on Inside.
The Investigation by the Stanley con-
greSsional committee. OF tho steel cor
poration and itE methods, proved highly
profitable 10 the bear Interests and while
II Is asserted that neither Reid and his
associates had a hand In fomentlng the
inquiry. Wall street wns convinced that
from the technical character OF somc OF
the questions saudwichcd into the pro-
ceedngs by Chairman Stanley and his
associates. some one with an intimate.
inside, working knowledge Of the Steel
corporations affairs and activities had
been furnishing the committee with
leads and Information.
-'The recent selling OF Union Pacific.
which broke moro than Is points within
three weeks. is ascribed 10 active and
aggressive bears who knew what they
were doing and way. Shortly before the
steel Investigation began. stories were
current that tho life would be pounded
Dot of steel common. These stories cir
culaicd 90 freely that David Lamar we'll
known IN the hooks and corners oi the
street addressed an open letter 10 Chair
man Stanley denying that he had ap-
preached officials of the steel corpora
tiOn with an offer 10 head of the lnVcs-
,igat.on FOR an unnamed price. Neither
had he attempted 90 encourage the in
vestiHatfou.
Bankers and finHnclers arc becoming
impatient when they are asked 20 con-
firm or dcny rumors whereby spectators
Of the smaller class live. ThSy lay the
responsibility for tie present depression
IL financial conditions In the language OF
judge Lovett. a Wan street lie factory
Yet tfey are prompt 20 dcuy that Nh.
Roid aud his friends are Interested. They
state that he u man OF almost un-
cauny fogcssh, and boldness. They
point out Ia support of this TO the story
that when the panic broke tn 1907 MT
Reid had f0rcscen what was 20 happen
and had dlspoEcd OF hts stock holdings
months before. II is q matter of record
that be received top prices during that
year.
Methods Are Upright.
such n man. say his friends. would
not st0cp TO circulate yarns that the fiar-
riuan lines. by rctrcnching In their PAY
rolls by dropping 5000 mon did not Intend
10 take them Oh again in a few weeks