The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-08-30

Neither that Standard OH Is disposing OF
busting decision of the supreme court
"He was not responsible u Is certain
for the fact that the New York legislature
was in session FOR so long nor that pros
pective tariff revision continues TO De a
burden. Nor can he be held responsive
for the myriad other value depressing
stories which are always afloet during a
financial recession and especially. II is
said. Is he free from authorship OF the
United STATES Steel have been quietly
selling out during the past few weeks
I'm view OF the fact. however. that Nj.
Reid has suddenly loomed up as one WHO
Is reported TO have made much money oF
short selling his career Is interesting
"He is 50 years old. and Il was while Ne
nond. In 1891, that he laid the founda-
ton OF his present fortune. Then ne pc
came interested with William B Leeds
Tin plate plant at Elwood. Ind. II con,
sisted OF four mills. md they oreanlaed
Il as the American Tin Plate conpnny.
wears Of money losing operations tlat
the four mills were reorganized GF VII
liam Barteld; Pit,sburg steer nan. aS.i
cago. In 1897, the company owned thirty
one mills and was making money.
Mcnopolizes Industry.
In Chicago Reid me, Judge. William
II Moore and his brother. J; IL. Moore
with whom he and Mr. Leeds iorWed,
business association. In 1885 the Reid
Leeds combination owned all the TN
plate plants In the country. emoTaelnG
about 27o mills. These We're merged INTO mo
one organization which took the name !
OF the original Elwood plant, the AIneiI-
can Tin Plate company. -. ,orr,od
The MooTes: Reid and Leeds formed ,sa
American Steel s Hoop company ana
the American Sheet Steel company. all OF
which they later turned over 10 'ho
United States Steel corporation.
"As the millions began 10 pour IN upon
Reid. Leeds and the Moores. they bought
large blocks OF stock In me ChlSes0'
Rock Island * Pacific Railway company.
which was In rather bad shape Doth II
nanclaIly and physically. WIN ths
Moores. Reid effected reoiganlzat.ol'
and extended the road from line 0t a !
few thousand miles 70 system 'hcluu- !
ing more than IL GOO miles Stil! a,S! |
the same co;ub.nauon arranged ,or INC
acquisition by thc Rock Island s'StGtnIl 'StI, ~. |
tho st Louis & san Francisco Rai!Wag |
company which was divorced from that /
system after few years OF uhsausi"c-
..It was i'm 1883 that Mr. Reid decided |
thR, there was n greater field Ior Ms
activities In the financial worlc IN Ne"
York While in Chicago he had heconte
Interested i'm both the stock and grain |
and. upon his arrival n Ne"
York with the Moores. he entered en-
tcnsivey into stock marSGt "t%rSy,1i "Ttcn,.,iinn
as n nnancicr. Reid and tho -hoorss
played an important part In nrranE,nS
the financing OF the l nited SlsrSS 90
and after selling out the various ',It
plate. sheet steel and hoop COMPANIES mes w
which they were Interested they otSan
IZod the Ame rican Sheet * wire compauS
Tor the Steel corporation. Mr.. EeId thSI
became a director and mcn1ner OF Hle
executive committee OF the united S'a'cs
Steel corporation.
I'm 1901 he was made a director OF the
Chicago. Rock Island e Pacific Railway
company. and began with the Moorcs the
many sensational operations In that com
pdny's stock and the numerous deals IN
which the Rock Island has figured ever
since At times the coicrie were osso-
ciated In their stock operations with
John w. Gates. and in their, grain deals
with Michael and John Cudahy In. al
heir operations. however, they retained
sufficient individuality 10 stamp their
ieals as Reid and Moore movements,
Rock Island Manipulattons,
Among the most sensational Of the
lpliit and breaks Of Rock Island stocks
On December 81 1908 which he was
;redited with having arranged on Christ
II buying and selling orders on an
ascending scale OF prices. This he cal
,ulatcd would send The price sharply up
ward and enable him 10 make handsome
profits on the movement For some rea-
son which has never been discovered the
selling orders failed 10 matcrianze ana
The stock. after making, sensational
lpturn. broke and crumbled as outside
selling appeared.
Following the suspension Of a promi
1cnt stock exchange house with Chicago
connections. which had executed most or
Mr.. Reld's buying orders with knowledge
Is 10 their source. IL was rumored that
Nr. Reid was planning To retire from
.hc chairmanship OF the Rock Islands
directorate and from the virtual manage
neui thereof. Later. it developed that
4 was Richard a. Jackson. the com
3any general counsel who had win,
lrawn from the roads management, and
hat Robert Walker. who has been as
iistsnt 10 Jackson for two years. and was
known to be a protcgo of Reid's, had been
'ho-en 20 succeed Jackson as president
u the Rock Island. as general counsel
for The company and chairman OF its
Executive and finance committees. Con-
.rary to current rumors. Reid did not re
sign from the craftsmanship OF the Rock
Islands board. but retained the virtual
control OF its destinies.
Interest Still Large.
TN some quarter OF Wall street carly
last year II was believed that IL was /
Reid who sold what was at tha. 1une |
thought to be controlling Interest H.
the Rock Island TO the so-callci Pear |
-Farquhar or French syndicate. Later |
IL was said that Reid had sold out all ,
his own holdings IN the Rock Island 10 |
this syndicate. and that the Moores held !
control OF the company through theiT !
ownership OF about 10000 shares of its I
Hes. Both of these reports proved 10 bC |
unfounced. however. and when IN August |
of last year the Pearson -Farquhar syn. |
dlcate was financially embarrassed and |
its holdings taken over by Kuhn. Loeb & |
Co, the comparatively meager extent OF /
It's Rock Island holdings was disclosed /
and II became apparent that Reds Inter !
est was still large.
In 1908 Reid was elected vice prcsl- /
dent Of the Liberty National bank. sue !
ceeding Henry &. Tinker. rcsiga j.
q Ng 81
with attempting 10 form a Gigantic cor |
poratlon 10 control every Ulancn e The /
fire alarm business IN this country. X /
was said that ne had proposed TO Dur |
chase the GaWcwcN Fire Alarm Tcle-
graph company which controls the !
alarm business In the United |
States, and had also tried To buy the New /
star Electric company OF Bnchamton. /
y. Y. after having organized the Inter /,
national association.
In Private Life.
lie was married IN Richmond Ind [
early In lifc 20 Miss Ella Dunn. \ son |
and q daughter resulted from this mar