The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-05-14
TIN PLATE KING
HAS BAD MEMORY
CAN'T RECALL FACTS
IN BIG TRANSACTIONS
ID. G. Reid Quizzed About Forma.
ton of American Tin Plate
Co, Tells Very Little.
Remembers Syndicate Got SlO,-
100000 Fee; Don't Recall
What His Share Was.

NEW YORK. May 13.-Daniel C.
Reid, the railroad fnancier and for
mer 'tin plate king a director and
member OF the finance committee of
the United States Steel Corporation,
was called as a witness today at the
hearing OF the governments suit to
dissolve the corporation to tell how
the American Tin Plate Company
was organized.
First OF the many prominent defen-
dants In the suit to appear on the
stand. Mr. Reid proved a poor witness
for the government and time and
again his answer to questions re-
garding financial phases OF the tin
plate company's formation was II
do not remember or II do not lee
ollect-" His poor memory appeared
to exasperate Judge J. NJ Dickinson
chief counsel for the government and
prompted him to remark: you can
bring a horse to water. but you can't
make him drink. You can subpoena
witness. but Il seems that you can't
make him remember"
The government contends that the
American Tin Plate Company. which
became a part OF the United States
Steel Corporation. was in itself a
combination in restraint OF trade and
that its stock was watered.
Forming the Trust.
Mr.. Reid told how in 1898 he and
Judge VIM. II. Moore had welded the
company together out of about thirty
hye tin plate concerns representing at
that time some ninety percent of the
iuduafrv huf ttrop the it, -. A.
what the properties were worth Mr.
Reds memory was frail. He said
SlO,OOO.000 In gtock went to 1ha undxr
writing syndica1S which Arshred -tae
company. over and above $50, ,OOO. 900
preferred and common stock issued in
exchange for stock of the various
plants taken over He was unable TO
recall. however. how much OF this
s1O,00o.OOO he received himself as a
member OF the syndicate or whether
cash was paid for any OF the plants
instead of stock.
All efforts OF Judge Dickinson to
refresh the witnesses memory by
reading extracts from testimony Mr..
Reid gave before the Industrial com
mission In 1899 proved futile. Judge
Dickinson pressed the witness with
equal lack OF success for Information
concerning alleged contracts by which
the American Tia Plate Company is
said to have prevented machinery for
the manufacture OF tin plate from be-
ing used by competitors.
Mind a Blank.
My mind Is a perfect blank on that
subject" declared the witness.
Mr. Reid admitted that there was
competition among the various con
stitute plants before he and Judge
Moore brought them together, but de.
MED that there was any intention to
monopolize the industry, OF that there
had been any efforts TO suppress
competition.
Competition was fair and open. q"
he asserted.
AZ the present time Mr.. Reid said.
reading from statistics which he ex.
planned were In compiled in the ONCE
the Steel Corporation. competition
had grown 10 such an extent that the
annual capacity Of the corporations
tin plate plants was only B3.7 per
cent Of the country's total coupared
With an Independent capacity OF tg2
per cent. We figured that BY com.
bination Ne could buy supplies cheap.
er. reduce overhead charges and make
6oouauasa on HisA P.S.,