The evening world. [volume] (New York, N.Y.) 1887-1931, 1912-05-13
TIN PLATE KING
TELLS HOW STEEL
TRUST WAS BUILT
As Underwater, Reid Shared
In Sio,ooo,ooo Deal
ofAbsorption.
DIDN'T KNOW FELLOWS.
Just ''Heard Gossip" That
Named Others Who Gobbled
Up Smaller Combine.
DIDN'T KNOW FELLOWS.

Daniel 0i REID. director Of me Unitsd
States Steel Corporation. one OF tine big
fellows n he Rock Island system ana
the man who. with wilrs.. II. Moore
and J. II. Moore. toes into the BIG steel
corporation the American Tin Plate ana
National Steel companies. was the star
witness to-day At the hearing in the
Governments suit 20 breat W the
great steel combine.
The list Of railway companies. banks
and other concerns in w.lch Mr.. Reid
10 a director takes up hsit . page In
the Governments complaint. Estima: -
have placed his wealth a between $780,
10000 and ~. 100000. The National Steel
Company. before the merger with the
bigger corporation, had a capital stock
OF e6e.ooaooo. The American I'm Plate
Company was capitalized At Ne,ooo.0oo
Other companies that Reid end the
Moores controlled and which they took
into tho merger were the American Steel
Hoop Company. capitalized st sss.Ooo. 900.
ana the American Sheet Steel Company.
With os.ooo.ooo IL common and preferred
sock.
oecLiNeo TO REVEAL HIS HOLD.
mos IN srGgL TRUST.
Mr.. Reid 10 one OF the defendants In
the 0Oyernments action. and In this
role he 10 In the company Of J. p. Nor
gan. Andrew Carnegie. e. II. Gary, John
d. Rockefeller and others. lie 10 the
hrst Of the defendants to be called a. q
witness. Judge Dickinson was prepared
TO ask him about the formation of the
companies he and his associates took
into the merger
Mr.. Reid testified that he 10 nifty.
three years old and HIS lived In New
York twelve years. lie said that he
was . stockhCldsr In the United states
Steel Corporation.
How much do you own" asked Mr..
Dickinson. and c. A. Severance Of the
steel attorneys advised Mr.. Reid not TO
answer. t's
~ decline to answer" said MI. REID.
me Witness said that he had common
end preferred stock in the American
Tin rists Company and ths< ne re.
ceivsd In exchange for II stock Of the
United States stesl Corporation. He
Was unable 10 tell the proportions on.
hand and Judge Dickinson rsfreshsd
his memory For 800 Of common stock
he got 30 preferred ana ei1s common Of
the big concern and for 800 preferred
nc got ei2s In United statss Steel.
Mr. Dickinson took Mr. Reid back 10
the formation Of the American, Tin
plats Company OF Indiana In 1895. Tho
witness would not admit that there had
been great competition. y
CASH DEAL TILL UNpgAwR,r.
eRs HANDLED THE STOCK,
what part did you have In organising
the American Tinplate Company"
II was one of the underwater"
Whom did you talk with about nr'
Judge w. II. Moore. I had him IN
mind - good man TO take up the TIN
plate deal. He had made his reputation
a. an organiser"
MIR. Reid added that Il had been the
custom OF tinplate-niakerA to meet In
Pittsburgh In June OF each year and to
discuss the scale for the coming year
In the formation OF the big tinpiate
company only two concerns OF any sise
were LETT out. These. which had fifteen
mills, were taken In later. Ths com
panisa which went into the American
Tinplsts Company originally had two
hundred mills"
Were options taken on themy"'
Yes; cash options"
do you mean to say that any cast
was paid for the stock Of the com
pauiesY' I'm.
We'll. at nrst Il was all talked Of on
| n IN
underwriters handled the stock. Afts,
that everybody wanted stock"
did you set any cash and DO 70,
know OF any one who did7"
Il did not. don't know Of AMI
parsons who got cash. didn't follow
the whole thing out"
eWEARe he DID NOT KNOW
| WHO WERE IN AGREEMENT.
Was not a syndicate formedf
There was an underwriters' agree
msnt"
Who were your associates"
IT don't know"
You mean to say that you know oni,
OF your own name being OH that agree
ment-that you didn't know who tn
other people wereg'
That's riEht, ! only heard gossll
about the other men In the agreement
heard. for instance, that Marshal
Field was one"
did not the American TIN Plate Com
pany enter into an agreement wit
manufacturers OF tin plate machinery 4
buy their whole product. 20 that you
competitors could not buy machinery? p
Il don't remember" said Mr.. Reid
, iiksd."
Yes"
! what did you got for Helen In Iu
cerne7"