The Bridgeport evening farmer., 1912-05-13
REID REFUSES TO. TELL HOW MUCH
 STEEL HE OWNS.
$1o,000,00O Whacked Ul Among Favored Few,
 Reid Admits


 Tin Plate Company was distributed among it's organizers, was admitted by Daniel G. Reid, it's president, on the witness stand, today, in the govern ment's suit for the dissolution of the steel corporation. The statement came following questioning by former secre- tary. of War Jacob M. Dickinson, spe- cia1 representative of the government.
 What is the amount of common stock of the American Tin Plate Com pany?" asked Dickinson
 Eighteen million dollars" replied Reid.
 sHow much preferred stock?" asked
 .eEighteen millions" answered Reid.
 Don't you know, MT. Reid said Dickinson, "that the total capitalize ton of the American 1In Plate Com- pany. today is $46.00O. 900? What be- came of the difference of $1O, 900, ,00O?" tributed among the organizers. I got some of it," answered Reid.
 New York, May 13-Daniel G. Reid, known in financial circles as the suc- cessor to Leeds, the tin plate king, was the first witness today. when the taking of testimony in the govern steel corporation entered it's second week.
 When the hearings were resumed John A. Brown. son of Henry F. Brown, acted as commissioner in charge of the investigation in place of his father. Reid was asked by Jacob M. Dickinson as to his business rela- tions.
 A, clash between attorneys followed the first question. Despite his known position in the business and financial world, Reid replied by merely giving his position of chairman of the Rock Island railroad board. He was asked if he held steel stock, and replied that he did. Dickinson wanted to know how much and Attorney Lindabury for the steel trust objected. Lindabury held that it would be sufficient to say whether the holdings were large or small. Dickinson insisted upon a more definite answer and Commission CT Brown upheld him:
 Thereupons Reid refused to answer
 Reid's memory bothered him. He was asked if he had exchanged tin plate and steel stock and upon what basis. He admitted the exchange but could not remember upon what terms 1t was made.
 -e Continuing, Reid said that he was the treasurer and organizer of the Tin Plate Company Of Indiana ! He also organized the tin plate company of New. Jersey. He was interested in the merger when fffty-twQ companies were taken into the organization and was president of the corporation until it was taken over by the steel cor poration.
 About this point in the examination Reid appeared to be suffering from an almost complete loss of memory. Dickinson. asked him question after question only to be answered: ssI do not remember. 2, He aatlfnitted- that thern ehHd. been competition between the ffty-two companies that went into the merger previous to the time of the reorganization. Before that time he said the tin plate men met in Pitts burgh only once g. year and then only to agree upon a scale of prices. He said that he had never heard of pools until after the merger.
 Then Dickinson wanted to get real particulars and whenever he did Reid lost his memory. He could not re- member whetherstl1e merger had taken in 200 or 300 mills: when the 52 com- pauies organised; he could not re- member whether the companies organ- izing were paid on the valuation of their stock or on what basis they were paid; he did not remember whether any of the companies received any cash or were paid all in stock. and he did not remember who the underwriters were. He admitted that he was one of the signers to the or ganization agreement. But he did re- member that the organization was handled by the firm of J. F. Morgan & Company.
 Dickinson asked Reid as to the val uation Of the tin plate company's stock, and again Reid could not re- member. Reid then gave the rate from 1898 to 1902 showing that prices went up after the merger.
 Baffled by Reid's "don't remembers.'' 2 Dickinson at last snapped out "how old did you say you were?"
 About s52."
 ssWhat business ?''
 s.Chainman of the board of directors of the Rock Island" replied Reid.
 "And you can't remember what happened thirteen years ago?" said Dickinson.
 That's unworthy of you. Dickin-i son." said c. A. Severancelof the cOun- sel for the steel corporation.
 Well, wish to jog this mans mem- ory," replied Dickinson.