On published maps the small bay on the north side of the Dunn Biodiversity Reserve is labelled Reid Bay. In 1913 when the Memphremagog map sheet was being surveyed, eventually to be published as the first topographic map of the area in 1917, it is evident that the surveyors collecting the relevant cultural data spelled local names as they heard them. The small inlet had for some time been known as Reed’s Bay, named after local farmer Elijah M. Reed who had come to own the land (33 acres) surrounding the bay in 1887. Elijah died in 1900, but in 1913 there was a James Reid who owned a very small parcel (less than 1/10 of an acre) of land inland on Arnold Road. Did the surveyors just make a confused assumption? If so I am sure James Reid was quite amused.
FYI, Reid tends to be the Scottish spelling of the surname whereas Reed is more commonly of English origin.