On 6 November 1902 Reynolds assumed the assignment of superintendent of the Revenue Cutter Service School of Instruction and the command of the training cutter USRC "Chase". On 31 January 1903 Reynolds was promoted to captain. Under his leadership, the School of Instruction added a third year of training, adding to the curriculum more science and mathematics. At the direction of Congress the school provided for the appointment of cadet engineers for a six-month training program. Candidates were to have had at least six months practical experience in marine engineering and upon graduation they filled positions as second assistant engineers. To help with the training of engineers, Reynolds requested that the " Chase" be replaced with a more modern steam powered cutter. During Reynolds' tenure at the school, a new training cutter was acquired; USRC "Itasca" was the former USS "Bancroft", a former U.S. Naval Academy training vessel. Reynolds commanded her on her initial training cruise to the Mediterranean during the summer of 1907. On 23 January 1909, as captain of USRC "Seneca", he responded to the collision of White Star passenger liner SS "Republic" with the Italian liner SS "Florida", 26 miles southeast of Nantucket, Massachusetts, assisting USRC "Gresham" with the rescue of passengers and crew of the "Republic". On 9 July 1909 Reynolds was promoted to senior captain. As Captain Commandant Worth G. Ross indicated that he was going to retire in 1911 because of ill health, speculation as to who would succeed him as Captain Commandant became a campaign by several senior officers in the Revenue Cutter Service. Although he didn't actively seek the position, Reynolds name was mentioned a possibility by other senior captains, but eventually the campaign by Senior Captain Ellsworth P. Bertholf would succeed.