The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1905-09-22

GRANDSON JOHN KENNARD"
QUITS THE CONFEDERATED Ma
CHINE COMPANIES AMID MIN
GLED EMOTIONS.
President, Manager, Director and Gem
aral Pooh-Bah John Kennard of yester-
lay is to-day plain John Kennard or at
best Grandson John" Kennard DOTTED
his many titles yesterday afternoon by
rendering his resignation from the board
Df the Confederated Machine Companies,
| which resignation was accepted the mo-
ment II was offered.
! The Confederated Machine Companies,
It will be remembered, started about a
year ago under most favorable auspices
and with brilliant prospects, but it has
been heavily handicapped by the extreme
views and peculiar methods of the late
| president. Mr.. Kennard Is the grandson
| IF John Kennard. the highly
| manufacturer, who founded the rouse of
! John Remarks Sons, the business of
which Grandson John inherited in due
course. He did not, however, inherit the
ability of his father or grandsire, but he
! Sept the concern going with the aid of
| several experienced subordinates. When
| the Confederated Companies were
! formed the presidency was offered to
! I<eunard, because the name was well
1 kIOWE III Ine Ifdue5 out NTFaQuSOn JOnD,
! not understanding the purpose NJ the
compliment, began to take himself very
! seriously. The other direo tors soon had
| 20 take John seriously, and this resulted
| IN yesterdays resignation. 1t is said that
other designations will follow as matter
| Of course. Rumor has it that one of
| Remarks novel schemes for making
| money was to close down the principal
! factories in the busy season, and so Gre
ate an artificial scarcity of material and
| a consequent rise in prices 1t is alleged
| that his insistence on this more than
dubious policy brought about the present
crisis. The directors firmly refused to
throw working men out of their Jobs for
any such reason, and they believe the
necessary economies can be effected by a
general ten per cent. reduction in wages,
; which will enable all the factories to con-
tnue. This was agreed upon at yester-
days meeting. Our reporter asked a
prominent director if the corporation
would declare dividend a the coming
annual meeting. and he replied:
we have not yet given up hope of be-
ing able to show some profit
This prospect is not apt to please the
street, where the stock had been traded
in of late at high prices.
Mr. William Hardness was elected
president in Kennard's place, and Mr.
FitZmorris Jones, connected with the
well-known banking house of Trundell,
Croydon Il Co., was, chosen to fill the
vacancy in the board
Croydon read the article carefully,
and returned the paper to his partner
without comment.
We'll. that discounts any story Ken
rard wants to spring, doesn't it?"
queried the latter
Croydon nodded.
ITS all right, I suppose" he en-
swered doubtfully. "Who wrote it,"
"McMannis, l suppose. At least, |
gave him the cues, Pretty smartly
pat, isn't it,"
"So-so."
TITS tip-top. If the stock doesn't
take tumble this 9. m, I'm nightly
mistaken. Mind we're on hand, Neil,
to pick no the bits
Il don't believe It'll sag<much on ac-
count Of that stuff -
Croydon tapped the paper as he
spoke, and his partner looked up in |
surprise.
why not?" he asked quickly.
oh, because it's too good to be true.
It's sort of funny and fippant and in
spired. | can't tell you exactly why, !
but ii isn't the kind of thin9 that really |
frishtens the street. Ii sounds like
lot of other things I've read It'll |
make Kennard mad and it may shut
him up, but | don't believe it'll make
any rush to sell. Wen have to have a
real strike for that"
II you are not the most" began
Mr. Trundell. Upon my word | never :
know what you're going to think II
it wasn't that you hit more often than
you miss, I'd say you talked just to be
contrary. However, we want to be I'M
der the tree when anything's shaken
out. So you'd better go to the board
yourself this morning. you croaker.'
Rut Cornelius Croydon was right
once more The Confederated stool;
openad with a ten-point drop, but it
rallied Immediately, and went no low
er IN that day.
Even when the strike occurred. the
result was Disappointing. Not a forge
was lighted and not a wheel turned
after the reduction of wages was an
nounced. and yet at the end of three
weeEs, with nothing but discouraging
news. TIE stock not only continued
steady, but gave indications of rising
every time there was the slightest at
tempt at purchasing.
Somebody's supporting the stuff"
remarked Croydon, as he ran the tape
through his fingers one morning.
That's plain, l should think"
snapped Trundell. Wonder if it's that
crank Kennard? He's Just fool
enough" 4
81 thought Of him when Holcomb
bought on the first drop" answered
Croydon. 81 was waiting for the thing
to go down ten points more when
bang went Holcomb into the crowd