Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1905-08-01
CHAPTER XVII.

THIS DIRECTOR COULDN'T d.
RECT.
so HE WAS DIRECTED
TO THE REAR.
GRANDSON JOHN KENNARD"
QUITS THE CoNFEDERATED MA
CHINE COMPANIES AMID MIN
GLED EMOTIONS.
President. Manager. Director and Gen.
eral Pooh Bah John Kennard OF yester-
day Is to-day plain John Kennard. or at
best Grandson John" Kennard doffed
his many titles yesterday afternoon by
rendering mis- resignation from the board
Of the Confederated Machine Companies.
which resignation was accepted the mo-
mcnt II was offered.
The Confederated Machine Companies.
II will be remembered, started about a
year ago under most favorable auspices
and with brilliant prospects. but 1t has
been heavily handicapped by the extreme
views and peculiar methods OF the late
president. Mr.. Kennard Is the grandson
Of John Kennard. the highly successful
manufac cturer. who founded the house OF
John Kennard's 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
kept the concern going with the aid OF
several experienced subordlnatcs. When
the Confederated Companies were
formed the presidency was offered to
Kennard, because the name was well
known In the trade: but Grandson John.
not understanding the purpose Of the
compliment. began to take himself very
seriously. The other directors soon had
to take John seriously, and this resulted
In yesterdays resignation. 1t Is said that
other designations will follow as a matter
OF course. Rumor has 1t that one Of
Kennard's novel schemes for making
money was to close down the principal
factories In the busy season, and so cre-
ate an artificial scarcity Of material and
a consequent rise In prices. II 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-
tinue. This was agreed upon at yester-
days meeting. Our reporter asked a
prominent director II the corporate
would declare dividend at the coming
annual meeting. and he replied:
I'VE have not yet given up hope Of be-
Ing able to show some profit"
This prospect Is not apt 10 please the
street, where the stock had been traded
In of late at high prlces--~4--.---,r--.---
Mr.. William Harkness was elected
president in Kennard's place. and Mr..
Fitzmorris Jones, connected with the
well. known banking house Of Trundell.
Croyden & O.. was chosen to fill the
vacancy t., the board.
CroyGen read the article carefully,
and returned the paper to his partner
without comment.
We'll, that discounts any story Ken
nard wants to spring. doesn't it?"
queried the latter.
Croydon nodded.
IT'S all right, suppose" he an
swered doubtfully. Who wrote it?"
"McMannis, suppose. At least,
gave him the cues. Pretty smartly
put, isn't it?"
"So-so."
Its tip-top. If the stock doesn't
take tumble this a. m, I'm nightly
mistaken. Mind we're on hand, Neil,
to pick up the bits"
81 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 flippant and in
spired. / can't tell you exactly why,
but 1t isn't the kind of thing that really
frightens the street. 1t sounds like
a 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. Well have to have a
real strike for that"
IF you are not the most" began
Mr.. Trundell. Upon my word | never
know what you're going to think. II
1t wasn't that you hit more often than
you miss, I'd say you talked just to be
contrary. However, we want to be un-
der the tree when anything's shaken
out. So you'd better go to the board
yourself this morning, you croaker!"
But Cornelius Croydon was right
once more. The Confederated stock
opened with a ten-point drop, but II
rallied Immediately, and went no low
er all that day.
Even when the strike occurred, the
result was disappointing. Not forge
was lighted and not a wheel turned
after the reduction of wages was an
nounced, and vet at the end Of three
weeks, with nothing but discouraging
news, the stock not only continued
steady, but gave indications OF rising
every time there was the slightest at
tempt at purchasing.
Somebody's supporting the stun,
remarked Croydon, as he ran the tape
through his fingers one morning.
That's plain. | should think,
snapped Trundell. Wonder if it's that
crank Kennard? He's just fool
enough"
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 croWo
and bought everything in sight. NO"
we stand and watch each other ike
hawks, but there's no money in 1t. DC
you suppose Kennard is working for
control?"
Great Scott, I hope so!" muttered
Mr.. Trundell. IF he only works long
enough, we'll wiring his silly neck tol
him before many moons"
Neil Croydon looked at his partner
for moment through half-closed eyes
You're sure we've got control
Dick?"
"Of course. Do you think I'd play
the hand this way If wasn't? You've
been dancing too much lately, / guess
or you wouldn't ask such fool ques-
tions. thought you understood the
game This company's making a big
pile Of money and can make more
There's a lot Of stock around some