Kane and Abel (Kane & Abel 1)

William was only too aware of that route to the top, but he had already dismissed such tactics without needing seriously to consider them; he wished to become chairman solely on his own merits. That was after all, the way his father had achieved the position and it was nothing less than Kate would expect of him.

On 2 January 1934 Alan Lloyd circulated to every member the notice of a board meeting that would be held on his sixty - fifth birthday, its sole purpose being to elect his successor. As the day for the crucial vote drew nearer, Matthew found himself carrying the investment department almost single - handed, and Kate found herself feeding them both while they went over the latest state of his campaign again and again. Matthew did not complain once about the extra work load that was placed on him while William spent hours planning his bid to capture the chair. William, conscious that Matthew had nothing to gain by his success, as he would one day take over his father's bank in New York - a far bigger proposition than Kane and Cabot - hoped a time might come when he could offer Matthew the same unselfish support.

It was to come sooner than he imagined.

When Alan Lloyd's sixty - fifth birthday was celebrated, all seventeen members of the board were present. The meeting was opened by the chairman, who made a farewell speech of only fourteen ininutes, which William thought would never come to an end. Tony Simmons was nervously tapping the yellow legal pad in fron ' t of him with his pen, occasionally looking up at William. Neither was listening to Alan's speech. At last Alan sat down, to loud applause, or as loud as is appropriate to sixteen Boston bankers. When the clap ping died away, Alan Lloyd rose for the last time as chair man of Kane and Cabot.

'And now, gentlemen, we must elect my successor. The board is presented with two outstanding candidates, the director of our overseas division, Mr. Anthony Simmons, and the director of the American investment department, Mr. William Katie. They are both well known to you, gentlemen, and I have no intention of speaking in detail on their respec - tive merits. Instead I have asked each candidate to address the board on how he would see the future of Kane and Cabot were he to be elected chairman!

William rose first, as had been agreed between the two contestants the night before on the toss of a coin, and addressed the board for twenty minutes, explaining in detail that it would be his ambition to move into new fields where the bank had not previously ventured. In particular he wanted to broaden the bank's base and to get out of a depressed New England, moving close to the centre of banking which he believed was now in New York. He even mentioned the possibility of opening a holding company which might specialise in commercial banking, at which the heads of some of the older board members shook in disbelief. He wanted the bank to consider more expansion, to challenge the new generation of financiers now leading America, and to see Kane and Cabot enter the second half of the twentieth century as one of the largest financial institutions in the United States. When be sat down, he was satisfied by the murmurs of approbation; his speech had, on the whole, been well received by the board.

When Tony Simmons rose he took a far more conservative line : the bank should consolidate its position for the next few years, moving only into carefully selected areas and sticking to the traditional modes of banking that had given Kane and Cabot the reputation they currently enjoyed. He had learnt his lesson during the crash and his main concern, he added - to laugh - ter - was to be certain that Kane and Cabot did enter the second half of the twentieth century at all. Tony spoke prudently and with an authority that William was aware he was too young to match. When Tony sat down, William had no way of knowing in whose favour the board might swing, though he still believed that the majority would be more inclined to opt for expansion rather than standing still.

Alan Lloyd informed the other directors that neither he nor the two contestants intended to vote. The fourteen voting members received their little ballots, which they duly filled in and passed back to Alan who, acting as teller, began to count slowly. William found he could not look up from his doodle - covered pad which also bore the imprint of his sweat - ing hand firmly upon it. When Alan had completed the task of counting, a hush came over the room and he announced six votes for Kane, six votes for Simmons, with two abstentions. Whispered conversation broke out among the boarxl members, and Alan called for order. William took a deep and audible breath in the silence that followed.

Alan Lloyd paused and then said, 'I feel that the appropirate course of action in the circumstances is to have a second vote. If any member who abstained on the first ballot finds himself able to support a candidate on this occasion, that might give one of the contestants an overall majority!