Matthew was enthusiastic about the idea and confessed, 'That's about the only way I'll ever improve on what my old man will undoubtedly leave me when he dies.'

On graduation day, Alan Lloyd, now in his sixtieth year, came to Harvard.

After the graduation ceiLemony, William took his guest for tea on the square. Alan eyed the tall young man affectionately.

'And what do you intend to do now that you have put Harvard behind you?'

'I'm going to join Charles Lesters bank in New York and gain some experience before I come to Kane and Cabot in a few years' time.'

'But you've been living in Lester's bank since you were twelve~ years old, William Why don't you come straight to us now? We would appoint you as a director iramediately.'

William said nothing. Alan Lloyd's offer came as a total surprise. With all his ambition, it had never occurred to him, even for a moment, that he might be invited to be a director of the bank before he was twenty - five, the age at which his father had achieved that distinction.

Alan Lloyd waited for his reply. It was not forthcoming. 'Well, I must say, William, it's most unlike you to be rendered speechless by anything!

Tut I never imagined you would invite me to join the board before my twenty - fifth birthday, when my father . . ., 'Ies true your father was elected when he was twenty - five. However, that's no reason to prohibit you from joining the board before then if the other directors support the idea, and I know that they do. In any case, there are personal reasons why I should like to see you a director as soon as possible. When I retire from the bank in five years' time, we must be sure of electing the right chairman. You will be in a stronger position to influence that decision if you have been working for Kane and Cabot during those five years rather than as a grand functionary at Lester's. Well, my boy, will you join the board?'

It was the second time that day that William wished his father were still alive.

'I should be delighted to accept, sir,' he said.

Alan looked up at William. 'That's the first time you've called me "sir" since we played golf together. I &hall have to watch you very carefully.'

William smiledd 'Good ' ' said Alan Lloyd, 'that"s settled then. You'll be a junior director in charge of investments, working directly under Tony Simmons.'

'Can I appoint my own assistant?' asked William.

Alan Lloyd looked at him quizzically. 'Matthew Lester, no doubt?'

'Yes.1 'No. I don't want him doing in our bank what you intended to do in theirs.

Thomas Cohen should have taught you that.'

William said nothing but never underestimated Alan again.

Charles Lester laughed when William repeated the conversation word for word to him.

'I'm sorry to hear you won't be coming to us, even as a spy,' he said genially, 'but I have no doubt you'll end up here some day - in one capacity or another.'

Book Three

Chapter 15

When William started work as a junior director of Kane and Cabot in September 1928, he felt for the first time in his life that he was doing something really worthwhile. He began his career in a small oak - panelled office next to Tony Simmons, the bank's director of finance. From the week that William arrived, he knew without a word being spoken that Tony Simmons was hoping to succeed Alan Lloyd as chairman of the bank.

The bank's entire investment programme was Sinunons' responsibility. He quickly delegated to William some aspects of his work; in particular, private investment in small businesses, land, and any other outside entrepreneurial activities in which the bank became involved. Among William's official duties was to make a monthly report on the investments he wished to recommend, at a full meeting of the board. The fourteen board members met once a month in a larger oakpanelled room, dominated at both ends by portraits, one of William's father, the other of his grandfather. William had never known his grandfather, but had always considered he must have been a 'hell of a man' to have married Grand - mother Kane. There was ample room left on the walls for his own portrait.

William conducted himself during those early months at the bank with caution, and his fellow board members soon came to respect his judgment and follow his recommendations with rare exceptions. As it turned out, the advice they rejected was among the best that William ever gave. On the first occasion, a Mr. Mayer sought a loan from the bank to invest in 'talking pictures' but the board refused to see that the notion had any merit or future. Another time, a Mr. Paley came to William with an ambitious plan for United, the radio network. Alan Lloyd, who had about as much respect for telegraphy as for telepathy, would have nothing to do with the scheme. Ile board supported Alan's views, and Louis B. Mayer later headed M.G.M. and William Paley the company that was to become C.B.S. William believed in his own judgment and backed both men with money from his trust and, like his father, never informed the recipients of his support.