Patrick had difficulty following the conversation as Liam spoke of how a steamship was welded together, using terms like bearing systems, impeller blades, and plenty of other shipbuilding jargon. He and Gwen both sat in silence during the discussion, but Frederick easily kept apace, and Liam loved every moment.

“Last year I worked on a triple-expansion steam engine,” he said. “I hear it’s the fastest thing on the water, and rumor among the crew is that there will be a quadruple engine soon.”

“Don’t bet on it,” Frederick said. “The British launched a new turbine design last year with the HMS Viper. It’s got four steam shafts and two propellers. It’s the fastest warship ever built, and it marks a revolution in steamship design. Things will get interesting in the next few years, which is why Vanderbilt is slowing production of his current design.”

Liam stared at Frederick in reluctant admiration. “How do you know all this stuff?”

“It’s my business to know,” the old man said. “I invest millions in ship construction every year. Before investing in a new ship, I must understand the design of the ship and all its competitors. I have to be conversant in every aspect of shipbuilding, but my bank also invests in railroads, port construction, skyscrapers, and the mining industry. Each project requires intimate knowledge of the industry before I can make an informed decision. Do you understand what I’m saying?”

“Yeah,” Liam said. “It means you spend a lot of time hitting the books.”

Frederick shook his head. “I have investment analysts who hit the books for me, but I must understand each report they submit to me. After reading their analysis, I tour the factories, meet with the company owners, and study the current market economy. Then I decide if our limited capital is better invested in Vanderbilt’s latest ship or in Rockefeller’s new oil wells in Texas.”

“Or buying up Carnegie Steel,” Liam added.

“Precisely,” Frederick said. “Right now, you are obsessed with how the steel merger will impact the workers. Your concern is not misplaced, but it’s narrow. You don’t have the perspective to exercise your voting shares. Most of our shareholders assign their votes to Oscar or myself because acquiring this level of industry knowledge is a daunting task. I want you to be able to converse as easily about railroads or cotton mills as you just did about ship building. I want you to be able to speak about foreign wars, international tariffs, and how the weather patterns affect crop revenues. Until you can do that, you have no business controlling voting shares.”

Patrick folded his arms across his chest. This all sounded like a clever strategy to keep Liam off the board forever.

“I can learn,” Liam said, but he looked uncertain as he shifted in his chair.