“I should explain very openly,” continued Gorham Grey, “that Mr. Morgan yesterday received an urgent telegraph from Mr. Cyrus MacDuff, who is presently in Boston and who, as you’ll be aware, is the largest shareholder in the Hudson Ohio. Mr. MacDuff was unable to reach you himself, as he is cut off in Boston. So he thought it wisest to entrust the whole business to Mr. Morgan, to handle as he sees fit.”

“Quite right,” said Tom.

“Put simply,” said Gorham Grey, “Mr. MacDuff believes that Mr. Gabriel Love is trying to steal his company away from him. Do you know Mr. Love?”

“Hardly at all,” said Frank, weakly.

“After a brief investigation, it appeared to us that the underlying issue is that Mr. Love owns shares in the Niagara line, and that MacDuff has been blocking Niagara’s access to the Hudson Ohio.”

“Really?” said Frank.

“The solution, therefore, seems to Mr. Morgan to be simple. He has informed Mr. MacDuff that he will only act in this matter if he, Mr. Morgan, is able to secure Mr. Love’s shares in the Niagara at a reasonable price, and if Mr. MacDuff gives him, Mr. Morgan, an assurance that the Niagara will be joined to the Hudson Ohio. To this, Mr. MacDuff has agreed, on condition that he, Mr. MacDuff, is able to secure an absolute majority shareholding of the Hudson Ohio. This means, sir, that we should like to purchase half of your ten percent from you.”

“Oh,” said Frank. “What about Gabriel Love?”

“I purchased his Niagara shares three hours ago,” said Gorham Grey. “He hoped, I think, to make more of a killing. But once I made clear that Mr. Morgan will not be buying anything unless he is satisfied as to all the arrangements, and that Mr. MacDuff will buy nothing without Mr. Morgan’s recommendation, we were able to reach an agreement. Mr. Love has sold at a good profit, so he’s better off than he was.”

“What’ll you pay for my shares?” asked Frank.

“The current market price for Hudson Ohio is sixty. Shall we say seventy?”

“I was hoping for one twenty,” said Frank.

“Love’s plan is busted,” said Mr. Gorham Grey, quietly.

“Ah,” said Frank.

There was a brief silence.

“Mr. Morgan thinks that the future Hudson-Ohio-Niagara will be a logical amalgamation, and profitable to all parties,” continued Gorham Grey. “Your remaining Hudson Ohio shares will undoubtedly increase in value. And though he has paid well over the present market price, Mr. Morgan expects in due course to see a fair profit from the Niagara shares he has bought. In short, everyone gets something. So long”—he gave Master a severe look—“as people are not too greedy.”

“I’ll sell,” said Frank, not without relief.

“Quite right,” said Tom.