"Only they won't," grinned Scherer. "And so, as they are wiped out--the new corporation--that is us--in fact gets their equity, just as much as if they had deeded it to us." "That is, we get for nothing about one-half the value of the property," agreed Elderberry. "Now, I've been over the list and I don't think you'll hear a peep from any of them." "He's got 'em on the list--he's got 'em on the list; And they'll none of 'em be missed--they'll none of 'em be missed!" hummed Mr. Beck. "It looks good to me! I'll take a hundred thousand." "Mr. Chippingham has the papers drawn already," continued Elderberry. "Of course you've got to give the old stockholders notice, but we can rush the thing through and before anybody wakes up the thing will be done. Then they can holler all they want." "Well, I'll come in," announced Hunn complacently. "So will I," echoed Scherer. "And the firm can underwrite the last hundred thousand, and that will clean it up." "Is it all right for us to underwrite the stock ourselves at half price?" inquired Mr. Beck. "I mean--is it legal?" "Sure!" reiterated Mr. Chippingham. "Somebody's got to underwrite it; why not us?" "Move we adjourn," said Mr. Greenbaum. "Elderberry--the usual." Mr. Elderberry removed from his change pocket five glittering gold pieces and slid one across the glass sheet to each director. "Second motion. Carried! All up--seventh inning!" smiled Mr. Scherer; and the directors, pocketing their gold pieces, arose. If, as it has been defined, ethics consists of a "system of principles and rules concerning moral obligations and regard for the rights of others," it may be interesting to speculate as to whether or not these gentlemen had any or not, and, if so, what it may have been. But in considering this somewhat nice question it should be borne in mind that Messrs. Scherer, Hunn, Greenbaum & Beck were bankers of standing, and were advised by a firm of attorneys of the highest reputation. On its face, and as it was about to be represented to the stockholders of Horse's Neck, the proposition appeared fair enough.