"Mrs. Murchison," he said, "I have just received the worst news about—about a venture of mine, which is of some importance. In fact, there has been, I fear, a great panic on the Stock Exchange over Carmel. May I be driven back to the station at once? It is necessary I should return to London. It is a great regret to me to miss my visit. Lady Haslemere, I congratulate you on your promptitude in selling."
He stood there bland and respectable for a moment, while Mrs. Murchison murmured incoherent sympathy, surprised at the extraordinary ease with which polite commonplace rose to his lips. The courteous necessary words seemed to speak themselves, without any direction from him. The blow that had fallen upon him must, he thought, have descended internally, for his surface behaviour seemed as equable as ever. He was conscious only of the continuance of the qualm of sickness, and of a little uncertainty in movement and action.
He had intended, for instance, as far as he intended anything, to go away as soon as he had said good-bye, and wait for the carriage alone. But he found himself lingering; his feet did not take him away, and he wondered why. His straw hat was in his hand, and he fanned himself with it, though he did not feel hot. Perceiving this, yet still holding it, he stopped fanning, and bit the rim gently; then, aware that he was doing that, he put it on again.
"So good-bye," he said for the second time. "Ah, Lady Haslemere, you asked me for a tip. Well, if this panic is really serious—and I have no doubt it is—buy Carmels at the lower price, for all you are worth, if you have the nerve. I assure you that you cannot find a better investment. Good-bye, good-bye again. Perhaps—oh no, it doesn't signify. May I order the carriage, then, Mrs. Murchison? Thank you so much!" He lifted his hat, turned, and went to the house.
[CHAPTER IX]
THE SLUMP
The London evening papers that day were full of the extraordinary scenes that had taken place on the Stock Exchange. Before the opening of the market that morning Carmel had been eagerly inquired for, owing to the activity produced by the very extensive purchases on the day before, and an hour before mid-day news had been cabled from Australia that there was very strong support in the market there for the same, Mr. Richard Chavasse alone having purchased fifty thousand pounds' worth of the shares. Closely following on this came news from the mine itself: the last crushing had yielded five ounces to the ton, and a new, unsuspected reef had been struck. The combination of these causes led to one of the most remarkable rises in price ever known. The market (so said one correspondent) completely lost its head, and practically no business was done except by the mining brokers. The shares that day had started a little above thirty shillings, and by four o'clock they had reached the astounding figure of £5 12s. 6d. A well-known broker who had been interviewed on the subject said that never in the course of a long experience had he known anything like it. Sober, steady dealers, in his own words, went screaming, raving mad. A boom in Westralian gold, it is true, had long been expected, but nothing could account for this extraordinary demand. No doubt the fact that Mr. Alington had purchased largely the day before had prepared the way for it, for he was considered among mining operators the one certain man to follow.
But the sequel to this unparalleled rise was even more remarkable. Buying, as had been stated, was much stimulated by the news of strong support in Australia (indeed, it was this that had been the signal for the rush); but about four o'clock, when the shares were at their highest, and some considerable realizations were being made, though the buying still went on, a sudden uneasiness was manifested. This was due to the fact that the telegram announcing the strong support in Australia was contradicted by another and later one, saying that the market in Carmel was absolutely inactive. Upon this, first a general distrust of the telegrams from the mine itself was manifested, and then literally in a few minutes a panic set in, as unaccountable as the previous rise; business came to a standstill, for in half an hour everyone was wanting to sell Carmel, and buyers could not be found. A few of the heaviest plungers cleared out, with thousands to their credit, but the majority of holders were caught. The shares became simply unnegotiable. The market closed on a scene of the wildest confusion, and when the Exchange was shut the street became impassable. To a late hour a mob of excited jobbers continued trying to sell, and just before going to press came a report that Mr. Alington, who had left town that day, but suddenly returned, was picking up all the shares he could lay hands on at a purely nominal figure. Settling-day, it would be remembered, occurred next week. A committee of the Stock Exchange was going to investigate the matter of the false telegram.