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.
Kit and Jack had come down to Goring that day to join Toby and his wife there. Kit was steadily gaining strength, but this evening, being a little tired, she had gone to bed before dinner, and now, dinner being just over, Lily had left the others to see how she was. Neither Jack nor Toby was given to sitting over wine, and as soon as Lily went upstairs, they removed into the hall to smoke. The evening paper had just come in, and Jack took it up with some eagerness, for his stake in Carmel was a large one. He read through the account of what had taken place quite quietly, and leaned back in his chair thinking. Unlike Lady Haslemere, a few nights ago, he did not let his cigarette go out. At length he spoke.