There happened to be a kind of lull in the stormy regions of the Stock Exchange at the time of Valentine Hawkehurst's departure. Stagnation had descended upon that commercial ocean, which is such a dismal waste of waters for the professional speculator in its hour of calm. All the Bulls in the zoological creation would have failed to elevate the drooping stocks and shares and first-preference bonds and debentures, which hung their feeble heads and declined day by day, the weaker of them threatening to fade away and diminish to a vanishing-point, as it seemed to some dejected holders who read the Stock-Exchange lists and the money article in the Times with a persistent hopefulness which struggled against the encroachments of despair. The Bears had been busy, but were now idle—having burnt their fingers, commercial gentlemen remarked. So Bulls and Bears alike hung listlessly about a melancholy market, and conversed together dolefully in corners; and the burden of all their lamentations was to the effect that there never had been such times, and things never had been so bad, and it was a question whether they would ever right themselves. Philip Sheldon shared in the general depression. His face was gloomy, and his manner for the time being lost something of its brisk, business-like cheerfulness. The men who envied his better fortunes watched him furtively when he showed himself amongst them, and wondered whether Sheldon, of Jull, Girdlestone, and Sheldon, had been hit by these bad times.

It was not entirely the pressure of that commercial stagnation which weighed on the spirits of Philip Sheldon. The stockbroker was tormented by private doubts and uncertainties which had nothing to do with the money-market.