at yesterday has not been wasted."

"You have formed a theory, then?"

"At least I have got a grip of the essential facts of the case. I shall
enumerate them to you, for nothing clears up a case so much as stating
it to another person, and I can hardly expect your co-operation if I do
not show you the position from which we start."

I lay back against the cushions, puffing at my cigar, while Holmes,
leaning forward, with his long, thin forefinger checking off the points
upon the palm of his left hand, gave me a sketch of the events which had
led to our journey.

"Silver Blaze," said he, "is from the Somomy stock, and holds as
brilliant a record as his famous ancestor. He is now in his fifth year,
and has brought in turn each of the prizes of the turf to Colonel Ross,
his fortunate owner. Up to the time of the catastrophe he was the first
favorite for the Wessex Cup, the betting being three to one on him. He
has always, however, been a prime favorite with the racing public, and
has never yet disappointed them, so that even at those odds enormous
sums of money have been laid upon him. It is obvious, therefore, that
there were many people who had the strongest interest in preventing
Silver Blaze from being there at the fall of the flag next Tuesday.

"The fact was, of course, appreciated at King's Pyland, where the
Colonel's training-stable is situated. Every precaution was taken to
guard the favorite. The trainer, John Straker, is a retired jockey
who rode in Colonel Ross's colors before he became too heavy for the
weighing-chair. He has served the Colonel for five years as jockey and
for seven as trainer, and has always shown himself to be a zealous and
honest servant. Under him were three lads; for the establishment was a
small one, containing only four horses in all. One of these lads sat up
each night in the stable, while the others slept in the loft. All three
bore excellent characters. John Straker, who is a married man, lived
in a small villa about two hundred yards from the stables. He has no
children, keeps one maid-servant, and is comfortably off. The country
round is very lonely, but about half a mile to the north there is a
small cluster of villas which have been built by a Tavistock contractor
for the use of invalids and others who may wish to enjoy the pure
Dartmoor air. Tavistock itself lies two miles to the west, while
across the moor, also about two miles distant, is the larger training
establishment