e lists, and I can find no one in 1883, either in
the house or among the outside brokers, whose initials correspond with
these. Yet I feel that the clue is the most important one that I hold.
You will admit, Mr. Holmes, that there is a possibility that these
initials are those of the second person who was present--in other words,
of the murderer. I would also urge that the introduction into the case
of a document relating to large masses of valuable securities gives us
for the first time some indication of a motive for the crime."

Sherlock Holmes's face showed that he was thoroughly taken aback by this
new development.

"I must admit both your points," said he. "I confess that this notebook,
which did not appear at the inquest, modifies any views which I may have
formed. I had come to a theory of the crime in which I can find no
place for this. Have you endeavoured to trace any of the securities here
mentioned?"

"Inquiries are now being made at the offices, but I fear that the
complete register of the stockholders of these South American concerns
is in South America, and that some weeks must elapse before we can trace
the shares."

Holmes had been examining the cover of the notebook with his magnifying
lens.

"Surely there is some discolouration here," said he.

"Yes, sir, it is a blood-stain. I told you that I picked the book off
the floor."

"Was the blood-stain above or below?"

"On the side next the boards."

"Which proves, of course, that the book was dropped after the crime was
committed."

"Exactly, Mr. Holmes. I appreciated that point, and I conjectured that
it was dropped by the murderer in his hurried flight. It lay near the
door."

"I suppose that none of these securities have been found among the
property of the dead man?"

"No, sir."

"Have you any reason to suspect robbery?"

"No, sir. Nothing seemed to have been touched."

"Dear me, it is certainly a very interesting case. Then there was a
knife, was there not?"

"A sheath-knife, still in its sheath. It lay at the feet of the dead
man. Mrs. Carey has identified it as being her husband's property."

Holmes was lost in thought for some time.

"Well," said he, at last, "I suppose I shall have to come out and have a
look at it."

Stanley Hopkins gave a cry of joy.

"Thank you, sir. That will, indeed, be a weight off my mind."

Holmes shook his finger at the inspector.

"It would have been an easier task a week ago," said he. "