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“Yes,” said Holmes; “I think that both inferences are permissible. Was there any other spirit but rum in the room?”

“Yes, there was a tantalus containing brandy and whisky on the sea-chest. It is of no importance to us, however, since the decanters were full, and it had therefore not been used.”

“For all that, its presence has some significance,” said Holmes. “However, let us hear some more about the objects which do seem to you to bear upon the case.”

“There was this tobacco-pouch upon the table.”

“What part of the table?”

“It lay in the middle. It was of coarse sealskin–the straight-haired skin, with a leather thong to bind it. Inside was ‘P.C.’ on the flap. There was half an ounce of strong ship’s tobacco in it.”

“Excellent! What more?”

Stanley Hopkins drew from his pocket a drab-covered notebook. The outside was rough and worn, the leaves discoloured. On the first page were written the initials “J.H.N.” and the date “1883.” Holmes laid it on the table and examined it in his minute way, while Hopkins and I gazed over each shoulder. On the second page were the printed letters “C.P.R.,” and then came several sheets of numbers. Another heading was “Argentine,” another “Costa Rica,” and another “San Paulo,” each with pages of signs and figures after it.

“What do you make of these?” asked Holmes.

“They appear to be lists of Stock Exchange securities. I thought that ‘J.H.N.’ were the initials of a broker, and that ‘C.P.R.’ may have been his client.”

“Try Canadian Pacific Railway,” said Holmes.

Stanley Hopkins swore between his teeth, and struck his thigh with his clenched hand.

“What a fool I have been!” he cried. “Of course, it is as you say. Then ‘J.H.N.’ are the only initials we have to solve. I have already examined the old Stock Exchange 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.”