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Stanley Hopkins drew from his pocket a drab-covered note-book.

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 note-book, 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 note-book with his magnifying lens.

"Surely there is some discoloration 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."

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