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Then, having established ourselves upon this sound basis, it is our duty to see what inferences may be drawn and what are the special points upon which the whole mystery turns.

On Tuesday evening I received telegrams from both Colonel Ross, the owner of the horse, and from Inspector Gregory, who is looking after the case, inviting my cooperation."

"Tuesday evening!" I exclaimed. "And this is Thursday morning. Why didn't you go down yesterday?"

"Because I made a blunder, my dear Watson-which is, I am afraid, a more common occurrence than any one would think who only knew me through your memoirs.

The fact is that I could not believe it possible that the most remarkable horse in England could long remain concealed, especially in so sparsely inhabited a place as the north of Dartmoor.

From hour to hour yesterday I expected to hear that he had been found, and that his abductor was the murderer of John Straker.

When, however, another morning had come, and I found that beyond the arrest of young Fitzroy Simpson nothing had been done, I felt that it was time for me to take action.

Yet in some ways I feel that 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.

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