"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.
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