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THE VALLEY OF FEAR

“Clearly because those are words which were not contained in the page in question.”

“Then why has he not indicated the book?”

“Your native shrewdness, my dear Watson, that innate cunning which is the delight of your friends, would surely prevent you from inclosing cipher and message in the same envelope. Should it miscarry, you are undone. As it is, both have to go wrong before any harm comes from it. Our second post is now overdue, and I shall be surprised if it does not bring us either a further letter of explanation, or, as is more probable, the very volume to which these figures refer.”

Holmes’ calculation was fulfilled within a very few minutes by the appearance of Billy, the page, with the very letter which we were expecting.

“The same writing,” remarked Holmes, as he opened the envelope, “and actually signed,” he added in an exultant voice as he unfolded the epistle. “Come, we are getting on, Watson.” His brow clouded, however, as he glanced over the contents.

“Dear me, this is very disappointing! I fear, Watson, that all our expectations come to noth-

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