"I should think not," Thorndyke agreed. "A sudden slump often proves
disastrous to the regular Stock Exchange gambler who is paying
differences on large quantities of unpaid-for stock. But it looks as if
Hornby had actually bought and paid for these mines, treating them as
investments rather than speculations, in which case the depreciation
would not have affected him in the same way. It would be interesting to
know for certain."

"It might have a considerable bearing on the present case, might it
not?"

"Undoubtedly," said Thorndyke. "It might bear on the case in more ways
than one. But you have some special point in your mind, I think."

"Yes. I was thinking that if these embarrassments had been growing up
gradually for some time, they might have already assumed an acute form
at the time of the robbery."

"That is well considered," said my colleague. "But what is the special
bearing on the case supposing it was so?"

"On the supposition," I replied, "that Mr. Hornby was in actual
pecuniary difficulties at the date of the robbery, it seems to me
possible to construct a hypothesis as to the identity of the robber."

"I should like to hear that hypothesis stated," said Thorndyke, rousing
himself and regarding me with lively interest.

"It is a highly improbable one," I began with some natural shyness at