"No," laughed Holmes. "Nothing so useful—the magazines."

Holmes winked at me as he spoke, and I gathered that there was method in his apparent madness.

"That's one of the points you want to consider, though, Mr. Rand," he said, leaning upon the table with his elbows. "Think of the newspapers to-morrow morning if you call the police rather than hand that package over to me. It'll be a big sensation for Wall Street and upper Fifth Avenue, to say nothing of what the yellows will make of the story for the rest of hoi polloi. The newsboys will be yelling extras all over town, printed in great, red letters, 'A Club-man Held-Up in Broad Daylight, For $25,000 In Securities That Didn't Belong to Him. Billington Rand Has Something To Explain. Where Did He Get It?—"

"For Heavens sake, man! don't!" pleased the unfortunate Billington. "God! I never thought of that."

"Of course you didn't think of that," said Holmes. "That's why I'm telling you about it now. You don't dispute my facts, do you?"

"No, I—" Rand began.

"Of course not," said Holmes. "You might as well dispute the existence of the Flat-iron Building. If you don't want to-morrow's papers to be full of this thing you'll hand that package over to me."

"But," protested Rand, "I'm only taking them up to—to a—er—to a broker." Here he gathered himself together and spoke with greater assurance. "I am delivering them, sir, to a broker, on behalf of one of our depositors who—"

"Who has been speculating with what little money he had left, has lost his margins, and is now forced into an act of crime to protect his speculation," said Holmes. "The broker is the notorious William C. Gallagher, who runs an up-town bucket-shop for speculative ladies to lose their pin-money and bridge winnings in, and your depositor's name is Billington Rand, Esq.— otherwise yourself."

"How do you know all this?" gasped Rand.