That had not appeared to mean anything of importance up to that time, but in the light of recent revelations it suggested that the note had been written soon after Baldwin’s arrival at the private hospital, before either operation had taken place.

If that had been the case, no element of gratitude could have entered into the matter. And not only that, Baldwin was a shrewd man of affairs, and would never have consented to write such a note except in return for value received.

In other words, it became startlingly clear to the detective that the financier had not been himself when he had written to Craven.

But what about the sureness of the handwriting, which had always been characteristic of Baldwin, despite his handicap of blindness?

That would have puzzled almost any other detective in the country, but it did not long stand in Nick Carter’s way.

His mind played over the various possible theories with lightninglike rapidity and quickly focused upon one, which alone answered every requirement.

The note must have been written and signed at Grantley’s dictation while his distinguished patient was under hypnotic influence.

Men of Baldwin’s type are not usually susceptible to hypnotism, but the financier had trusted Grantley implicitly, and, doubtless, had never known the base use to which the surgeon had put his confidence.

He probably had been unaware that he was being hypnotized, and, of course, had had no recollection of writing the note when Grantley had restored him to consciousness.

As for the normal character of the handwriting, that was easily explained. Baldwin had been accustomed for years to write without seeing what he wrote. Therefore, the peculiar condition of the hypnotic sleep would not have modified his handwriting to any such extent as would have been the case with an ordinary person. In fact, they would not necessarily have modified it at all, any more than they modify one’s voice, or walk, or manner of using the hands.