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been of red silk, but was a good deal discoloured. There was no maker's name; but, as Holmes had remarked, the initials "H. B." were scrawled upon one side. It was pierced in the brim for a hat-securer, but the elastic was missing. For the rest, it was cracked, exceedingly dusty, and spotted in several places, although there seemed to have been some attempt to hide the discoloured patches by smearing them with ink.

      "I can see nothing," said I, handing it back to my friend.

      "On the contrary, Watson, you can see everything. You fail, however, to reason from what you see. You are too timid in drawing your inferences."

      "Then, pray tell me what it is that you can infer from this hat?"

      He picked it up and gazed at it in the peculiar introspective fashion which was characteristic of him. "It is perhaps less suggestive than it might have been," he remarked, "and yet there are a few inferences which are very distinct, and a few others which represent at least a strong balance of probability. That the man was highly intellectual is of course obvious upon the face of it, and also that he was fairly well-to-do within the last three years, although he has now fallen upon evil days. He had foresight, but has less now than formerly, pointing to a moral retrogression, which, when taken with the decline of his fortunes, seems to indicate some evil influence, probably drink, at work upon him. This may account also for the obvious fact that his wife has ceased to love him."

      "My dear Holmes!"

      "He has, however, retained some degree of self-respect," he continued, disregarding my remonstrance. "He is a man who leads a sedentary life, goes out little, is out of training entirely, is middle-aged, has grizzled hair which he has had cut within the last few days, and which he anoints with lime-cream. These are the more patent facts which are to be deduced from his hat. Also, by the way, that it is extremely improbable that he has gas laid on in his house."

      "You are certainly joking, Holmes."

      "Not in the least. Is it possible that even now, when I give you these results, you are unable to see how they are attained?"

      "I have no doubt that I am very stupid, but I must confess that I am unable to follow you. For example, how did you deduce that this man was intellectual?"

      For answer Holmes clapped the hat upon his head. It came right over the forehead and settled upon the bridge of his nose. "It is a question of cubic capacity," said he; "a man with so large a brain must have something in it."

      "The decline of his fortunes, then?"

      "This hat is three years old. These flat brims curled at the edge came in then. It is a hat of the very best quality. Look at the band of ribbed silk and the excellent lining. If this man could afford to buy so expensive a hat three years ago, and has had no hat since, then he has assuredly gone down in the world."

      "Well, that is clear enough, certainly. But how about the foresight and the moral retrogression?"

      Sherlock Holmes laughed. "Here is the foresight," said he putting his finger upon the little disc and loop of the hat-securer. "They are never sold upon hats. If this man ordered one, it is a sign of a certain amount of foresight, since he went out of his way to take this precaution against the wind. But since we see that he has broken the elastic and has not troubled to replace it, it is obvious that he has less foresight now than formerly, which is a distinct proof of a weakening nature. On the other hand, he has endeavoured to conceal some of these stains upon the felt by daubing them with ink, which is a sign that he has not entirely lost his self-respect."

      "Your reasoning is certainly plausible."

      "The further points, that he is middle-aged, that his hair is grizzled, that it has been recently cut, and that he uses lime-cream, are all to be gathered from a close examination of the lower part of the lining. The lens discloses a large number of hair-ends, clean cut by the scissors of the barber. They all appear to be adhesive, and there is a distinct odour of lime-cream. This dust, you will observe, is not the gritty, grey dust of the street but the fluffy brown dust of the house, showing that it has been hung up indoors most of the time, while the marks of moisture upon the inside are proof positive that the wearer perspired very freely, and could therefore, hardly be in the best of training."

      "But his wife—you said that she had ceased to love him."

      "This hat has not been brushed for weeks. When I see you, my dear Watson, with a week's accumulation of dust upon your hat, and when your wife allows you to go out in such a state, I shall fear that you also have been unfortunate enough to lose your wife's affection."

      "But he might be a bachelor."

      "Nay, he was bringing home the goose as a peace-offering to his wife. Remember the card upon the bird's leg."

      "You have an answer to everything. But how on earth do you deduce that the gas is not laid on in his house?"

      "One tallow stain, or even two, might come by chance; but when I see no less than five, I think that there can be little doubt that the individual must be brought into frequent contact with burning tallow—walks upstairs at night probably with his hat in one hand and a guttering candle in the other. Anyhow, he never got tallow-stains from a gas-jet. Are you satisfied?"

      "Well, it is very ingenious," said I, laughing; "but since, as you said just now, there has been no crime committed, and no harm done save the loss of a goose, all this seems to be rather a waste of energy."

      Sherlock Holmes had opened his mouth to reply, when the door flew open, and Peterson, the commissionaire, rushed into the apartment with flushed cheeks and the face of a man who is dazed with astonishment.

      "The goose, Mr. Holmes! The goose, sir!" he gasped.

      "Eh? What of it, then? Has it returned to life and flapped off through the kitchen window?" Holmes twisted himself round upon the sofa to get a fairer view of the man's excited face.

      "See here, sir! See what my wife found in its crop!" He held out his hand and displayed upon the centre of the palm a brilliantly scintillating blue stone, rather smaller than a bean in size, but of such purity and radiance that it twinkled like an electric point in the dark hollow of his hand.

      Sherlock Holmes sat up with a whistle. "By Jove, Peterson!" said he, "this is treasure trove indeed. I suppose you know what you have got?"

      "A diamond, sir? A precious stone. It cuts into glass as though it were putty."

      "It's more than a precious stone. It is the precious stone."

      "Not the Countess of Morcar's blue carbuncle!" I ejaculated.

      "Precisely so. I ought to know its size and shape, seeing that I have read the advertisement about it in The Times every day lately. It is absolutely unique, and its value can only be conjectured, but the reward offered of 1000 pounds is certainly not within a twentieth part of the market price."

      "A thousand pounds! Great Lord of mercy!" The commissionaire plumped down into a chair and stared from one to the other of us.

      "That is the reward, and I have reason to know that there are sentimental considerations in the background which would induce the Countess to part with half her fortune if she could but recover the gem."

      "It was lost, if I remember aright, at the Hotel Cosmopolitan," I remarked.

      "Precisely so, on December 22nd, just five days ago. John Horner, a plumber, was accused of having abstracted it from the lady's jewel-case. The evidence against him was so strong that the case has been referred to the Assizes. I have some account of the matter here, I believe." He rummaged amid his newspapers, glancing over the dates, until at last he smoothed one out, doubled it over, and read the following paragraph:

      "Hotel Cosmopolitan Jewel Robbery. John Horner, 26, plumber, was brought up upon the charge of having upon the 22nd inst., abstracted from the jewel-case of the Countess of Morcar the valuable gem known as the blue carbuncle. James Ryder, upper-attendant at the hotel, gave his evidence to the effect that he had shown Horner up to the dressing-room of the Countess of Morcar upon the day of the robbery in order that he might solder the second bar of the grate, which was loose. He had remained with Horner some

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