“Ah, a hiding-place⁠—that is better!” cried Stanley Hopkins. “Yes, yes, I see it all now! It was early, there were folk upon the roads, they were afraid of being seen with the silver, so they sank it in the pond, intending to return for it when the coast was clear. Excellent, Mr. Holmes⁠—that is better than your idea of a blind.”

“Quite so, you have got an admirable theory. I have no doubt that my own ideas were quite wild, but you must admit that they have ended in discovering the silver.”

“Yes, sir⁠—yes. It was all your doing. But I have had a bad setback.”

“A setback?”

“Yes, Mr. Holmes. The Randall gang were arrested in New York this morning.”