_Bought_ _Sold_ £ _s._ _d._ £ _s._ _d._ 1. War Loan 5% 328 4 2 2. Australia 6% 568 5 0 3. Great Western Ord. 1039 1 3 4. Associated News Ord. 936 6 3 5. Aerated Bread 713 9 2 6. Barclay’s Bank 991 18 1 7. Alliance Assurance 394 10 19 8. Lyons 463 17 5 9. Picardie Hotel 205 14 11 10. Anglo-American Oil 748 3 9 11. War Loan 4% 403 18 10 12. British East Africa 6% 401 3 9 13. L. & N. E. 292 1 1 14. Brit. American Tobacco 898 5 7 15. Army & Navy Stores 1039 0 4 16. Lloyd’s Bank 586 10 10 17. Atlas Assurance 922 4 5 18. Telegrams 16 7 19. Maple 90 19 6 20. Mappin & Webb 463 4 5 21. Amalgamated Oils 748 5 7 22. War Loan 4½% 568 2 3 23. Canadian Govt. 3½% 958 5 6 24. Balances 17 3 25. Metropolitan Railway 812 10 4 26. _Daily Looking Glass_ Ord. 895 19 8 27. J. Barker 371 18 11 --- --- --- --- --- --- £6935 12 1 £9127 18 2 6935 12 1 --- --- --- £2192 6 1 The first question which occurred to French was whether, assuming the list did contain some secret message, this was hidden in the names of the stocks or in the money, or in both? Taking the former idea first, he began trying to form words out of certain letters of the names, selected on various plans. The initials, W, A, G, A, A, . . . were not promising, even when read bottom upwards, J, D, M, B, C. . . . Nor were the final letters, downwards and upwards, any better. Those next the initials and the penultimates were equally hopeless, nor did diagonal arrangements promise better.