French tried every plan he could think of, working steadily and methodically through the various cases of each, and not leaving it until he was satisfied that he was on the wrong track. He came on no solution, but he did make one discovery which seemed to indicate that the message, if such existed, was contained in the money columns rather than in the names. He noticed that in the majority of cases the names of the various stocks began with one of the earlier letters of the alphabet, and where this did not obtain, the stock in question was one of the first of that kind of stock to be quoted. He picked up a _Daily Mail_ and looked at the financial page. The stocks were divided under various headings, British Stocks, Overseas Dominions, Home Railways, Canadian and Foreign Railways, and such like. The first division was British Stocks, and the first item in it was War Loan 5%. But the first item on Mrs. Vane’s list was War Loan 5%. The second item on the list was Australia 6%, and referring to the _Daily Mail_ once more, French saw that Australia 6% was the first item on the second division. This was sufficiently interesting, but when he found that the next five items, Great Western, Associated News, Aerated Bread, Barclay’s Bank, and Alliance Assurance were each the first of their respective divisions, he felt he had stumbled upon something more than a coincidence. He re-examined the list on this new basis, only to find his conclusions verified. Apparently the person writing it had simply copied down the stocks given in some paper—probably the _Daily Mail_. In order to obtain variety and to make an unsuspicious-looking list, he had not simply copied them consecutively; he had taken the first out of each division. Then he had gone over the divisions again, using the second name in each case, and so on until he had obtained the whole twenty-five names that he had required. It had not been done with absolute accuracy, but there was no doubt of the general method. From this it followed that any message which the list might convey was contained in the money columns, and French accordingly transferred his attention to the latter. The amounts extended from 16s. 7d. up to £1039, and varied surprisingly between these extremes. There were none in the £100’s or the £600’s, but all the other hundreds were represented. Speaking broadly, there were more of the £800’s and £900’s than of the lower numbers. But he could not see where any of these facts tended.