actual delivery, an unusual situation.'
'Hananish pointed that out,' said Holmes.
'I arrange payment with legal tender, undoubtedly using Credit Lyonnais bank notes. These certificates of indebtedness imply a mortgage, chattel, which is not the case. You're selling, I'm buying.'
Had Holmes' aquiline nose been capable, it certainly would have been quivering at this point. Yet he indulged in a lengthy silence, finally breaking it with a suggestion. 'Let us proceed with Hananish's explanation of the matter.'
'It may be dead-on,' admitted the American. 'Financial houses can become mired down with unnecessary complexities while inefficient ones dote on them.'
'The gold is gathered by the consortium of banks. Trelawney is involved, possibly Michaels, and certainly Hananish.' Holmes shot a glance at Orloff and I suspected that there had been discussion about the possible connection among the three men named. 'The gold is ready for shipment and the bankers are in receipt of the legal tender; certificates, or whatever, from the Credit Lyonnais.'
'How did that happen?' asked Wally bluntly.
'Hananish said it did.'
'According to him, the French have paid for something they do not have.' For the first time, Wally's homeland became apparent in his style of speech. 'I mean, we're all friends together and all that. Everybody trusts everybody else, but doesn't it seem a mite casual?'
'When viewed in that light, it does,' admitted the sleuth.
'Something's amiss in Denmark, Mr. Holmes,' said Wally, misquoting.
'Rotten,' I said.
'What?' queried the American.
'I was just . . . never mind.' I wished I'd kept silent.
Though we had arrived at a breakthrough and something specific for the confidence expert to explore, Holmes was not prepared to abandon the matter. 'How would you arrange this matter?' he asked Wally. 'On the up and up, of course.' Evidently, Holmes regretted his last sentence for he shot me a quick glance. Fortunately, I was able to preserve a bland expression.
Wally had a ready answer. 'The gold is ready for shipment. On behalf of the Credit Lyonnais, I would make payment to the west coast banks when the Inter-Ocean insurance policy is made out in favor of the Credit Lyonnais. That way if the gold is not delivered, the French banking firm is covered for the entire period of the transaction.'
'Hananish said the insurance policy was made out to the Birmingham and Northern, which was committed to turn it over to the west coast banks if the gold disappeared.'
'Did he, now? Then Hananish and his banking cronies had the French payment and the gold and in addition were covered by the Inter-Ocean insurance policy.'
In spite of myself, I found words again. 'Hananish stated specifically that the French certificates became valueless if the gold shipment was stolen.'
The American exhibited a wise smile that had the good grace not to seem condescending. 'I'm willing to accept the possibility that the French issued some sort of dated certificates that cease to be convertible if the gold shipment does not cross the Channel. It's cumbersome, but not all things are done the easy way. Even so, for a brief period, the bankers here have half a million in gold and also something more than that in Credit Lyonnais notes. A million pounds all told and when you are dealing with that much money, a day or even an hour can make a big difference.'
Faced with such logic, I could do naught but agree. 'And they were insured as well, as you pointed out,' I said.
'We certainly have meat for the table of thought here,' said Holmes, and I knew he was fascinated by the possibilities that had opened up. 'Our visit to the financier bore richer dividends than we expected, Watson. Perhaps it was worth the difficulties you encountered later.'
Noting my gesture of agreement, Holmes' attention returned to the American. 'We seem to have explored the matter of Burton Hananish thoroughly. Do you have anything to mention?'
'Yes and it makes more sense now that there is the aroma of stale fish in the air.' Wally's eyes shifted to Orloff briefly. 'A chance remark by your friend the bank examiner put me on to something just before coming here. Hananish may be trading very heavily in gold, for he just might have sold four hundred thousand pounds' worth to the Deutsche Bank.'
Holmes' noble head, lowered in thought, suddenly jerked upward. Orloff looked puzzled.
'What does that have to do with this French situation?'
'Probably nothing, but for a small bank Hananish is certainly active in precious metals. I don't know whether this German sale was made through the consortium of banks or not. If Hananish transacted it solo, he has a lot of gold available.'
Holmes' voice was never calmer, but there was a bright light in his eyes. 'When Watson and I spoke with him, the financier mentioned that the Credit Lyonnais might go to the Deutsche Bank for the gold it now needs. He was quick to cover up the statement, but those were his words.'
Wally had bounded to his feet, his handsome face aglow. 'Are you thinking what I'm thinking, Mr. Holmes?'
'I imagine we are all savoring the idea,' responded the sleuth. 'A half a million is stolen from the Birmingham and Northern flyer, and of a sudden, Hananish has four hundred thousand available to sell to the Germans.'
'We've got him, Mr. Holmes,' exclaimed the American. 'He's nailed to the cross.'
'But we shall follow the diplomatic adage and make haste slowly,' said my friend in a cautionary manner. Of course he was stimulated, nay downright excited. He had to be, for it would seem that detailed investigation, a careful sifting of facts, and a meticulous piecing together of the pieces of a puzzle had paid off again. All the things that Holmes had lectured me on since our first coming together had again proved their worth, but my intimate friend was always intent on tightening the net until not a minnow could escape.
His keen face centered on Orloff. 'First we must check the amount of gold that Hananish might have access to.' Now the sleuth's eyes speared the ebullient American. 'The details of the Deutsche Bank sale can be secured, I'm sure.'
Wally, who had recovered his composure, nodded.
'And now, Watson and I must return to London on the evening train for there is a shooting match between the Bagatelle Club rifle squad and Alvidon Chasseur's Wellington Club team.'
Both Orloff and Wally looked befuddled at this sudden switch of subjects, and Holmes elaborated with a chuckle. 'From the very beginning of this tangled skein, the army, in an unofficial way, has been in evidence. The late Ezariah Trelawney and Ramsey Michael were veterans of the Crimea War, as is Burton Hananish. The security chief of the B & N railroad was formerly with the army of India. Lastly, the robbery of the Birmingham and Northern flyer was planned like a military maneuver, while a number of big businesses are hiring former army personnel for their expertise with firearms. I do not choose to accept this as a coincidence. Come, Watson, we'd best make ready for our journey to London.' There was a pleased lilt to Holmes' voice, for he was returning to Baker Street.
Chapter 12
At the Wellington Gun Club
ON THE train back from Gloucester, Holmes was wrapped up in his thoughts. I did not intrude on them, feeling that he was planning his next move. While he had made mention of the marksmanship contest, surely there were more leads to be followed and Holmes could not have anticipated the results of our journey to the west coast.
We were approaching Reading when the sleuth roused himself from a thoughtful silence and seemed disposed to discuss the matter, which found great favor with me, as I had my usual assortment of questions.
'Watson, there's more to it, you know.' He was gazing out the window at the passing countryside, and I forced myself to smother a banal response like, 'There is?'
'But we should be thankful for that,' he continued.
