"Peculiar–that is the very word," said Holmes. "It is not an English paper at all. Hold it up to the light."

I did so, and saw a large E with a small g, a P, and a large G with a small t woven into the texture of the paper.

"What do you make of that?" asked Holmes.

"The name of the maker, no doubt; or his monogram, rather."

"Not at all. The G with the small t stands for 'Gesellschaft,' which is the German for 'Company.' It is a customary contraction like our 'Co'. P, of course, stands for 'Papier'. Now for the Eg. Let us glance at our Continental Gazetteer." He took down a heavy brown volume from his shelves. "Eglow, Eglonitz–here we are, Egria. It is in a German-speaking country–in Bohemia, not far from Carlsbad. 'Remarkable as being the scene of the death of Wallenstein and for its numerous glass-factories and paper-mills.' Ha, ha, my boy, what do you make of that?" His eyes sparkled, and he sent up a great blue triumphant cloud from his cigarette.

"The paper was made in Bohemia," I said.

"Precisely. And the man who wrote the note is a German. Do you note the peculiar construction of the sentence–'This account of you we have from all quarters received.' A Frenchman or Russian could not have written that. It is the German who is so uncourteous to his verbs. It only remains, therefore, to discover what is wanted by this German who writes upon Bohemian paper and prefers wearing a mask to showing his face. And here he comes, if I am not mistaken, to resolve all our doubts."

As he spoke there was the sharp sound of horses' hoofs and grating wheels against the curb, followed by a sharp pull at the bell. Holmes whistled.

"A pair, by the sound," said he. "Yes," he continued, glancing out of the window. "A nice little brougham and a pair of beauties. A hundred and fifty guineas apiece . There's money in this case, Watson, if there is nothing else."

"I think that I had better go, Holmes."

"Not a bit, Doctor. Stay where you are. I am lost without my Boswell. And this promises to be interesting. It would be a pity to miss it."

"But your client–"

"Never mind him. I may want your help, and so may he. Here he comes. Sit down in that armchair, Doctor, and give us your best attention."