I, too, think the holes are legitimate European worm holes. I have seen those on a good many European walnut stocks. I am certain they are a different species than Eric's powder post beetles. In my experience, those tiny holes don't always weaken the stock badly, and make me think of old original wood. Being a collector of "history" more then "condition", I love that carved stock with all the worm holes, and admire your research efforts. Good going and good luck divining the letters' meaning. Bill Paton