"Chief," he said, "either the Armitage woman is perfectly innocent or else she's infernally clever. I've pumped everyone dry about her, and a certain friend of mine, whom you know, has made a point of getting next to the lady herself. She's dined there a couple of times and has talked to her at a dozen teas and receptions. But without success. Mrs. Armitage has been very frank and open about what she calls her 'good fortune' on the stock market. Says she followed her intuition and sold short when everyone else was buying. What's more, she says it with such a look of frank honesty that, according to Madelaine, you almost have to believe her." "Has Miss James been able to discover anything of the lady's past history?" "Nothing more than we already know--born in England--husband made a fortune in South Africa--died and left it to her. Have you tried tracing her from the other side?" "Yes, but they merely disclaim all knowledge of her. Don't even recognize the description. That may mean anything. Well," and chief sighed rather disconsolately, for the leak puzzle had been a knotty one from the start, "I guess we'd better drop her. Too many other things going on to worry about a woman whose only offense seems to be an intuitive knowledge of the way Wall Street's going to jump." It was at that moment that Mahoney, assistant to the chief, came in with the information that the Secretary of State desired the presence of the head of the Secret Service in his office immediately. In answer to a snapped, "Come along--this may be something that you can take care of right away!" Taylor followed the chief to the State Department, where they were soon closeted with one of the under secretaries. "You are familiar with the Carruthers Code?" inquired the Assistant Secretary. "I know the principle on which it operates," the chief replied, "but I can't say that I've ever come into contact with it." "So far as we know," went on the State Department official, "it is the most efficient cipher system in the world--simple, easy to operate, almost impossible to decode without the key, and susceptible of being changed every day, or every hour if necessary, without impairing its value. However, in common with every other code, it has this weakness--once the key is located the entire system is practically valueless. "When did you discover the disappearance of the code secret?" asked Taylor, examining his cigarette with an exaggerated display of interest. "How did you know it was lost?" demanded the Under Secretary. "I didn't--but the fact that your chief sent for mine and then you launch into a dissertation on the subject of the code itself is open to but one construction--some one has lifted the key to the cipher."