"Except your stenographer," corrected the scientist.

"I work for days, weeks, sometimes months, perfecting plans, and it's all in my head, not on paper—not a scratch of it," explained Grayson. "When I say that she is in my confidence, I mean that she knows my plans only half an hour or less before the machinery is put into motion. For instance, I planned this P., Q. & X. deal. My brokers didn't know of it; Miss Winthrop never heard of it until twenty minutes before the Stock Exchange opened for business. Then I dictated to her, as I always do, some short letters of instructions to my agents. That is all she knew of it."

"You outlined the plan in those letters?"

"No; they merely told my brokers what to do."

"But a shrewd person, knowing the contents of all those letters, could have learned what you intended to do?"

"Yes; but no one person knew the contents of all the letters. No one broker knew what was in the other letters. Miss Winthrop and I were the only two human beings who knew all that was in them."

The Thinking Machine sat silent for so long that Grayson began to fidget in his chair. "Who was in the room besides you and Miss Winthrop before the letters were sent?" he asked at last.

"No one," responded Grayson emphatically. "For an hour before I dictated those letters, until at least an hour afterward, after my plans had gone to smash, no one entered that room. Only she and I work there."

"But when she finished the letters, she went out?" insisted The Thinking Machine.

"No," declared the financier, "she didn't even leave her desk."