"How do you know he hasn't it already?"

"He doesn't return from New York until six o'clock this evening, and the paper is far too valuable to intrust to the mails or to an underling. Remember, I'm not certain that it is he who is supposed to get the paper eventually, but I do know who impersonated Mrs. Prentice, and I likewise know that the lady in question has not communicated with any foreign official in person. Beyond that we'll have to take a chance on the evening's developments," and the receiver was replaced before Taylor could frame any one of the score of questions he wanted to ask.

Even at the reception that night he was unable to get hold of Madelaine James long enough to find out just what she did know. In fact, it was nearly midnight before he caught the signal that caused him to enter one of the smaller and rather secluded rooms apart from the main hall.

There he found a tableau that was totally unexpected.

In one corner of the room, her back against the wall and her teeth bared in a snarl which distorted her usually attractive features into a mask of hate, stood Mrs. Armitage. Her hands were crossed in front of her in what appeared to be an unnatural attitude until Taylor caught a glimpse of polished steel and realized that the woman had been handcuffed.

"There," announced Madelaine, "in spite of your friend the watchman, stands 'Mrs. Prentice.' You'll find the green cloak in one of the closets at her home, and the stethoscope is probably concealed somewhere around the house. However, that doesn't matter. The main thing is that we have discovered the missing slip of paper. You'll find it on the table over there."

Taylor followed the girl's gesture toward a table at the side of the room. But there, instead of the cipher key that he had expected, he saw only—a gold bracelet!

"What's the idea?" he demanded. "Where's the paper?"

"Snap open the bracelet," directed the girl. "What do you see?"

"It looks like—by gad! it is!—a tightly wrapped spindle of paper!" and a moment later the original of the Carruthers Code reposed safely in the Secret Service agent's vest pocket. As he tossed the empty bracelet back on the table he heard a sound behind him and turned just in time to see the woman in the corner slip to the floor in a dead faint.