A knock on the door interrupted the two girls. Madge opened the door to a boy, who handed her a small parcel addressed in a curious handwriting to "Miss Madge Morton." The letters were printed, but the writing did not look like a child's. It was the fiftieth graduating gift that she had received. Phil's number had already reached the half-hundred mark. Madge dropped her newest package on the bed without opening it. She was half-way out in the hall when Phyllis pulled her back. "Look me straight in the face," ordered Phil. Madge obeyed, the flash in her eyes fading swiftly. "Now, see here, dear," argued Phyllis, "suppose that Miss Matilda had chosen me to deliver the valedictory instead of you, wouldn't you have been glad?" Madge nodded happily. "I should say I would," she murmured fervently. Phyllis laughed, then leaned over and kissed her friend triumphantly. "There, you have said just what I wanted to make you say," went on Phil. "You say you would be glad if Miss Tolliver had chosen me for the valedictorian instead of you. Why can't you let me have the same feeling about you? Please, please understand, Madge, dear"--the tears started to Phil's eyes--"that no one has been unfair to me because you were Miss Matilda's choice." Madge glanced nervously at the little gold clock on their mantel shelf. "It is nearly time for the entertainment to begin, isn't it?" she inquired. "I suppose Miss Jenny Ann will call us in time. What a lot of noise the girls are making in the hall!" She idly untied her latest graduating gift. It was a small box, made after a fashion of long years ago, and its tops and sides were encrusted with tiny shells. On one side of the box the word "Madge" was worked out in tiny shells as clear and beautiful as jewels. Inside the box, on a piece of cotton, was a single, wonderful pearl. It was unset, but the two girls realized that it was rarely beautiful. There was no name in the box, no card to show from whom it came. Madge turned the box upside down and peered inside of it. "I don't know who could have sent this to me," she declared, in a puzzled fashion. "Mrs. Curtis is the only rich person I know in the whole world, and she has already given us her presents. I must show this to Uncle and Aunt. I am afraid they won't wish me to keep it. But I don't know how we are ever going to return it to the giver when he or she is anonymous." "Isn't that Miss Jenny Ann calling?" Madge turned pale with the excitement of the coming hour and thrust the gift under her pillow. Phyllis picked up a great bunch of red roses. The eventful moment had arrived. The graduating exercises at Miss Matilda Tolliver's were about to begin!