As a matter of fact, Peggy could hardly have done justice to her varied duties in connection with Commencement, had she brought to them a divided attention. Her knack at rhyming had resulted in her election as class poet, and the same gift, doubtless, had caused her to be chosen one of the editorial staff of the Annual, gotten out each spring by the senior class. Moreover she had a part, though a small one, in the class play that was to be given out-of-doors and promised to be one of the most interesting features of commencement week. Since even for seniors there were lessons to be learned, and examinations to be passed, it is no wonder that Peggy found herself quite occupied without giving thought to the great changes on ahead.

While she struggled with her poem, which she was determined as all class laureates, to make a masterpiece, and scribbled off jokes for the Annual and practised for the play, and studied in her odd minutes, the days had a most disconcerting fashion of shooting by without regard to speed regulations. Every Saturday night awoke in Peggy's mind the same incredulity. Another week was gone—only it couldn't be, for it was no time at all since last Sunday morning. She had an unreasonable impulse to clutch at the flying hours and hold them fast.

But the last spring of her college life was not to be altogether a season of flowers. One afternoon at the close of recitations, Peggy hunted up Ruth who had agreed to go with her for a call on Mary Donaldson.

"Ruth, I'm sorry, but Priscilla and I are going to be busy until after dinner time, probably. It's the Annual again."

"That old Annual takes so much time," scolded Ruth, objecting on principle to anything that separated her from Peggy for these few precious weeks. Poor Ruth was trying to imitate Peggy's example and not look ahead, but there were times when the coming desolation settled over her spirits like a chilling fog. With Peggy and Graham in South America, and Nelson in Oklahoma, Ruth felt that existence would be flat and flavorless.

"Yes, I know it takes time." Peggy resolutely ignored the undertone of tragedy in Ruth's voice. "But somebody has to do it, and anyway, it's fun."

It was due to her lingering to cheer the despondent Ruth that Peggy was the last of the Annual staff to reach the class room, which for that particular evening had been promoted to the dignity of an editorial sanctum. Peggy made her entry on a somewhat hilarious scene. Everybody was laughing, or so Peggy thought. Had she been more observant she would have noticed that Priscilla's face wore no smile, but a look of anxiety, bordering on distress.

"What's the joke?" inquired Peggy, as she took her seat. Though the gathering was made up of college seniors and was therefore a dignified, deliberative assembly, its proceedings were sometimes as informal as if they had been merely a group of high-school girls.

By way of answer, a sheet of card-board that evidently had made the rounds was put in her hand. Peggy looked at it curiously. At the top, under the heading, "The Misfit," was a clever caricature representing a small man attired in garments much too large for him. His broad-brimmed hat came down over his ears, his overcoat trailed on the ground, while the umbrella he carried was more than double his height. But the artist had avoided giving the impression that he was a masquerading child by bringing into prominence a somewhat scraggly mustache.

Peggy smiled appreciatively at the undoubted humor of the drawing and gave her attention to the verses below. But though they showed quite as much ability as the illustration, the effect of reading them was to erase the smile from her lips, leaving her gravely attentive. The laughter had quieted. She was aware that the girls were all watching her, and though she did not raise her eyes, she knew instinctively that Priscilla's face wore a look of apprehension.