"Tilly's watch has been stolen," said Priscilla.

"What, out of the hole where she left it that day?" asked Emma. "I told you, Tilly, it wasn't safe to leave your watch there, under that stone. When did you miss it?"

The girls who stood round were astonished to see Tilly turn first pale and then scarlet, and then, after standing for a minute staring at Emma, rush down the steps and up the path which led to the stile.

"What do you mean, Emma? What stone?" asked Emily.

"Why, the stone where she put it on team-day," replied Emma, and then, guessing what had happened, she burst out laughing, and exclaimed:

"You don't mean to say that Tilly forgot where she put it, and then thought somebody had stolen it? That is too good!"

"It hasn't been any joke at all, I can tell you, Emma," said Emily, gravely. "Tilly missed her watch, and she has accused Flora Lester of taking it; and a great many of the girls believed her. Poor Florry has been treated shamefully. But let us go after Tilly, and see if she finds her watch."

The girls hurried up the path, and arrived in time to see Tilly draw forth her watch and chain safe and sound.

"Well, you are smart!" exclaimed Emma, contemptuously, while Tilly stood with her eyes on the ground, too much abashed to say a word.

"Did she really put it there, Emma?" asked several of the girls. "Did you see her?"