"You'd never guess, any of you. It came from my worst enemy." The big fellow threw back his head and laughed a ringing laugh.

"But that tells us nothing. You have a million enemies," blurted out Carl.

"It certainly is from our friends we learn the truth," Hal replied with cheerfulness. "You're not a flatterer, are you, Carlie?"

"But I can't imagine who should present you with a gold watch," Carl mused, ignoring the comment.

"Oh, you're not half bright to-day. What's the matter with you?" hectored Hal, who was enjoying the sensation he had created.

"He's eaten too much turkey," Tim piped.

"I guess that's it," agreed young Harling. "Come, gather your wits together. Louise guessed the conundrum. You ought to be as smart as she is."

Vaguely Carl studied his friend's face.

"Of course it couldn't be from Corcoran," ventured he, as if thinking aimlessly.

"And why not?"