MISS DAY was having quite a large party for cocoa in her room. She had invited not only her own chosen friends from Heath Hall, but also two or three congenial spirits from Katharine Hall. Five or six merry-looking girls were now assembled in her room. Miss Day's room was one of the largest in the college; it was showily furnished, with an intention to produce a Japanese effect. Several paper lanterns hung from the ceiling and were suspended to wire supports, which were fastened to different articles of furniture.

In honor of Miss Day's cocoa, the lanterns were all lit now, and the effect, on fans and pictures and on brilliant bits of color, were grotesque and almost bizarre.

Miss Day thought her room lovely. It was dazzling, but the reverse of reposeful.

The girls were lounging about, chatting and laughing; they were having a good time and were absolutely at their ease. One, a red-haired girl, with frank, open blue eyes and a freckled face, an inmate of Katharine Hall, was sending her companions into fits of laughter.

"Yes," she was saying in a high, gay voice, "I'm not a bit ashamed of it; there's never the least use in not owning the truth. I'm used up, girls: I haven't a pennypiece to bless myself with, and this letter came from Spilman to-night. Spilman says he'll see Miss Eccleston if I didn't pay up. Madame Clarice wrote two nights ago, declaring her intention of visiting Miss Eccleston if I didn't send her some money. I shall have no money until next term. There's a state of affairs!"

"What do you mean to do, Polly?" asked Lucy Marsh in a sympathizing tone.

"Do? My dear creature, there's only one thing to be done. I must have an auction on the quiet. I shall sell my worldly all. I can buy things again, you know, after dad sends me his next allowance."

"Oh, Polly, but you cannot really mean it!" Miss Marsh, Miss Day and two or three more crowded around Polly Singleton as they spoke.

"You can't mean to have an auction," began Miss Day; "no one ever heard of such a thing at St. Benet's. Why, it would be simply disgraceful!"

"No, it wouldn't— don't turn cross, Annie. I'll have an auction first and then a great feed in the empty room. I can go on tick for the feed; Jones, the confectioner, knows better than not to oblige me. He's not like that horrid Spilman and that mean Madame Clarice."

"But, Polly, if you write to your father, he'll be sure to send you what you want to clear off those two debts. You have often told us he has lots of money."

"My dears, he has more tin than he knows what to do with; but do you think I am going to have the poor old dear worried? When I was coming here he said, Polly, you shall have thirty pounds every term to spend as pocket money; not a penny more, not a penny less. And you must keep out of debt on it; mind that, Polly Singleton.' I gave the dear old dad a hug. He's the image of me— only with redder hair and more freckles. And I said, I'll do my best, dad, and, anyhow, you sha'n't be put out whatever happens.'"

"Then you didn't tell him you'd keep out of debt?"

"No, for I knew I'd break my word. I've always been in debt ever since I could remember. I wouldn't know how it felt not to owe a lot of money. It's habit, and I don't mind it a bit. But I don't want dad to know, and I don't want Miss Eccleston to know, for perhaps she would write to him. If those old horrors won't wait for their money till next term, why there's nothing for it but an auction. I have some nice things and they'll go very cheap, so there's a chance for you all, girls."

"But if Miss Eccleston finds out?" said Miss Day.

"What if she does? There's no rule against auctions, and, as I don't suppose any of you will have one, it isn't worth making a rule for me alone. Anyhow, I'm resolved to risk it. My auction will be on Monday, and I shall make out an inventory of my goods tomorrow."

"Will you advertise it on the notice-board in your hall, dear?" asked Lucy Marsh.

"Why not? A good idea! The great A. will be held in Miss Singleton's room, from eight to ten o'clock on the evening of Monday next. Great Bargains! Enormous Sacrifice! Things absolutely given away! Oh, what fun! I'll be my own auctioneer."

Polly lay back in her armchair and laughed loudly.

"What is all this noise about?" asked a refined little voice, and Rosalind Merton entered the room.

Two or three girls jumped up at once to greet her.

"Come in, Rosie; you're just in time. What do you think Miss Singleton is going to do now?"

"I can't tell; what?" asked Rosalind. "Something outre', I feel certain."

Polly made a wry face and winked her eyes at her companions.

"I know I'm not refined enough for you, Miss Merton," she drawled. "I'm rough, like my dad, rough and ready; but, at any rate, I'm honest— at least, I think I'm honest. When I owe money, I don't leave a stone unturned to pay what I owe. Having sinned, I repent. I enter the Valley of Humiliation and give up all. Who can do more?"

"Oh, dear, Polly, I don't think I'd call owing a little money sinning," said Lucy Marsh, whose ideas were known to be somewhat lax.

"Well, my dear, there's nothing for those in debt but to sell their possessions. My auction is on Monday. Will you come, Rosalind?"

"You don't mean it," said Rose, her blue eyes beginning to sparkle.

"Yes, I do, absolutely and truly mean it."

"And you will sell your things— your lovely things?"

"My things, my lovely, lovely things must be sold."

"But not your clothes? Your new sealskin jacket, for instance?"

Polly made a wry face for a moment. Putting her hand into her pocket, she pulled out Spilman's and Madame Clarice's two bills.

"I owe a lot," she said, looking with a rueful countenance at the sum total. "Yes, I even fear the sealskin must go. I don't want to part with it. Dad gave it me just before I came here."

"It's a lovely seal," said Annie Day, "and it seems a sin to part with it; it's cut in the most stylish way too, with those high shoulders."

"Don't praise it, please," said Polly, lying back in her chair and covering her eyes with her hand. "It cuts like a knife to part with dad's last present. Well, I'm rightly punished. What a fool I was to get all those Japanese things from Spilman and that fancy ball-dress for the theatricals. Oh, dear! Oh, dear!"

"Perhaps you won't want to part with your seal, dear," said Lucy, who was not so greedy as some of the other girls and really pitied Polly. "You have so many beautiful things without that, that you will be sure to realize a good bit of money."

"No, Lucy, I owe such a lot; the seal must go. Oh, what a worry it is!"<............