In the center of Grace's bundle, securely wrapped in fold after fold of tissue paper, was a little box.

It contained one hundred and fifteen dollars in bills.

Wrapped about the bills was the following note addressed to Esther Barlow, the freshman Grace had encountered that afternoon: "Merry Christmas to yourself and your seven freshmen friends.

Santa Claus." [Illustration: Each Girl Carried an Unwieldy Bundle.] "How can we manage to deliver this stuff without being seen ?" demanded Arline.

"My arms ache already, and we haven't walked a block." Grace set down her bundle on a convenient horse block and paused to consider.