As James Abbott, Frank Arthur and Martin Wynne, college chums, are bidding farewell to one another at the commencement ball, James discovers that May Scott, whom he loves, favors Frank. He conceals his disappointment and just before they part, he suggests that each man write on a slip of paper, to be put in the back of his watch, the words "Until we three meet again, Thursday, June 12th, ten years from today."

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