Mary Keaton, Vivian Kirkwood (née Revere), and Ruth Westcott have just run into each other having not seen each other in ten years since they graduated from Public School 62 together, and become friends of sorts in their re-acquaintance. Their intervening lives went much as probably would have been predicted when they were in public school: Mary, the troublemaker who almost didn't graduate with her class, spent some time in a reformatory but went straight and became a showgirl; Vivian, the popular beauty with a charmed life, married wealthy and renowned lawyer Robert Kirkwood, the two with an adolescent son, Robert Jr.; and Ruth, the quiet, hard-working, smart one, who became a stenographer. While Mary's life took a positive turn since her reformatory years, Vivian has come to the realization that she is unhappy with her life, its path a little too easy in its predetermination. She realizes she probably never loved Robert. Her quest for pleasure, with a blessing of sorts from Robert who doesn't want his wife, whom he still loves, to be as distant as she seems, will affect Mary, as well. Their collective destinies may be foreshadowed by an old wives' tale about three sharing a single match, from which the film takes its name.