“What have you there, Tom?” asked Jack. They were in their room, some time after the riot over the burning effigy, and following a more bountiful supper than they had partaken of in many a long day. They had talked over the events and Sam Heller’s desertion.

“Oh, but you should see those boys eat!” exclaimed Mrs. Blackford to her husband, after a visit to the dining hall.

“I don’t blame them,” was the answer. “I’m glad it’s over, and that they have won. I never did like that Skeel.” The monitor had confided to Tom that as soon as Doctor Meredith had word of the return of the students from their unsuccessful trip toward the town, he had ordered a big supper gotten ready. And now Tom and his chum were in their room, tired but happy.

“This,” remarked Tom, as he looked at the object to which Jack referred, “this is a pocketbook I picked up out on the campus near the flag pole. Some one dropped it during the excitement, I guess. I’ll see if there’s a name in it, so I can send it back.”

He opened it. There were some banknotes and a number of papers. Tom rapidly looked the latter over, and, as he caught sight of one, he uttered a whistle of amazement.

“What’s the matter?” asked Jack, who was getting ready for bed. “Whose wallet is it?”

“Professor Skeel’s.”

“Nothing remarkable in that; is there?”

“No, but it’s what I found in it. Now I know why he has such a hold over Bruce, and what that lad’s trouble is. Look here, Jack,” and the two boys bent their heads over a slip of paper.

“I should say so!” exclaimed Jack. “No wonder he looked troubled, and acted it, too. What are you going to do about it?”