During the entire first half of the course there were four of the seven contestants who made a good showing. These were Rains, Merriwell, Hodge and one of the village boys.

Through it all Rains kept the lead, but the village lad was second until the turning point was nearly reached. Then Merriwell settled down to business and took second place, while Hodge pushed the village boy hard.

Rains' heart was full of triumph. Over and over he told himself:

"At last I have found something at which I can defeat Merriwell fairly!"

Rains believed he was safely in advance, and this delusion was not broken till the last half mile of the course was struck. Then he heard somebody's skates ringing close behind, and, looking over his shoulder, he saw Frank bearing down on him like the wind.

Paul's heart gave a great leap.

"By Jove!" he breathed. "That fellow means to press me! But he shall not come in first—he shall not!"

Then he strained every muscle, and, for a few seconds, the distance between them did not seem to diminish.

Frank, however, held steadily to that terrible speed, and Paul began to fear he could not stand it to the finish, for his head was beginning to grow unsteady, and there was a wild roaring in his ears. Through a bluish mist he saw the great crowd on the shore near the starting point, and he knew the eyes of hundreds were upon the contestants.

"I'll die before he shall pass me!" thought Rains.