"That's what!" snapped one of the masked figures. "Hands up, and keep 'em up!" came the sharp command.

"What right have you in here?" demanded Duke Yardly, in threatening tones. "This is a private school, and——"

"Nothing's private when we come in!" said the leader. "Go through 'em, boys. We two will keep 'em covered!"

While two of the masked and bewhiskered individuals held the glittering objects pointed toward the crowd of startled students, the other two began a quick but systematic search of their pockets. Loose change and bills were abstracted, together with several gold watches.

"Oh, please don't take that!" begged one Freshman, as a gold match box was brought to light. "My best—my mother gave me that."

"Best girl, you mean!" snapped the taller of the masked figures. "Take it, boys."

"This is a high-handed proceeding!" declared John North.

"If you can get your hands any higher, lift 'em," said one of the hold-up individuals, sarcastically.

"All present are accounted for," reported one of the searchers, as he advanced toward the two guards, holding a hat filled with a miscellaneous collection of treasures.

"Very good. Back to the cave. And if you fellows have any regard for your own welfare you won't follow," the taller looter added significantly. "You'll stay here five minutes without giving the alarm or——" He did not finish, but looked suggestively at the object in his hand.