It was indeed Peveril, who had purposely sauntered in that direction for a closer view of the pretty girl whom "Dig" Owen, of all men, had picked up; and, in another minute, Owen, with an extremely bad grace, had introduced him.

From that moment, as is always the case when athletes and scholars compete for feminine favor, the scholar was almost ignored, while his muscular rival was petted to a degree that Owen declared simply scandalous. Although the latter was still allowed to act as second-best escort to the ladies, and form a fourth in their various excursions, it was always Peveril who walked, sat, strolled, and talked with Miss Rose, while Owen was monopolized by her mother.

The Bonnifays had only intended to spend a day or two in Oxford, but the place proved so charmingly attractive that they remained a month, and when they finally took their departure for the Continent Miss Rose wore a superb diamond ring on the third finger of her left hand, that had very recently been placed there by Peveril.

Before they separated it had been arranged that he and they should travel through Norway together during the following summer. Owen had also been invited to join the party, but had declined on the ground that immediately upon taking his degree he would be obliged to return to America.

So that winter the scholar, filled with envy and bitterness, ground away gloomily but persistently at his books; while the athlete, radiant with happiness, steadily cheerful and good-natured, labored with his crew. Finally, he stroked them to a win on the Thames, and then, at the height of his glory, began to consider his chances for a degree. At this moment the blow was struck, and it came in the shape of a cablegram from a New York law firm.

"Return at earliest convenience. Carson dead. Affairs badly involved."

Boise Carson was the guardian whom Peveril had so seldom seen, but who had always controlled his affairs and provided so liberally for all his wants. Upon coming of age, a few months before, Peveril had sent over a power of attorney, and his ex-guardian had continued to act for him as before. They were to have had a settlement when the young man took his degree, for which purpose he had planned to run over to New York, spend a few days there, and return in time for his Norway trip with the Bonnifays. In the autumn he and they would sail for New York together, and the wedding would take place as soon thereafter as was practicable.

Now this wretched cablegram promised to upset everything, and he must look forward to spending the summer in trying to disentangle an involved business, instead of spending it with the girl of his heart. Perhaps, though, "badly involved" did not mean so very badly, and possibly he might get through with the hated business in time for the Norway trip after all, if he only set to work at once. Of course that would necessitate the giving up of his degree, but what difference did that make? Other things were of infinitely more importance.