For a moment he looked at her in the utmost astonishment. Then a laugh suffused his fair face. Surely this was the strangest wager that he had ever heard of. He was used to the jolly larks of girls; but surely this was the strangest of them all. He knew that there was little hope of Queen Bess winning the race. But he answered, with the utmost gravity:

"Very well; I accept your wager. Your hand shall be the prize, if the little mare wins."

"She is so very young—only eighteen," he said to himself, "that she never realized what she was saying. It was only a jolly, girlish prank."

If there had been in his mind the very slightest notion that Queen Bess would win, he should have refused to accept the wager. But she surely would not win; he was certain of that.

So, with an amused smile, he acquiesced in the strange compact. In the midst of the talking and laughing, the horses came cantering on to the course.

It was a beautiful sight, the thorough-bred horses with their coats shining like satin, except where the white foam had specked them, as they tossed their proud heads with eager impatience, the gay colors of their riders all flashing in the sunlight.

A cheer goes up from the grand stand, then the starter takes his place, and the half-dozen horses, after some little trouble, fall into something like a line. There is an instant of expectancy, then the flag drops, and away the horses fly around the circular race-track.

For a moment it is one great pell-mell rush. On, on, they fly, like giant grey-hounds from the leash, down the stretch of track, until they are but specks in the distance; then on they come, thundering past the grand stand at a maddening pace, with Robin Adair in the lead, General, Yellow Pete, and Black Daffy going like the wind at his heels, and Queen Bess—poor Queen Bess!—fully a score of yards behind.

A mad shout goes up for Robin Adair. He looks every inch the winner, with his eyes flashing, his nostrils dilated. Every man leans forward in breathless excitement. Even the ladies seem scarcely to breathe. Suddenly a horse stumbles, and the rider is thrown headlong. There is a moment's hush; but the horse is only an outsider, and the crowd cheer the rest encouragingly.

For a time they seem to run almost level, then most of the horses seem to show signs of the terrible strain. Robin Adair keeps steadily to the fore, with General closely at his heels. The rest begin to fall off.