The boys are again instructed much after the same fashion: the signal is given in the midst of breathless suspense, and the horses dart from their places.

They dart around, Sir Archy again leading: but this position he does not hold throughout the first mile: he gradually falls behind, and when they pass the winning-post he is fifty yards in the rear. His owner tears his hair, but the crowd do not see him—they flush and shout.

The second mile is between Fair Anna and the Arabian, and they lock in the middle of it; but the Arabian gradually takes the lead, and when they flash up to the stand he is ten yards ahead. Sir Archy is distanced and withdrawn.

It would be impossible to describe the excitement of the crowd:—the tremendous effect produced upon them by this reversal of all their hopes and expectations. They roll about like waves, they shout, they curse, they rumble and groan like a stormy sea.

The horses are the objects of every one’s attention. Their condition will go far to indicate the final result—and Sir Archy being led away and withdrawn, the race now will be between Fair Anna and the Arabian.

Mr. James looks more solemn than ever, and all eyes are turned upon him. Captain Waters is not visible—he is yonder, conversing with the ladies.

But the horses! Fair Anna pants and breathes heavily: her coat is drenched more completely than before with perspiration; her mouth foams; she tosses her head; when the rake is applied to her back a shower falls.

The Arabian is wet all over too; but he breathes regularly; his eye is bright and his head calm. He has commenced running. The first intention of Mr. James is to give up the race, but his pride will not let him. He utters an oath, and gives renewed instructions to his rider. These instructions are to whip and spur—to take the lead and keep it, from the start.

The moment for the final struggle arrives, and Captain Ralph merely says, “Rein free!”

The boys mount—the crowd opens; the drum taps and the animals are off like lightning.