The great water jump in front of the Grand Stand is approached again. "Here they come!" roared the multitude. "Who's first? Scarlet and white hoops," cried the excited thousands—"scarlet and white over the water first for money!"

George knowing the danger of a lot of horses, which he thought would be down at this, resolved to lead over it. Dropping his hands a bit the gallant animal rushed to the front, a length or so, and there he was kept.

The water is approached, the excitement of the multitude is something fearful as they sway to and fro to catch a glimpse.

"Magnificent!" burst from thousands of throats, as Guardsman hopped over the formidable eighteen feet like a bird.

George turned slightly in his saddle to take stock. "All safe but three," he uttered; "well, that is more than I thought would get over. Now, old man, I must take a pull at you. You have only done part of the journey. I can't afford to pump you yet."

"Guardsman has cut it," shouted a hundred voices as the gallant horse was pulled back.

"The cowardly brute!" bawled another.

"Don't you believe it," cried the sly-looking little man, in a shrill voice that was heard all over the place. "I'll take three to one in thous, and do it twice, that Guardsman wins, or is placed."

"Done," said the pale delicate youth; "I'm on for twice." And the pencils went to work.

There was but one opinion amongst the countless thousands that Guardsman was the best horse in the race, and that, bar accidents, he must win.