"He's flunking!" cried one of them—Bull Harris—"He's afraid!"

"He's fighting just as he ought," retorted Captain Fischer, "and doing it prettily, too. Good!"

And then once more the crowd settled into an anxious silence to watch.

The story of that minute was the story of ten. Mark had seen that in brute force his adversary was his equal, and that skill, coolness and endurance were to win. He made up his mind on his course, and pursued it, regardless of the jeers of the yearlings and their advice to Billy to "go in and finish him off." Billy went, but he could not reach Mark, and occasionally his ardor would be checked by an unexpected blow which made his classmates groan.

"It's a test of endurance now," observed Fischer, "and Billy ought to win. But the plebe holds well—bully shot, by Jove! Mallory's evidently kept in training. Time!"

That was for the seventh round.

"He's getting madder now," whispered Mark to Stanard, as he sat down to rest. "He wants to finish. If those fellows keep at him much more he'll sail in for a finish—and then, well, I'm pretty fresh yet."

Goaded on by his impatient classmates, Williams did "sail in," the very next round. Mark led him a dance, from corner to corner, dodging, ducking and twisting, the yearling, thinking the victory his, pressing closer and closer and aiming blow after blow.

"Watch out, Billy, watch out," muttered the vigilant Fischer to himself, as he caught the gleam in Mark's eye.

Just then Williams paused, actually exhausted; Mark saw his chest heaving, and, a still surer sign, his lip trembling.