themselves his friends, he was well aware that some of them were envious of his position and would rejoice at his downfall, should such an event ever take place. It was partly this knowledge, partly his own sense of absolute security in life, and partly a habit acquired during a long career of leadership among his school companions that rendered him brusque with those for whom he did not particularly care and contemptuous to the verge of rudeness towards such persons as he disliked. Thus it will be seen that our young man possessed a facility for the making of enemies as well as friends.

Of his secret enemies the most bitter was a fellow-student, also an American, named Owen, who, possessed of barely means enough to carry him through college, and with no prospects, had, by relinquishing everything else, taken much the same stand in scholarship that Peveril had in athletics. As a consequence, each was envious of the other, for the stroke of the 'varsity eight was so little of a student that he had never more than barely scraped through with an examination in his life, and was always overwhelmed with conditions. This jealousy would not, however, have led to enmity without a further cause, which had been furnished within a year.

Owen had crossed on a steamer with Mrs. Maturin Bonnifay, of New York, and her only daughter, Rose. They did London together, and never had the young American found that smoke-begrimed city so delightful. At his solicitation the Bonnifays consented to visit Oxford, and permitted him to act as their escort. In contemplating the pleasure of such a visit, Owen had lost sight of its dangers; but, alas for his happiness! they became only too quickly apparent.

The ladies must be taken to the river, of course, and there the one thing above all others to see was the 'varsity eight at practice. Of the entire crew none attracted such instant attention as the stroke-oar, and when they learned that he was an American their interest in him was doubled.

Of course he and Mr. Owen, being compatriots in a strange land, and both having done so splendidly at the dear old university, must be friends.

Oh, certainly.

Then wouldn't Mr. Owen present his friend? It was always so pleasant to meet the right kind of Americans when abroad. "Why! There he comes now! I am sure that must be he; isn't it, Mr. Owen? Though one does look so different in a boat and out of it."

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.