“When do you think you lost it?” asked Newton Billings, one of the freshmen. “I had it before we hid from these bogus professors,” said Sid. “Then it is probable you lost it in the struggle to hold onto Merriwell,” said Harry Rattleton. “It must be right around here.” “What sort of a watch was it?” asked Irving Nash. “It was a Waltham, gold, hunter’s case, with my monogram inside the front case. My mother gave it to me on my last birthday, and I would not take anything for it.” This was enough to make the boys forget the offense of the fellows who had attempted the practical joke on them, and all set about searching for the watch. They took the light and went over the floor carefully. They moved the bed, peered into every corner and into the clothes press, but not one of them found the watch. “Meers a history--I mean, here’s a mystery,” said Harry Rattleton. “Astonishing disappearance. Watch out.” Gooch seemed ready to dissolve in tears. “I wouldn’t care so much if it hadn’t been a present from mother,” he said, huskily. “A fellow who would steal it must be mighty mean,” said Newton Billings, and somehow it seemed that he looked at Frank Merriwell in a significant manner. Billings was a freshman who envied Merriwell his popularity. Immediately on coming to college he had attempted to become a leader of his class, after the manner in which Merriwell had led the freshmen in the past. Billings and his clan carried things with such a high hand that it became necessary for somebody to take the conceit out of the fellow, and Merriwell had been selected to do the job, which he accomplished without difficulty. From the time of his downfall Billings hated Merriwell, although pretending to be one of Frank’s greatest admirers. But he had never attempted to do Merry an injury, and was considered harmless. “I hardly think there is a person who would deliberately pick a man’s pocket,” said Frank, slowly, looking around. “I don’t wish to think such a thing of anybody in the room.” “Neither do I,” said Sidney; “and, of course, I can’t be sure I lost it here, although I think I did.” “Well,” said Billings, “if it is found in the house, you will be sure to get it back. The gang in this house is strictly on the level.” Sidney had to be satisfied with this, and then the lads returned to the consideration of the case against the three fellows who had hoaxed them. It was decided after a time that, as punishment, one of the three should tell a story, one should make a speech, and one should sing a song. Griswold was selected to tell the story, Creighton agreed to make the speech, while Merriwell was to sing a song. The room was packed full of students, and Browning insisted that the punch should be sent round again before the fun began once more. Not a few of the fellows had taken too much already, but they were not the ones to protest against taking more.