away to a place of
warmth and safety, while Paul Rains crept back to the opening, and the
other girl was rescued in a similar manner. Then Frank, nearly
exhausted, was drawn out.

With Rains on one side, and Hodge on the other, Frank skated back to
the shore, where the great crowd of spectators had witnessed the
gallant rescue. How the crowd cheered and flung up their hats!

"Hurrah for Frank Merriwell!" was the roar that went up. "Hurrah!"

"Hurrah for Paul Rains! Hurrah!"

The man who had offered the badge of honor grasped the two lads by the
hands, crying:

"You shall both have a badge of honor! This is true heroism, and you
are both heroic lads!"

"Hurrah! hurrah! hurrah!" thundered the crowd.

Let us add here that neither Inza nor May suffered any particularly ill
results from their plunge through the ice.

Between Inza and Frank the slight misunderstanding was easily adjusted,
and May, in her innocent little heart, had never dreamed of "cutting
out" her friend. She and Paul Rains afterward became very friendly.

Between Frank and Paul a rivalry continued to exist; but, for the most
part, it was of a healthy, generous sort, and Merriwell retained his
position as leader, having become more popular than before among the
better class of boys at the academy.

CHAPTER XXV.

THE SINISTER STRANGER.

"Boy, where did you get that ring?"

Frank Merriwell started and looked quickly at the man who had hoarsely
hissed the question in his ear. At a glance he saw that the man was a
stranger in Fardale village.

The stranger was dressed in black clothes, wore a cloak, with a cape,
and had the brim of his hat slouched over his eyes, which were
coal-black and piercing. He had a heavy black mustache and imperial,
which gave him a rather savage expression, and, withal, he made a
somewhat sinister figure.

The night mail at Fardale was not delivered at the academy till the
following morning, and Frank had come to the village post office late
that afternoon to obtain an expected letter from home, if it had
arrived.

He had also hoped that, on his way to the post office, or in returning
to the academy, he might catch a glimpse of Inza. Frank was now a
welcome visitor at Inza's home, but, being governed by natural tact and
delicacy, he did not wish to call too frequently, fearing Inza's
parents might regard him as something of a bore.

Shortly after entering the village he had noticed the stranger in