seen
the ring.

It was truly gone. In some surprising manner it had disappeared from
the room while he was in pursuit of the paper, astonishing though such
a thing seemed.

For a few moments Hodge was quite overcome by this discovery. He sank
weakly into a chair, wringing his hands and breathing hoarsely.

How had it happened?

It did not take Bart long to decide that some one must have slipped
into the room and stolen the ring while he was after the drawing.

In that case, whoever committed the theft must have been watching for
an opportunity, knowing that he had the ring.

Hodge quickly recovered from his stupefied condition, and dashed out
into the corridor to look for the miscreant.

"It must have been Snell," was his decision. "I will look for the
sneak."

Straight to Snell's room he rushed, but Snell's roommate, who was
studying, declared Wat had not been there in the past hour.

This put Bart at sea for a moment. Where could he find Snell?

Looking at the recitation board, he saw that Snell should appear in the
recitation room in a very few minutes.

He could not be confronted there. What plan of action could be devised?

He did not wish to give Snell time enough to conceal the ring. If the
fellow could be caught with it still in his possession, it might be
possible to make him disgorge.

It was time for Frank to return from recitation. The thought of facing
Merriwell with the confession that the ring was gone made Bart's knees
weak; but he decided that that was the proper course to pursue, and so
he hurried to their room.

Frank had just got in, and, by the look on Hodge's face, he instantly
saw that something of an alarming nature had happened.

"The ring!" he cried. "Where is it?"

"I think Wat Snell has it," came huskily from Bart's lips.

With one bound, Merriwell caught his companion by both shoulders,
staring straight into his face.

"Have you, also, turned? No! no!" he quickly went on. "I do not think
that of you, Bart! You are still true!"

"No, I didn't go back on you," said Hodge, thickly; "but I was guilty
of criminal carelessness."

"How did it happen? Tell me quick!"

Bart did so, speaking swiftly, so that no more moments were wasted.

"It is probable that Snell has it," said Frank. "He must be
apprehended without delay. Come."

He took the lead, and Bart followed at his heels.

But they were not to confront Wat Snell at the door of the recitation
room,