said.

"Pity you can't," pursued the other.

"Yes," she said. "I should have liked the ride."

His roaming eye settled on her.

"You'd have won, too," he said with assurance.

"Think so?"

"I'm sure so," he answered. "You've only One against you."

"Perhaps," she admitted. "But the One's a caution."

"A good big un'll always beat a good little un," said the fat man.

"Besides, he's a baby," replied the girl. "Chances his fences too much."

"Sprawls a bit," admitted the other. "But he jumps so big it doesn't
make much odds. And he gets away like a deer."

* * * * *

Joses was now very much alert; and he had to be. For, as he reported to
Jaggers, Putnam's gave away as little as a dead man in the dark.

One thing, however, became clear as the time slipped away and the
National drew ever nearer: that to the girl had been entrusted the
winding up of the young horse, and Albert was her henchman in the
matter.

Monkey was the fat man's informant on the point. Joses would never have
believed the little jockey for a moment, but that his own eyes daily
confirmed the report.

The window of his room looked out over the Paddock Close, and every
morning, before the world was astir, while the dew was still heavy on
the grass, the earth reeking, and the mists thick in the coombes, the
great sheeted horse, who marched like a Highland regiment and looked
like a mountain ram, was to be seen swinging up the hill on to the
Downs.

There were two little figures always with him: one riding, one trotting
at his side. Seen across the Close at that hour in the morning, there
was no distinguishing between the two. Both were slight, bare-headed,
fair; and both were dressed much alike. So much might be seen, and
little more at that distance.

One morning, therefore, found Joses established on the hill before the
horse and his two attendants had arrived.

He had no desire to be seen.

He squirmed his way with many pants through the gorse to the edge of the
gallop, adjusted his glasses, and watched the little group of three
ascend the brow half a mile away.

One of the two attendant sprites slung the other up on to the back of
the phantom horse tossing against the sky.

Then without a thought of fuss the phantom settled to his stride and
came down the slope, butting the mists away from his giant chest, the
rhythmical beat of his hoofs rising to a terrifying roar as he gathered
way.

Joses d