Hugh had an idea, however, that one of them was coming along the same road a mile or more behind, and that it would turn out to be "Just" Smith.

Some words the other chap had uttered when they were together before starting forth on the run gave Hugh this impression, though he could not be positive about it.
At the time, it gave him little concern; but then he could not look into the immediate future, and see what it held for him.

The coming of "Just" Smith would yet turn out to be an event of the first magnitude in Hugh's humble opinion; as the reader will soon learn.
Hugh was jogging along nicely, and had long ago caught his second wind.
He kept "tabs" upon himself, in order to know just how his energy held out, and if he was likely to be in condition for the gruelling finish that might become necessary, over the last half mile of the long course, could a visiting runner threaten to head the list with the goal in sight, and the thousands of eager spectators bursting out with cheers calculated to thrill the heart, and give fresh impetus to wearied boys.
On the whole, Hugh felt fairly well satisfied with himself.

He knew he had gone about as fast as ordinary runners would care to travel, who wished to conserve their strength toward the close of the race; and that he was holding back a good reserve stock of energy.

Yes, he believed he was at his best, and if he failed to land the prize it as because some fellow was a better runner than he could ever hope to be.
Just then he heard a sound that gave him a sudden thrill.