What were Henry and Beanpole arguing about in The White Mountains?

There is a lot of fighting between the boys in The White Mountains. I assume, however, that the fight you are referring to is the fight over Will's watch. Will becomes captured by Tripods, and Will has what is considered to be a very fine watch. It once belonged to Will's father and is Will's most treasured object. There are supposedly no watches anywhere around that can compare to the beautiful steel watch, and it is so special that it is only used on special occasions, such as the Harvest Festival.
As you can imagine, with something as invaluable as Will's watch, everyone wants to have possession over it. Henry and Beanpole's largest fight is over who will have possession of Will's watch.