MOONEY 20J PLT LANDS GEAR UP DUE TO TFC WATCH AND SLOWING ACFT TO ALLOW SUFFICIENT SPACING BEHIND STUDENT PLT ON TOUCH-AND-GO LNDG. IN ADDITION; HE DID NOT HEAR THE GEAR WARNING HORN.

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ACFT DID NOT SUFFER SUBSTANTIAL DAMAGE NOR WAS THERE ANY DAMAGE TO OTHERS OR THEIR PROPERTY. AN ACFT WITH PARTIALLY EXTENDED GEAR WILL EXHIBIT THE SAME OR GREATER DRAG CHARACTERISTICS AS FULLY EXTENDED GEAR. WE WERE ACFT #2. SINGLE OCCUPANT; PLT VFR; LIGHT WINDS; CLR; DAYLIGHT. CLRED PRACTICE ILS (VFR) BY ATC; OVER TO TWR AT OM. (3 1/2 MIN APCH.) UPON CHKING IN INBOUND OM; IMMEDIATELY HEARD ANOTHER ACFT #3 ANNOUNCE S OF A LARGE BRIDGE; WHICH PUTS #3 IN THE ILS APCH PATH. TWR GAVE CLRNC TO LAND; #2 ACFT #1 ON DOWNWIND. ATTN WAS THEN GIVEN BY #2 TO FIND #1. AT ABOUT MIN 2; SPOTTED #1 BASE TO FINAL. AT MIN 2 1/2; #2 MADE A DECISION TO SLOW APCH FROM 90 KTS TO 65 KTS TO GAIN MORE SEPARATION. ACFT #1 WAS TO DO A TOUCH-AND-GO BUT THEN STOPPED; THEN BEGAN TO ROLL. THE GAR WAS DELAYED FOR FEAR OF INTERFERING WITH #1 -- A SOLO STUDENT? IN ANY CASE; #1 LIFTED OFF. RESULTING IN #2 MAKING A RUSHED APCH TO LAND; FAILING TO VERIFY LNDG GEAR WAS DOWN AND LOCKED. GEAR COLLAPSED UPON TOUCHDOWN; GEAR WARNING HORN WAS NOT HEARD. WILL NOW INCORPORATE LESSON LEARNED IN ALL LNDGS SO AS TO HAVE A PREDEFINED GAR POINT.