This paper discusses a new algorithm for synchronizing the clocks of networked computers using messages transmitted over the network itself. The design is based on a statistical model of the clock and the network, and uses this model to define the parameters of a frequency-lock loop which is used to discipline the local oscillator. The design was tested by synchronizing a standard workstation to a time server located 1200 km away; the time offset between the clock synchronized in this way and UTC is 2 ms rms. This analysis also can be used to design algorithms that provide lower accuracy at lower cost.