On and on rushed the three sloops, until the end of the first leg of the triangular course was in sight. The Neptune was now slightly in advance, with the Alice and the Ajax close on her heels.

“The Neptune is ahead!” was the cry. “She is rounding the stake boat of the first leg!”

“The Alice and the Ajax are a tie!”

“No, the Ajax is ahead—she is rounding inside of the Alice!”

So the cries ran on. In the meantime the Neptune started on the second leg of the race, with the Ajax fifty yards to the rear. As said, the Ajax had rounded inside of the Alice, thus giving her not a little advantage over the Putnam Hall craft.

“Too bad!” groaned Dale.

“I think Fred Century cut you pretty close,” observed Pepper to Jack.

“He did, and if he does it again I’ll ram our bow into him,” answered the young skipper.

As the wind had shifted, all of the craft had to do considerable tacking on the second leg of the course. Bob Anderson was certainly a master at this and drew steadily to the front. Fred Century kept second place, with Jack not more than fifty yards behind him.

Presently the wind appeared to grow “choppy,” that is, it came and went in gusts. This did not appear to suit the Neptune, and soon that craft fell back. In the meantime, as if by magic, the Ajax increased her speed and forged to the front. At this came a wild cheering from the supporters of Pornell Academy, and the steamer engaged by Doctor Pornell blew her whistle loudly.