October 9 opened with a fair promise of wind; the interest was still deep and the attendance large; the course was triangular, ten miles each side. The first leg was to windward; the yachts started about equal as to time and position.

At first 'Valkyrie' seemed to lead—that is, she outfooted the American; but the latter was slowly edging up toward the wind, and later, when a good weather position was gained by 'Vigilant,' her skipper gave her more power, and with the increasing wind she rapidly left her opponent astern, rounding the first mark well in the lead.

The next leg was a broad run, and all that witnessed it unite in declaring that yachts never made such time in a race before. They flew; but 'Vigilant' flew the faster, and nearly doubled the handsome lead that she had obtained on the rounding of the first mark.

The home leg was with a freshening free wind two points forward of beam. It was made without incident, save that 'Vigilant' had to favour her bowsprit that was sprung on the windward stretch, her jib-topsail was lowered, and head-sails eased in regard for the weakened spar. On the home stretch 'Vigilant' still further widened the distance between her and the English yacht, and made a most decided point in her favour. The race was a fine one, but it seemed to seal the fate of 'Valkyrie'; still with native pluck her undaunted owner made ready for the next race. By a most masterful stroke a new mainsail was bent, and more lead given the cutter, so that she lost fifteen seconds of time allowance from the American.

October 11th proved another disappointing day. Light breezes and calms ruled; the beat of fifteen miles resulted in no decisive difference in the sailing of the yachts, for when the time-limit was reached the yachts were far from home, with the American yacht leading.

On the 12th a gale was reported as working up the coast, and great hopes were entertained of a fresh wind for the fifth start. Many thought that the American yacht would beat her opponent more easily in a strong wind and rough sea, but they were disappointed, as the sequel proved. When October 13 dawned an easterly gale was blowing up; early in the morning the wind began to pipe and the sea to roughen, and by the time of starting the wind had set in strong and steadily from the east. After some delay caused by an accident to the rigging of 'Valkyrie,' that was speedily repaired on board, the two yachts shot away for a fifteen-mile thresh to windward, the 'Valkyrie' at the south end of the line, and 'Vigilant' at the north end—a fair start. At first 'Vigilant' outfooted 'Valkyrie' and held nearly or quite as well to the wind; but when the windward work was about half finished the wind drew more from the south of east, it soon began to increase in good earnest, and from that moment 'Valkyrie' got further away from 'Vigilant,' and turned the outer mark nearly two minutes ahead. On starting, the yachts had each a reef down, 'Vigilant' a whole reef, 'Valkyrie' a half reef in her mainsail, each her working topsail set, with usual head-sails. After the mark was turned it became apparent that if 'Vigilant' were to win she must work, and, as it proved, no lack of energy was displayed on either yacht. The reef was turned out of 'Vigilant's' mainsail, and her No. 1 club topsail set over it. The storm that had been threatening all day now began to increase, the wind rose rapidly and the sea became very rough.

'Vigilant' gained noticeably on her opponent, and passed her when about half-way to the home point. The contest was now most exciting; the rigging of both yachts was strained to the last degree. Soon after the 'Valkyrie' was passed by 'Vigilant,' her spinnaker, that was torn in setting, became disabled by splitting; another but smaller one was set in its place, but that also soon gave way to the ever-increasing force of the wind. The last three miles of the race were a mad rush for the 'Vigilant'; she carried all the sail that could be spread, and it seemed that an inch more of canvas would carry everything by the board. She gained more quickly than ever on her crippled follower, and crossed a close winner in the midst of the most exciting scene that yachting annals have ever recorded.

It is hard to say if the 'Vigilant' would have won had 'Valkyrie' not lost her light sails; but if the latter claims that her race was thus lost, 'Vigilant,' with equal sense of right, can claim that a maladjustment of her centreboard lost her at least five minutes on the beat out.

Closely following the termination of the races both yachts were put into winter quarters, and owners as well as crews took breath, enjoying a well-earned rest. It is not possible at this early moment to draw any absolutely settled conclusions as to the merits or demerits of the contesting yachts. Fortunately Lord Dunraven decided to leave 'Valkyrie' in the States for a continuation of the contest in 1894, when if the races that are now hoped for occur, and all the yachts take part that now promise to do so, it will be a far more useful and interesting contest than was afforded by the races of 1893.

A few points that are worth considering force themselves on the close observer of the international races of 1893.