This was exciting news, and Sam Rodman walked rapidly to the companion-way of the Penobscot. "Yachts in sight!" shouted he to the people below. "Which is ahead?" asked Mr. Montague. "The Sea Foam," replied Rodman. "I'm so glad!" exclaimed Miss Nellie Patterdale. Mr. Montague and Captain Patterdale only laughed, but they were sufficiently interested to go on deck in spite of the pouring rain, and they were followed by many others. "Time!" shouted Sam Rodman, as the gun was fired. "Four, thirty-two, ten," added Frank Norwood; and the figures were entered upon the schedule. The Sea Foam passed the judges' yacht, came about, and went under her stern. "The Sea Foam," shouted Donald. Though the spectators were not all satisfied with the result, they gave three cheers to the victorious yacht, magnanimously led off by Mr. Montague himself. "Time!" called Sam, as the Skylark came into the range of the chimney on shore. "Four, thirty-six, twelve," said Norwood. The Skylark came about, and passed under the stern of the Penobscot, reporting her name. The judges went below, and figured out the result, by which it appeared that the Sea Foam had beaten the Skylark, after the correction for the three inches' difference in length, by three minutes fifty-nine and four tenths seconds. Donald was the first to come on board of the Penobscot, and was generously congratulated on his decisive victory, especially by Mr. Montague, the father of the commodore. Robert followed him soon after, and every one was curious to know what he would say and do. "Don John, you have beaten me," exclaimed he, grasping the hand of Donald. "You have done it fairly and handsomely, and I am ready to give up the first prize to the Sea Foam." The party in the cabin of the Penobscot heartily applauded the conduct of the commodore. "You are very kind and generous, Bob," replied Donald, deeply moved by the magnanimity of the commodore. "When I am whipped, I know it as well as the next man. The silver vase belongs to the Sea Foam." "Not at all," protested Donald. "This last race was not for the vase, and you won the first one fairly." "Of course the vase belongs to the commodore," added Rodman. "The judges have already awarded and presented the prizes." This was the unanimous sentiment of all concerned, and Robert consented to retain the first prize. "I say, Don John," continued the commodore, removing his wet coat and cap, "I want to have an understanding about the affair. While I own that the Skylark has been beaten, I am not so clear that the Sea Foam is the faster boat of the two." "I think she is, commodore," laughed Donald; "though I believe I understand your position." "We made an even thing of it till we came up with Turtle Head--didn't we?" "Yes, that's so. If either gained anything for the moment, he lost it again," replied Donald. "Then, if we made exactly the same time to Turtle Head, it seems to me the merits of the two boats are about the same."