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.