On October 5th, the opening day of the races, the first thing to strike the observer was the extraordinary number and diversity of craft attracted by the spectacle. Near the Sandy Hook Lightship we find the racers were under way, with whole mainsails and jackyarders set. 'Vigilant' looks a bigger ship than 'Valkyrie,' with a more numerous crew, and four battens in the leach of her mainsail and three in her staysail. The two vessels were easily distinguished one from the other, 'Vigilant' being painted white above her bright yellow Tobin bronze, 'Valkyrie' black with gilt line. The starting-line was between the commodore's steam yacht 'May,' the New York Club's flagship, and Sandy Hook Lightship. There was no tide. The wind was a little east of north, and the course 15 miles to leeward round a mark and back. 'Vigilant' allowed 'Valkyrie' 1 min. 48 secs. The first gun was at 11.15 A.M., the start gun 10 mins. after. Just prior to the start the yachts set their head-sails. 'Vigilant' sent up a large bowsprit spinnaker, a very favourite sail in American waters, and 'Valkyrie' a large jib-topsail. The crowd was immense, excursion steamers, tugs, yachts; and at the start came the horrible screech of steam whistles, customary on these occasions, but dreadful all the same. Spinnakers were at once run up on the starboard side, but the wind was so light that, in spite of the enormous sail-areas, little progress was made. By noon the sky was clear and the sun came out, but at 1.30 there was a marked change. The wind shifted, and a light air came from S.W. 'Vigilant' took in her bowsprit spinnaker a little too soon, for 'Valkyrie,' holding on somewhat longer, ran up, and passing to windward so effectually blanketed 'Vigilant' that she lost steerage way for some ten minutes. During this time 'Valkyrie' crept up to the S.W. wind, and was going on her way rejoicing. The S.W. wind held true; it became a close haul to the mark, which 'Valkyrie' rounded at 3 hrs. 37 mins. 20 secs. The 15 miles took 4 hrs. 12 mins. 'Vigilant' rounded at 4 hrs. 2 mins. 30 secs., twenty-five minutes after 'Valkyrie,' whose performance created great disappointment to English sympathisers. At 5.10 the Committee stopped the race--if race it could be called. The excitement on shore as well as afloat was intense. Upwards of 200 steamers of various kinds accompanied the race, all crowded with spectators, and some of them got terribly in the way at the start of the race, the police-boat warning them off, and 'Valkyrie' holding up from her deck, in large letters, 'Keep further off.' On the whole, the course was fairly kept, and there was certainly no intention to injure 'Valkyrie's' chance--quite the contrary. I am happy to say the spirit of _fair_ play appeared to animate all; the anxiety of the captains of the steamers to show their friends as much as possible was really the sole cause of trespass.