This day's race was another example of the frequency with which races to windward and leeward and return fail in their object, especially in early October in these waters, when the wind is more fluky and lighter than at any other time of the year. If the S.W. wind had piped up a little, it would have been a reach both ways. On the whole, triangular races are best courses. On the second day, October 7, after rain in the early morning, it became fine and bright as the New York Club's steamer left No. 8 Pier at 9.15. Not quite so many steamers appeared, although there were probably over 150, many large excursion ones, and yachts. One yacht stood prominently out, and was conspicuous for her taut brig rig and large tonnage, 2,400--a grand vessel, the 'Valiant,' designed by St. Clare Byrne for Mr. Vanderbilt, and built at Liverpool. There was also a large yacht of the 'Chazalie' type; and I may also mention Commodore Morgan's steam yacht 'May,' designed by Mr. G. L. Watson. The wind, W. by S., was still very light, with a gentle swell from the southward. Course, 15 miles to leeward, round mark, and return. The start at 11.25 was admirable. 'Valkyrie,' beautifully handled, out-manoeuvred 'Vigilant,' and crossed the line to windward about 10 secs. ahead. Spinnakers were at once hauled out on the starboard side, both setting balloon jib-topsails and lowering foresails. Bowsprit spinnakers are more correctly to be termed balloon jib-topsails, the difference being that the balloon jib-topsail is hanked on the stay. 'Vigilant' drew ahead, and at 12.25 was a quarter of a mile in front. 'Vigilant,' a quarter of a mile to the eastward, got a streak of wind and increased her lead, her balloon jib-topsail drawing well. At 1.30 'Vigilant' was nearly a mile ahead; she tacked round the mark 1 hr. 50 mins. 30 secs., 'Valkyrie' following at 1.59, when she was bothered by a small steamer. The 15 miles took 2-1/2 hrs. to accomplish, but on the return there was no beating to windward, a close haul with jib-topsails set. The windward work was again frustrated by shift of wind. It was a plain sail home, and h. m. s. 'Vigilant' crossed the line 3 30 16 'Valkyrie' " " 3 37 57 After deducting time allowance, the English boat lost by 5 mins. 53 secs. One of the members of the Committee took the velocity of the wind at different periods of the race, as follows:-- Velocity h. m. per hour 11 25 10 1 56 14.5 2 3 9 3 23 9 3 35 8.8 It will be well to remember that here velocity does not indicate strength as we feel it at home. As Lord Dunraven particularly noticed, the dryness of the wind reduces the pressure, which the moisture of our climate so materially increases.