ea
Foam as well as any one could have done it, and was satisfied that the
Skylark was really a faster yacht than his own. The race was plain
sailing, with a free wind nearly all the way, and there was not much
room for the exercise of superior skill in handling the craft. At least,
this was Ned's opinion. If the course had been a dead beat to windward
for ten miles, the case would have been different; and Ned had failed to
notice that he had lost half the distance between the Skylark and the
Sea Foam when he rounded the stake buoy.

It was a fact that among the large party on board the Penobscot, the
boats of the firm of Ramsay and Son were just then at a discount, and
those of the Newport builders at a corresponding premium. Donald was
grieved and vexed, and trembled for the future of the firm of which he
was the active representative. But he figured up the results of the
race, and when the captains of all the yachts had come on board of the
judges' boat, he announced the prizes and delivered them to the winners,
with a little speech. The silver vase was given to the commodore, with
liberal and magnanimous commendations both of the yacht and her captain.
The marine glass was presented to Edward Patterdale, as the winner of
the second prize, with some pleasant words, which did not in the least
betray the personal discomfiture of the chairman. There was a further
ceremony on the quarter-deck of the Penobscot, which was not in the
programme, and which was unexpected to all except the officers of the
club.

"Captain Laud Cavendish, of the Juno," said the chairman of the judges,
who stood on the trunk of the yacht, where all on board, as well as
those in the boats collected around her, could see him.

Laud stepped forward, wondering what the call could mean.

"I find, after figuring up the results of the race," continued the
chairman, glancing at the schedule he held in his hand, "that you are
entitled to the third and last prize. By carefully timing the movements
of your excellent craft, and by your superior skill in sailing her, you
have contrived to come in--last in the race; and the officers of the
club have instructed the judges to award this medal to you. I have the
honor and the very great pleasure of suspending it around your neck."

The medal was made of sole leather, about six inches in diameter.
Attached to it was a yard of stove-pipe chain, by which it was hung
around the neck of the winner of the _last_ pr