(Signed) ASHBURY.

Upon this your reporter manned the yard-arms, fired a salute of 100 guns, and directed the Oar-acular to back water; thereby giving the Dauntless the lead, which she retained up to the end of the race.  By the clever management of her Tacks she succeeded in completely Nailing the Cambria.  On the home-stretch, however, the latter began “eating up” on her to such an alarming degree, that it was feared the provisions of the Dauntless would not hold out.  By putting the crew on half-rations of champagne and sponge-cake this awful calamity was averted.

Excited by the presence of danger, your reporter forgot his habitual caution, and giving his Oar-ist a hearing, made all sail for the mark-boat.  The tow-line was passed from the bows aft, and there attached to the boat-hook, held by your representative.  Upon this impromptu clothes-line was crowded all the canvas, velvet, linen, and other dry-goods appertaining to the gallant captain and his self-sacrificing crew.  The latter gentleman might have been seen under this gay cloud of drapery working fitfully but energetically to and fro.  But ’t was all in vain!  The Dauntless passed the mark-boat, and the race was won.  Won?  But by whom?

The daily papers, with their usual inaccuracy, have made it appear that the Dauntless was the winner, but among thinking men there is but one opinion in regard to the matter, an opinion fully explained and corroborated in the following, published by Mr. ASHBURY, immediately on the Punchinelletto passing the mark-boat: 

Card.

I take this opportunity of saying that whatever misunderstanding may have arisen in the early part of this race as to the position of the Punchinelletto, it is now but just to admit that she has shown herself worthy, both in point of speed and management, to take rank among the first-class yachts of the fleet, and I hereby challenge, &c., &c.

(Signed) ASHBURY.

This was further supplemented by a

Card from Mr. BENNETT.

In token of my concurrence in the brilliant success of the Punchinelletto, and my personal esteem for her commander, I hereby beg to place at his disposal my yacht Dauntless, together with all her stores, ordnance, by-laws, and small arms.

(Signed) BENNETT.

In reply to both of which your reporter circulated the following: 

Reply.

It is my express desire that no public mention shall be made of the part by which the Dauntless was permitted apparently to win the race.  It is the duty of him who might have been victor to display a magnanimous spirit to those who in that case would have been the vanquished.  I must, however, regret that circumstances of a peculiar nature prevent my availing myself of Mr. BENNETT’s kind offer.  Though this will not stand in the way of my accepting with pleasure—­nay, even with alacrity—­the $250 silver cup appointed for the winner of to-day’s race, as the just meed of one who, though of a naturally retiring disposition, is forced on the present occasion to acknowledge himself facile princeps.