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A schooner race, with a course starting from a point on the bay off the Exposition and extending to the Farallone Islands, is one of them. Perhaps the most attractive of these events, however, will be the long-distance race for yachts from New York to San Francisco. The boats are to sail along the Atlantic seaboard, reaching San Francisco via the Panama Canal.

And the captain, from the deck of the Farallone, saw the two men pass together under the shadow of the grove. Huish had bundled himself up from the glare of the day his face to the house, his knees retracted.

The schooner Farallone lay well out in the jaws of the pass, where the terrified pilot had made haste to bring her to her moorings and escape.

Now she heaved her side as high as a deep-sea steamer's, and showed the flashing of her copper; now she swung swiftly towards the boat until her scuppers gurgled. "I hope you have sea-legs," observed the doctor. "You will require them." Indeed, to board the Farallone, in that exposed position where she lay, was an affair of some dexterity.

The hands were thrilling for the order, and the great sail came with a run, and fell half overboard among the racing foam. "Jib top-sail halyards! Let the stays'l be," he said again. But before it was well uttered, the squall shouted aloud and fell, in a solid mass of wind and rain commingled, on the Farallone; and she stooped under the blow, and lay like a thing dead.

It was plain, besides, that the Farallone had been descried some time before at sea, and the inhabitants were prepared for its reception. Mechanically the orders were obeyed, and the ship berthed; and the three adventurers gathered aft beside the house and waited, with galloping pulses and a perfect vacancy of mind, the coming of the stranger who might mean so much to them.

The black petrel, the Western gull and the black-footed albatross all were to be found here; long lines of white gulls marked the cliff edges, and far above, in the dazzling azure of the sky, a Farallone cormorant circled like the spirit of the place, challenging the newcomers with its cry.

But the hand of the captain had the advance; the foresail boom tore apart the last strands of the sheet and crashed to leeward; the Farallone leaped up into the wind and righted; and the peak and throat halyards, which had long been let go, began to run at the same instant.

I guess you know, he said with an imperious solemnity, 'I guess you know the bottom is out of this Farallone speculation? I guess you know it's RIGHT out? and if this old island hadn't been turned up right when it did, I guess you know where you and I and Huish would have been? 'Yes, I know that, said Herrick. 'No matter who's to blame, I know it. And what next?

There the mighty waters, across which the ships sail to China and Japan and the Sandwich Islands and the Philippine Archipelago and the South Seas, lay before our eyes. The darkness of the night was coming on, but the sky far off across the waters, away beyond the Farallone Islands, was tinged with red and gold, the fading glories of the dying day.