This year's match for the America Cup will be sailed off Sandy Hook in September. As we have noted, it was arranged that the challenger, ” Shamrock IV.,” should be launched on May 26. All three American boats were in the water well before this; and it is said that by the time ” Shamrock IV. ” is rigged they will be racing one against the other. The yachts have been designed under the new rule of measurement governing this year's series of races. The ” Reliance ” was the most extreme yacht built under the old rule, and this, on a water-line length of just under 90o feet, was over 140 feet in length on deck, and spread the enormous sail area of over 16,ooo square feet of canvas. Such racing yachts lost their usefulness as soon as the Cup contests were over. The new rule produces a more reasonable boat.