We all know about the annual Cayuco Race held in Panama for years, well I was quite surprised when I came across this photo.  The writing on the back of the photo says, "Boat Race - July 4, 09. Cristobal"  Well it looks like they were having races even back in the construction days of the Canal.  These are not Cayucos, but row boats. The buoy with the U.S. flag must be the turn around marker.  Two of the steam tugs in the background are pretty dolled up with lots of flags.

Another great capture in time and history.