The boat is lying at a well known wooden boat yard in New England; it looks as if someone started work on her and gave up, after dismantling the interior, etc. In answer to your question, our Cousins "reef out" caulking, i.e. someone has pulled the caulking cotton out of the deck seams.
The account of her is not very clear, but the chap who runs the website does know his stuff, and can add a good deal of information.