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CORNELL has taken the earliest opportunity offered by the opening of the spring term at Ithaca, to hold a meeting, and decide on our challenge for a University race; and the reply, which we regret to say is in the negative, is printed in this issue. Our challenge, which the Ithaca newspapers considered as highly impertinent, was understood in its right spirit by the members of the Cornell Navy, and it is only the peculiar conditions laid down in our letter, and the previous arrangements of the Cornell crew, that prevent them from rowing a race which would be of advantage to both colleges. A private letter, which the Secretary of the H. U. B. C. received from the Commodore of the Cornell Navy, contains a hearty expression of the good feeling towards Harvard that exists at Cornell, and of the good wishes for our crew. It is to be hoped that satisfactory arrangements can be made next year, and that nothing will interfere with a Cornell-Harvard race.