"1Next morning by telephone I requested Mr. Stoll to prepare the option, if he

  concurred in the propriety and expediency of purchasing the property at that figure.

  He expressed his gratification and willingness, but said that he had to go to

  Frankfort and suggested that I call up Mir. Nichols, Chairman of the Executive Com-

  mittee.   In conversation with Mr. Nichols, he concurred entirely in the desirability

  of securing the property and suggested that Mr. Clay be consulted. I requested him

  then to consult Mr. Clay and report the result to me. Ir. Clay's opinion agreeing

  with the other members consulted, I then requested Tudge Lafferty to prepare the

  option. Prof. W. K. Patterson took the papers to Mirs. Calvert and obtained her

  signature to an option of ten days, on a basis of $5200. instead of $5250,, the con-

  dition which she had made upon the previous day.

      "We now have an opportunity of acquiring for the University the piece of prop-

 erty intervening between Patterson Hall and Winslow Street, and coming into posses-

 sion of the entire frontage on Limestone Street from the property owned by Mrs.

 Woolley, and making it, except for the intervention of Winslow Street, a part of

 the larger property on which the University buildings now stand. I respectfully

 urge the completion of the transaction thus auspiciously begun. If we allow this

 property to slip from us now, the probability is that a serious inconvenience will

 be established in our immediate neighborhood, of wnich we could not rid ourselves

 except at great additional expense in the future.

     "The thanks of the Board of Trustees are due to Mir. Richard C. Stoll and to

his brother John, through whom the intelligence was first obtained.

                                       "Respectfully submitted,

                                             James K. Patterson."

     The option was then read to the Board, which is as follows:

     "THIS CONTRACT, made and entered into this 8th.day of December, 1910, by and

between Rebecca Calvert of Lexington, Kentucky, party  of the first part, and

Augustus E. Willson, Henry S. Barker, Tibbis Carpenter, William H. Cox, Denny P.

December 13, 1910