Education: Rich Texas

Two million acres of land may or may not be a gift of immense value to an educational endowment fund. A few years ago officials of the University of Texas thought that it was not worth so overwhelmingly much. The land, mostly in western Texas, was about to be sold for a song—almost any song. Then suddenly an enterprising alumnus suggested that the property might contain oil; events have proved that it does. Texan newspapers are already headlining UNIVERSITY OF TEXAS RICHEST IN WORLD!

Last week a few cold figures came to light. After several years of preliminary investigation and drilling, oil is now gushing forth at a rate which pours $100,000 a month into the University’s treasury. It is thought that the yield may shortly exceed $1,000,000 a year. The Attorney General of Texas has ruled that this money need not be hoarded as a principal sum from which only interest can be drawn, but “may be spent currently to expand the University of Texas.”