Income

The University of Texas is at present enjoying, from one impersonal benefactor alone, an income of about a million and a half dollars a year. It is not a case of some preposterously wealthy and generous retired capitalist. It is not revenue from an enormous endowment fund. The income is the university's one-eighth royalty on the output of the Group 1 Oil Company, organized three years ago to drill on land that the university chanced to own. Last week the company's directors declared three monthly dividends of $250 a share on the 2,048 shares outstanding, which, when paid, will bring the total dividend for the year ending in July to $2,415 a share. Last year Texas soil yielded 3,726,000 barrels of oil to grease the wheels of higher education in Texas.