Word: billioned
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Dates: during 1950-1959
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...biggest untapped source of more college income is tuition. Harris is strongly in favor of boosting it from the present $1 billion yearly to $4 billion. While average tuition has risen about $100 since 1930, he notes, the comparable costs to a college have risen to $500-requiring a $400 subsidy a year for the average student. At the same time, family income after taxes has risen by $3,000. If tuitions are scaled accordingly-and scholarships are also expanded-the net income from higher tuition could be about $2.5 billion yearly...
...remainder would come from philanthropy and endowment incomes ($500 million to $1 billion yearly if prosperity continues) and stringent college economizing. Items: bigger classes, fewer "small" courses, using existing classrooms for longer hours, more use of TV lecturing. There is no reason, Economist Harris believes, why economies cannot cut the fat from college spending and yield another $1 billion to $2 billion annually. If the U.S. follows his budget, he suggested, it can easily find $7 billion a year to pay for its booming colleges...
...rustled up another prospecting pal, Charles Canfield, and with pick and shovel they dug a 4-ft. by 6-ft. shaft 165 ft. down into the nearby tar pits, struck a field that was to flow more than 70 million bbl., lead to the discovery of another 6 billion bbl. in the San Joaquin valley and the production of hundreds of millions for Canfield and Doheny...
...Within the next 30 years," says Author Knowles, "explorers would find almost 10 billion bbl. in its 70,000 square miles. There were more giant oil fields lying under this wasteland than would be found in any other single area in the U.S. . . . The 2,000,000 acres belonging to the University of Texas made it one of the richest universities in the world...
When money rates are rising, even well-priced bond issues often meet a cool reception because buyers are waiting for still higher rates. Last week the U.S. found buyers scarce for its latest issue. To holders of $1.8 billion in maturing issues, the Treasury offered to exchange a short-term (one year), attractively priced (4.05%) issue. Instead of taking the new issue, 30% of the noteholders asked for $547 million in cash, highest attrition rate since the record...