Business & Finance: March Madness

Last week in eastern Texas men woke in the night with dreams of leases, drilling, sudden wealth. In Rusk and Gregg Counties heaven had broken loose. The oil boom which had burgeoned there (TIME, Feb. 2) had budded and was flowering.

New wells by the hundred were going down; several had struck into the precious pay sand but that was merely a portion of the excitement. All day airplanes droned overhead making aerial surveys of the lands where derricks were rising. All day geologists pored over samples cored out from the wells, gathering in groups arguing heatedly about the size and the...

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