Education: Whose $3,800,000?

The descendant of a Pilgrim last week turned out to be—unwillingly enough—an Indian giver.

With pride, pomp and publicity, Princeton Alumnus ('30) Shelby Collum Davis got all set to give his alma mater $3,800,000. A rich New York investment banker, Davis, 52, proposed to endow Old Nassau with two new history chairs in honor of his late father (Princeton '86). But when Donor Davis arrived at the bank with a platoon of lawyers to wrap up the gift for happy Princeton President Robert F. Goheen. his big gesture collapsed. The money was not his to give.

The money was in a trust fund...