RICH IN A NIGHT

Sun (Auckland), Volume III, Issue 835, 2 December 1929, Page 1

RICH IN A NIGHT

OIL KING ON MALOLO

INCOME—£4O A DAY Meet the man one reads about in hovels. He is Mr. M. L. Rascoe. of Burlingbame, California, now on the Malolo which arrived yesterday. A few years ago he was a poor farmer. Oil was discovered on his property at Oklahoma and overnight he became an immensely wealthy man. Today his income is something like £4" a day, or £14.600 a year. He confessed yesterday morning that he made about £60,000 from his oil in six months, and now he is happy just to draw the royalties from the eight wells on his former property. At the ports in China and Japan at which the Malolo called. Mr. Rascoe collected some interesting Oriental curios which he is taking back to his Californian heme. The “oil king’s” son. Burton Rascoe. has had a distinguished journalistic career. Although only 36 years of age he is on# of the editors of the "New York Times.” Other important posts he has held are assistanteditor of ‘‘Plain Talk.” literary editor of the “Chicago Tribune,” editor of "The Bookman.” and literary editor °f “Art and Decoration.”