A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 178
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178 A THUMB-NAIL HISTORY OF
plied for and granted. The terms of the charter
were most liberal and the trustees were given wide
latitude for the future organization of a great nonpolitical,
non-sectarian institution of technical learning
to be dedicated to the advancement of letters,
science and art, to be located in the adopted home
of Mr. Rice. As a nucleus for the endowment
fund, Mr. Rice placed in the hands of the trustees
an interest bearing note for $200,000.
The original trustees were the following named
gentlemen: Mr. Rice, himself; his brother, Mr. F.
A. Rice, Mr. A. S. Richardson, Mr. James A. Baker,
Mr. J. E. McAshan, Mr. E. Raphael and Mr.
C. M. Lombardi. Under the terms of the charter
this board is made self-perpetuating and its members
are elected for life. Since its organization
vacancies have been filled by the selection of the
following: MIr. Wm. M. Rice, Jr., a nephew of Mr.
Rice, Mr. B. B. Rice and Dr. E. 0. Lovett
Having taken the first step, Mr. Rice became
infatuated with the idea he had conceived, and from
time to time, transferred to the trustees large interests
and then, by his will, left the bulk of his
large fortune to the institute.
Mr. Rice was murdered in New York in 1900
and there was a long fight in court over his will
When the trustees finally came into possession
of the full resources of the foundation, which now
amount to approximately ten million dollars, they
invited Dr. Edgar Odell Lovett, Professor in
Princeton University, to assist them in formu.
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Young, Samuel Oliver. A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912, book, 1912; Houston, Texas. (texashistory.unt.edu/ark:/67531/metapth24649/m1/196/: accessed September 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .