According to the Drake’s Way tumblr, this is an illustrated page from the interior of the March 1959 Man’s Life magazine (cover art by Will Hulsey visible here via this page). The story by Gene Channing is headlined “Love-Starved Women Are Lousing Up College Towns” and begins “Wild parties thrive in fraternity and rooming houses despite colleges’ attempt to control morals. The shocking behavior of many students are turning colleges into romantic playgrounds — young men and women are sacrificing the future of our nation in the quest for fun.” Oh, darn.
Image provenance by Bacchus at Erosblog.