OIL: Orders to McCarthy

Houston's hard-drinking, free-spending Oilman Glenn McCarthy has been trying to find some new money fast. In November, he dashed over to Egypt, trying for an oil franchise (TIME, Dec. 3). Next, he rushed off to Guatemala, talked of starting a chain of hotels and a gambling resort fancier than Monte Carlo. Last month McCarthy announced plans to sell 10 million shares of stock, at $2 a share, in a brand-new wildcatting company, Glenn McCarthy Inc.

This week Manhattan's Equitable Life Assurance Society, holder of a $34 million mortgage on the McCarthy Oil & Gas Co. and on McCarthy's Shamrock Hotel,...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!