If he had learned nothing else in all his years of wildcatting, Houston's Oilman Glenn McCarthy thought he knew one thing at least: how to keep his creditors happy. Last week he made them happy, all right—but only for a day.

After a trip to New York, McCarthy announced that because he had arranged a private loan of "upwards of $6,000,000," he would cancel his application for a $70 million loan from the Reconstruction Finance Corp. The new credit, according to McCarthy, came from the Equitable Life Assurance Society and the Metropolitan Life Insurance Co., who together are already owed an...

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