So Sorry

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 estimated $50 million by McCarthy companies. In the autumn, McCarthy added, he would float a public stock issue on his McCarthy Oil & Gas Corp.

No sooner had McCarthy popped off than Equitable's President Thomas I. Parkinson objected to the story. McCarthy representatives had been in to see him, said Parkinson, but "the stories . . . that readjustments have been made and additional loans granted are inaccurate." Metropolitan Life had nothing to say at all. Apologized McCarthy: "I thought we were all three in agreement. [The] $6,000,000 was my own estimate . . . I am sorry I offended Mr. Parkinson and certainly had no intention of doing so, but wanted my creditors to know that it would not be long before everyone had his money."

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