Glenn McCarthy

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Glenn Herbert McCarthy (December 25, 1907 - December 26, 1988) was a wildcatter and a flamboyant oil tycoon. The oil industry community and the media bestowed him with the nicknames of "Diamond Glenn" and "The King of the Wildcatters".[1] In addition to establishing himself as a successful oil prospector and businessman, he owned multitudes of businesses in diverse fields. He also founded the Shamrock Hotel in Houston, that would have such notoriety that Hollywood would recognize him not just as a host, but also with a fictional movie character in his likeness.

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[edit] Early life

McCarthy was born December 25, 1907 in Beaumont, Texas, almost seven years after the legendary oil discovery at Spindletop. With his father working in the oil fields, Glenn himself was serving the roughnecks as a waterboy for 50 cents a day, starting at the age of eight.[2] Within two years, his family moved to Houston where his father tried to take advantage of the oil drilling boom near the city. Due to lack of success there, his father Will moved the family again to Port Arthur for a period before returning to the east side of Houston. When he was 17, Glenn enlisted in the U.S. Navy but decided this was not his calling, and returned to San Jacinto High School.[3] With a football scholarship, he attended Tulane University, but suffered a leg injury. Afterward, he attended other institutions such as Texas A&M and Rice University before dropping out of college to venture into business.[2] When he was 23, he married the daughter of William Lee, an oil businessman of the Yount-Lee Oil Company. Together with his wife Faustine, they had four children. Glenn claimed that when he first got married, he had less than $1.50 to his name.[4]

[edit] Business venture into oil

TIME cover from 1950 symbolizing Glenn McCarthy as an oil giant in his day.
TIME cover from 1950 symbolizing Glenn McCarthy as an oil giant in his day.

Within a year, he talked his father and brother into working with him drilling for oil in Hardin County, Texas. The first attempt failed to hit oil, but that did not discourage Glenn. He made another drilling attempt farther south near Anahuac two years later, which succeeded. The next ten years (1932 onwards) would prove to the oil industry why he was a prospector worthy of the nickname "King of the Wildcatters" as he would strike oil thirty-eight times.[4] In 1941, he bought land where the future Astrodome would be built, and 4,800 acres of property of what is now Sharpstown. Over the next four years, his endeavoring would establish 11 more new oilfields along with the expansion of several other existing ones.[2]

[edit] Lavish lifestyle

By 1949, McCarthy was worth an estimated $200 million. That year he went on to build the Shamrock Hotel, spending $21 million for its construction in Houston, and another $1 million to throw what some called "Houston’s biggest party" for the grand opening.[5] This party involved Hollywood celebrities, many of whom were flown in to Houston Municipal Airport on his newly owned Boeing 307 Stratoliner airplane that was acquired from Howard Hughes.[6] The next three years meant financial trouble for McCarthy. The SEC scrutinized him when he attempted to market ten-million shares of his new company Glen McCarthy, Inc. He had defaulted on his payments of some of his debts and promissory notes to other firms.[7] His debt at this point was figured to number around $52 million, where he received a loan for the U.S. government to cover this.[2] He also lost ownership of his luxurious hotel in 1954 to the Hilton Hotels Corporation, which took over the mortgage and operation of the Shamrock (after 1955, the Shamrock was known as the Shamrock Hilton).[8]

[edit] Later life and activities

Glenn McCarthy started his own brand of bourbon whiskey under the label "Wildcatter". In addition to owning the KXYZ Radio station in Houston, he owned two banks, the McCarthy Chemical Company, a magazine, 14 newspapers, and a movie production company known as Glenn McCarthy Productions.[2] He served as chairman of the now defunct Eastern Air Lines and president of the United States Petroleum Association. For the most part, he spent his later life out of the spotlight in the La Porte area near Houston. He died on December 26, 1988.

[edit] Trivia

  • Glenn McCarthy was the inspiration for the fictional character of Jett Rink in the 1956 drama film Giant, with James Dean acting this role.
  • The hotel building that was the Shamrock Hilton located in Houston was demolished in 1986 to make way for the Texas Medical Center expansion.[9]

[edit] References

  1. ^ Staff Writer. "Biography: Glenn McCarthy." Spartacus Educational. Retrieved on 2006-11-26.
  2. ^ a b c d e Evan Kelly. "McCarthy, Glenn Herbert." Handbook of Texas Online. Retrieved on 2006-11-26.
  3. ^ Staff Writer. "Great Houstonians - Glenn H. McCarthy." Houston History. Retrieved on 2006-11-26.
  4. ^ a b Robert L. Gaston. "Glenn McCarthy, "King of the Wildcatters"." DrillingInfo Community. Retrieved on 2006-11-26.
  5. ^ Staff Writer. "The Tallest Texans - Glenn McCarthy." Houston Chronicle. Retrieved on 2006-11-26.
  6. ^ Staff Writer. "Houston’s Aviation History Timeline." The Houston Aeronautical Heritage Society. Retrieved on 2006-11-26.
  7. ^ Staff Writer. "Trouble for McCarthy." TIME Magazine. Written August 11, 1952. Retrieved on 2006-11-26.
  8. ^ Diana J. Kleiner. "Hilton Hotels Corporation." Handbook of Texas Online. Retrieved on 2006-11-30.
  9. ^ Staff Writer. "Gone but not forgotten: 25 years of city memories." Houston Business Journal. Written September 27, 1996. Retrieved on 2006-11-29.

[edit] External links

Persondata
NAME McCarthy, Glenn Herbert
ALTERNATIVE NAMES McCarthy, Glenn; Diamond Glenn
SHORT DESCRIPTION 20th century Texan oil tycoon
DATE OF BIRTH December 25, 1907
PLACE OF BIRTH Beaumont, Texas
DATE OF DEATH December 26, 1988
PLACE OF DEATH La Porte, Texas
Retrieved from "http://en.wikipedia.org../../../g/l/e/Glenn_McCarthy_2281.html"