Word: lings
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...James J. Ling...
...retrospective moment last fall, Dallas Entrepreneur James Ling was recalling a trying period in 1961 when he had temporarily been shunted aside as chief executive of his Ling-Temco-Vought, Inc. Conservative bankers had mistrusted the fast-moving Ling and chosen an older man. But Ling wasted little time in winning the bankers over and taking back his job. Last week one of the biggest and certainly the most daring of the conglomerate builders took the terrible blow again−from much the same source. At a four-hour emergency board meeting, called at the insistence...
...Squeeze Worsens. Jim Ling, to be sure, has been gambling on vast success−or flamboyant failure−ever since 1946, when he began building a tiny electrical-contracting business into a huge conglomerate. He took his greatest risk in 1968 with the purchase of Jones & Laughlin Steel Corp., the sixth largest steel producer in the U.S. Using borrowed money, he paid too much for the company. He bought control for $85 a share, and since then J & L stock has plummeted to $12.75. There was little that Ling could do to stop the slide. A federal antitrust suit barred...
There were eleven money losers among the 500, notably Ling-Temco-Vought, which went $38,294,000 into the red, and Lockheed. The best performance was turned in by a newcomer to the list, Skyline, the Indiana-based maker of mobile homes that is headed by young Millionaire Arthur Decio (TIME, July 4). Its return on invested capital was 40.9%, a rate high enough to top Avon Products, which earned 35.8%. In terms of earnings calculated as a percentage of sales, the leader was Texas Gulf Sulphur, which earned 25.7%, despite a 10% sales decline...
Some analysts, however, think that Ling's propensity for ornate financial structures has soured the market for LTV stock. Jim Ling reacts angrily to suggestions that his earnings picture is portrayed more favorably than accurately in LTV's financial statements. "We don't depend on accounting techniques to show earnings," he says. In today's nervous markets, an increasing number of investors might wish to doubt that...