Word: j
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Dates: during 1960-1969
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...only outright progressive among the new cardinals, Detroit's John F. Dearden, has encouraged widespread lay participation in the internal affairs of his big archdiocese, and has been remarkably successful as president of the National Conference of Catholic Bishops in the U.S. Pittsburgh's Bishop John J. Wright, one of the most articulate theologians in the U.S. hierarchy, played a significant role in shaping several documents of Vatican II. He will return to Rome to an as yet unannounced post in the Curia...
...generation the guiding philosophy of loophole users has been that of the late Justice Learned Hand: "There is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Nobody owes any public duty to pay more than the law demands." Financier J. P. Morgan put it more bluntly: "If Congress insists on making stupid mistakes and passing foolish tax laws, millionaires should not be condemned if they take advantage of them...
...possibility of a suit against LTV has been under consideration since the last months of the Johnson Administration. Under its acquisitive founder, James J. Ling, Dallas-based LTV has grown since 1957 from a $4,000,000-a-year contracting company into the nation's 14th largest corporation, with sales last year of $2.8 billion. And its takeover last summer of Pittsburgh's J. & L.-whose sales of $900 million make it the nation's sixth largest steel producer -was the biggest conglomerate merger in history. J. & L. stock was selling for about $50 before the merger...
...chief trustbuster, Richard McLaren, plans to invoke the Clayton Antitrust Act's Section Seven, which prohibits corporate acquisitions that substantially lessen competition. He may well cite the anti-competitive potential of reciprocal purchasing arrangements, under which LTV subsidiaries, which use large amounts of steel, might favor J. & L. rather than go to the marketplace for the best deal. Beyond that, McLaren may argue that competition is lessened by the sheer concentration of economic power that results from conglomerate mergers...
...result of the high payments, earnings are down. Excluding such special items as the sale of the LTV Tower in Dallas, profits in 1968 were off 18%, to $28 million; in the year's fourth quarter, they plunged 58%. In order to finance the takeover of J. & L., Ling had to negotiate short-term bank loans of $225 million; he has been meeting that obligation by selling off LTV assets, including part of its interest in Braniff Airways. Further sales of assets may be necessary to pay off LTV's total indebtedness of $900 million...