Word: vought
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Dates: during 1960-1969
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...vice president of the $351 million Channing Growth Fund. Channing ranked high in 1967, when it grew 47%; last year, with a growth of 2.6%, it was 296th. Like the Manhattan Fund and many other big funds, Channing was heavily invested in the more seasoned glamour stocks-Ling-Temco-Vought, Fairchild Camera, Polaroid-that declined during the stock slump before Lyndon Johnson's March 31 renunciation, and have been slow to recover. Big funds cannot move out of such stocks quickly without upsetting the market; but smaller funds can-and they did. In a highly selective market, says Channing...
...income-producing U.S. real estate. Moreover, the fund sells its shares only outside the U.S. to non-U.S. citizens in order to avoid supervision by the Securities and Exchange Commission. Last week the fund's realty holdings passed the $100 million mark as it bought Ling-Temco-Vought's 32-story headquarters building in downtown Dallas for $16.5 million. L.T.V. will lease the space it already occupies, and the fund will add a landlord's profits to those already generated by 33 other properties in eleven states and Puerto Rico. Though still small as mutual funds...
...today's rush to diversify, nothing attracts corporations more than recreation. Recent takeovers have included those by Chicago's Victor Comptometer of the company that makes Daisy BB guns, by Cleveland's "Automatic" Sprinkler Corp. of Rawlings Sporting Goods, by Ling-Temco-Vought of Wilson Sporting Goods, and by General Mills of game-making Parker Bros. Last month Fuqua Industries, a fast-growing conglomerate whose sales are above $60 million, reached far beyond its landlocked Atlanta base to buy Pacemaker Corp., a New Jersey boatbuilder with estimated sales of $25 million a year...
...employees and heady plans to build an aircraft engine called the Wasp. A high-performance engine for those days, the 425-h.p. Wasp was an immediate success and helped finance the founding of United. United at one time or another pulled under its wing Bill Boeing, Chance Vought and Igor Sikorsky, also gave birth to the now independent United Air Lines. Horner grew along with the company, masterminding Pratt & Whitney's World War II production of half the power (600 million h.p.) used in U.S. war planes. He became president of the entire company in 1943, after...
...sooner had TWA announced its shift than Braniff announced that it was pulling out of Wells, Rich, Greene. Reportedly, Ling-Temco-Vought, the Dallas conglomerate that took Braniff under its corporate wing last January, had long been leary of the Braniff relationship with Wells, Rich, Greene, and was pressing for just such a change...