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<br />Edisur
<br />IAMC$ W. MICMAELf
<br />Managing Editor
<br />Sxxwon ZnuxNmx
<br />Aaaisum Managing Ediwn
<br />Christopher M. Byron, Stcvc LawrenLe, Lawrtnce Minard
<br />William Baldwin, lean A. Brrggs,
<br />A. Conway, Edwln A. Flnn r.,
<br />nh M. Grucnbcrg, Steve Kic~en,
<br />Norman Gall,
<br />i, Thomu (affe,
<br />rcviq Burr Leonud.
<br />Ilbert, Zack Willoughby
<br />Stuart Flack, Diana Fong,
<br />n, Kerry Hannon,
<br />iary Kuntz, Pc[cr Newcomb,
<br />:hinc, Lisa Scheer, Ma[[hew
<br />Managcq Akx Bcn Block,
<br />n Burtm: Alan M. Fe1J, Manager, Toni Mack, Lsa M. Keefe
<br />Bureau, Barry Sravro, Managcp Rurh Slmon, Ian Part
<br />liars: Sronley W. Angrlss, Ashtiyy Bladen. Srully Blarmck,
<br />Brown, David Drcman, Kcnne[h L. Fisher
<br />surmenr. RORcr Zapkc, Deputy An Dircctoy Ronda Ran Robert
<br />iJ, Asxvaarc Ars 8irectura~ AnJrcw Chnniq Chuts; A~cxnnJm
<br />1, Lauren Smckhowcq Phom Eduors~ (Basle De Wur, Phom Re-
<br />Leopold A. Roehbch,
<br />M. Robcrte, Robert C. Burke,
<br />souxa
<br />Abramowitz, DCPY[YI
<br />acs Ncu
<br />Cartmgtan,~William Clark, Queenie Flake,
<br />Like father, like soa?
<br />Ralph McAllister Inger- "'~'"v0nen
<br />soli II is not yet a media
<br />mogul in the grand tradi-
<br />tion. His newspapers are
<br />in smaller cities like New
<br />Haven, Conn. and Terre
<br />Haute, Ind. However,
<br />Foaees thinks the little-
<br />known Ingersoll will
<br />make a major mark in
<br />publishing. Only 40, he
<br />has worked in the busi-
<br />ness since he was 14, al-
<br />ready runs 142 papers and
<br />will soon possess a war
<br />chest of around $1 billion
<br />in cash. With older read-
<br />ers, his name will ring a
<br />bell: Ingersoll is eldest son
<br />and namesake of an out- pM's front page on JuPo 7, 1940
<br />standing journalistic per-
<br />sonality, the man who
<br />founded the imaginative but ultimately unsuccessful newspa-
<br />per P,k1. But if Ralph Ingersoll II was born with a silver spoon, it
<br />was a tarnished one. In a remarkable job of reporting,. Contribut-
<br />ing Editor Phyllis Berman explores an antagonistic yet curiously
<br />creative relationship between famous father and ambitious son.
<br />"A quixotic father's acquisitive son" begins on page 105.
<br />s: Donald E. Poyp, Ednap Ann C. Olsver, Senmr Ednop
<br />M. Bartlca Ir., Enc 5. Hardy, Long Peng, Carsten M. Thole,
<br />Althoff, Peter Alnc~lL
<br />n Schwartz, Anistann
<br />Mask Decken Shelley Ddl, lohnme English, Anhur Pas
<br />Direnor al Edimrial Information: Raymond F. Healey Ir.
<br />Chairman and Editor-imChie(
<br />A1ASCULM S. Rlxucs
<br />President and DepuSS' Editor•In•Chiel
<br />MALCOLM S. FORMES IR.
<br />Publisher
<br />IAMC51. DUNN
<br />Ezecutive Vice President
<br />LE(INAMD H. YAgzoN
<br />Vice Prnidenr,Axociare Publisher. Chnsropher Forbes
<br />Vice President-Administralian: Scots R. Yablon
<br />Vice P¢sidennFinance: Seymour Fried
<br />Vice Presidenr•Conrroller: loel B. Redier
<br />Director of AdverSisinRR: Stephen G. Nicoll
<br />Direcmr al Carponte Communicarionr. lVm. Donald Ganon
<br />Direnor of Circulation: john M. Thormm~
<br />Direcmr EDP: Icrnme Holman
<br />Dinam n( Salts I'rommiun: Bruce H. Rogcn
<br />Eas¢rn Menageq
<br />Manager;
<br />Chcraml,
<br />Gathers;
<br />Prmcus:
<br />Adv., The Amencas, Assa, Paohc
<br />eager
<br />sn
<br />Boyle
<br />s, Wcs[ Coau Managcp
<br />Inr'I. Adv.
<br />PAID CIRCULATION OVER rR0,000
<br />FOUNDED 191] BY B.C. FORBES (IggO.195a( tlCna
<br />Making it on moonbeams
<br />Assisted by Reporter Peter Fuhrman, Senior Editor Allan Sloan
<br />wrote the article on the fall of Kaiser Steel that starts on page 30.
<br />This started out as a fairly routine company report but turned
<br />out a tragicomedy. I'll let Allan tell the story:
<br />"When Peter and I started looking into Kaiser Steel, we
<br />expected to find your typical story of a proud old company done
<br />in by changing times, paper shufflers and leverage. Instead we
<br />discovered how far a person can go in our times on moonbeams.
<br />His name's Monty Rial.
<br />"Lots of high-powered, smart people in the takeover world
<br />dealt with Monty Rial, took him at face value and never looked
<br />deeper. Because Monty acted as iE he belonged, the other players
<br />let him in the game, even though he didn't have any chips.
<br />Monty took in some top-raced people. The chairman of South-
<br />ern California Edison, a director of Kaiser Steel, got involved in
<br />some hopelessly convoluted deals with Rial. The former chair-
<br />man of Southwestern Public Service, a big Texas utility, took
<br />early retirement to go work for Rial.
<br />"So, did Rial end a rich man? Alas for him, he fell in love with
<br />his own voice-and now he's busto.
<br />"About 20 years ago, when I first started covering business,
<br />people told me that one of the key principles was to know your
<br />customer. Obviously, chat principle has become obsolete."
<br />~~ Q ~~
<br />1U1?E.
<br />:D LANrJ Editor
<br />FORBES, OCTOBER 20, 1986
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