IT was only a matter of time before Government trustbusters stopped talking about cracking down on conglomerates and actually did something. After repeated warnings, the Justice Department last week singled out one of the largest of those multi-industry companies, Ling-Temco-Vought, as its first major target. The trustbusters announced that by mid-April they intend to file suit to force LTV to dispose of its 63% holding in Jones & Laughlin Steel Corp.

The 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...

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