I just don't like to owe money", said William F. Laporte, AHP chief executive, when asked about his company's almost debt-free balance sheet and growing cash reserves. Mr. Laporte had taken over as chief executive of American Home Products in 1964. Throughout 17 subsequent years of his tenure Mr. Laporte has not changed his opinion of debt financing and AHP's abstinence from debt continued, while the growth in its cash balance outpaced impressive growth in both sales and earnings. At the end of 1980, AHP had almost no debt and a cash balance equal to 40% of its net worth.