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Thursday, Aug 11, 2022
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History

HISTORY/1stjc/mark2nd

25 YEARS AGO THIS WEEK: The state Legislature was investigating the California Insurance Department’s failure to uncover an alleged phony insurance scam by Century City-based Equity Funding Life Insurance Co. Manpower was cited as one problem: The department staff was cut from 314 jobs to 202 jobs under Gov. Ronald Reagan.

THE NEWSMAKER: Roy L. Ash, director of the Office of Management and Budget, declared that the local aerospace industry’s financial troubles were over. Ash, the former Litton Industries president, gave credit in part to increased defense spending by President Richard Nixon.

THE NUMBERS:

Dow Jones Industrial Average: 963.20

New York Gold: $91.05 oz.

Proctor Silex electric juicer: $12.97

Electric hedge trimmer: $19.95

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