20 YEARS AGO THIS WEEK: The Federal Trade Commission launched an investigation of the film industry to determine if joint ventures by major studios violated antitrust laws Lawry’s Foods Inc. of Los Angeles announced it was being acquired for $66 million by the maker of Lipton tea.
THE NEWSMAKER
Mark Anthony, president and chief executive of Kaiser Steel, said the firm was experiencing serious problems with two computerized furnaces at its new $250 million facility in Fontana, which the giant steelmaker had built as part of its bid to return to profitability.
THE NUMBERS
MAY 24, 1979
Dow Jones Industrial Average 837.40
London gold $264/oz.
Zacky Farms turkey 98 cents/lb.
Citizen ladies watch $70
