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History2

45 YEARS AGO THIS WEEK: California’s oil industry pumped out more than 1 million barrels of crude a day, but the record production still was unable to meet national demand, forcing companies to import crude from the Middle East and India for the first time Bank of America, the world’s largest private bank, boasted assets of more than $8 billion Universal Pictures Co. Inc. reported net income of $1.3 million for the first half of its fiscal year.

THE NEWSMAKER

L.A. insurance agent G. Nolan Bearden was elected chairman of the Million Dollar Round Table of the National Association of Life Underwriters at the group’s annual convention in West Virginia. Bearden was the fifth Angeleno to head the group, which was composed of life insurance agents who sold more than a $1 million worth of insurance a year.

THE NUMBERS

June 29, 1953

Dow Jones Industrial Average: 286.26

New York gold: $85.25 oz.

Dozen eggs: 65 cents

1953 Studebaker: $1,994.68

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