Packard Calif Exec Named Deputy Secretary of Defense
Washington reports that David Packard, 56, longtime Hewlett Packard executive and Palo Alto board chair, was named deputy secretary of defense by Melvin Laird. Packard will place about 16 million in Hewlett Packard stock in trust and plans to donate income to medical and charitable groups. He earned about 700,000 yearly from HP and 125,000 salary, with other assets between 1 and 20 million. He also serves as a director of General Dynamics, a link to the controversial fighter program. Laird acknowledged Packard’s limited administrative experience but stressed a strong operational team to assist him.
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Wall Street Slips After Sharp Losses on Hopes for Fed Action
Wall Street faced a thumping setback as the market opened lower and slid to mid-afternoon lows before a modest late recovery. The Dow dropped about 40 points since December 3 amid fears of higher interest rates and tighter credit.
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FDA to Halt Six Antibiotics for Ineffectiveness
The FDA will remove six prescription antibiotics from the market for failing to meet labeled claims. Manufacturers have until January 22 to submit additional data for review before a final order is issued. Drugs affected include albamycin variations, omysteclin F, achromycin nasal suspension, and albamycin GA tablets from Lacterle laboratories.
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Strem Lighting July Completion in March Project Update
Installation of 7000 mercury vapor lamps in the Carson area bounded by Normandie Vermat Torrance Boulevard and 204th Street will be completed by March. Supervisor Kenneth Malin notes the lamps will enhance neighborhood safety.
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US gold holdings rise in November
WASHINGTON US gold holdings increased by 109 billion dollars in November reaching the year’s high, the second largest monthly gain of the year though still below 129 billion dollars in November 1960. SAN FRANCISCO Pacific Telephone Co announced plans for a 524.6 million construction program to meet the new year service demands.
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