Well, is it correct??? :D:D:D
If it is a subpanel, I would say the answer is “No” in accordance to today’s standards, but was probably in compliance when the panel was installed. All that aside, the picture brings to mind many more serious problems in the house.
The house was pretty solid Frank Just a little oooooold is all. The reason for the sub panel question is it is the original panel converted to a sub. So, it is only a two wire system, hence no ground wires. 
I called out the screw in fuses but thouht it was grounded properly.
Brian,
Since there are no grounding conductors on those old circuits, and the grounded conductors are properly isolated from the can, the nipple assembly would provide a bond from the main panel, provided it is of metal parts and made up wrench tight.
It’s only a three-wire feed, but it’s bonded by way of the conduit from the other panel. If the other (service?) panel is grounded properly, then this one is too.
Ah sooooo
Well, I can’t make out whether or not the grounding bus in that Zinsco panel is bonded to the enclosure. The bus and box should also be bonded to the grounding electrode. Was there a system ground?
There are enough issues visible in your pictures to defer both of these panels, but the answer to your question is not clearly evident. . .
Ground rod
I defered the crap out of this one Jeff. When the houses are older than me, well you see where I am going.
Were you able to confirm the panel-bond to the GEC?