Early Preparations Speed First Social Security Payment
Washington AP reports efforts to speed first Social Security payment by urging claimants to gather proofs of age and earnings early. Treasury will borrow five billion dollars to cover early cash needs while lawmakers debate improvements and processing for September benefits.
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Canton Dikes Still Holding
The report lists short term securities to be auctioned next month including three billion dollars of 58 day tag anticipation bills to be auctioned on July 1 dated July 22 1960 and two billion dollars of one year bills to be auctioned on July 4 dated July 15 maturing July 5. The details reference Canton and Dikes holdings with dated instruments and auction plans.
Wildcat steel strike halts thousands at Sharon plant
In Farrell Pennsylvania 70 workers walked out over incentive pay as a wave of wildcat strikes disrupts production. Other divisions faced slowdowns, with steel and related sectors feeling the impact as government debt and tax debates unfold in Washington.
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Cars sales dip in mid June amid Chrysler promo
United Press reports 1959 car sales fell three percent in the second half of June after a strong early promotion by Chrysler boosted volume. Daily rate dropped from 20,230 to 19,623 as the month progressed, with the industry awaiting next month’s highway program impact. Treasury head urges a one year debt ceiling rise to 5 billion and higher permanent cap to 285 billion per House vote.
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