U.S. Debt Ceiling Increased
The House voted 231 to 145 to raise the national debt limit by 3 billion dollars to 210 billion, aiming to let the Treasury cover bills next week. Critics accused the Kennedy administration of reckless spending, while the Senate faced a Friday deadline to avoid a rise to 255 billion.
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High Level Congo Talks Begin Amid Political Tension
Leopoldville reports say Congolese politicians started a week of high level talks to shape a new central government plan before next week's parliamentary meeting. Katanga celebrates independence anniversary with a holiday, while ministers in Stanleyville negotiate terms with Leopoldville authorities.
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Dividends Declared and Market Summary Across Regions
Dividends declared amid a mixed market showing steady retail prices in large sizes and slight weakness in medium. Reports from Pittsburgh and nearby states note moderate supplies and steady movement with some shortages offset by adequate large-quantity arrivals. National markets show lower stock activity, higher bonds, and firm to weak price shifts in commodities and hogs with notable export competition in soybeans.
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Bond Trading Opens Week With Irregular Moves
The bond markets opened the week with irregular performance as price changes narrowed. Rails showed a slight upside among corporates at close. U S Treasury list finished mixed. NYSE corporate volume totaled 5.12 million par, 322 issues traded, 137 declined, 106 advanced, 80 unchanged, 195 hit new lows, four reached 1961 highs.
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Market Wrap Signals Weak Port Trade and Gulf Pressure
The port market in steel shows weakening while Iran's possible move on Kuwait weighs on Gulf Oil. Volume eased to 2.69 million shares, with IL at its lightest since 2.45 million last November. Dow fell 7.50 to 68.16, AP average down 2.10 to 242.30, volume across exchanges thinning as optimism competes with cautious selling. Gulf Oil and Ford faced secondary offerings, Rexall slipped on new share sale, and bonds remained mixed in slow trade.
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Nixon Urges U S Return To Eisenhower Foreign Policy
In Hershey Pennsylvania former President Eisenhower attends a homecoming event with Vice President Nixon present. Nixon urges a return to Eisenhower era foreign policy criticizing Kennedy's dealings with Khrushchev and calling for bold action and a shift away from what he views as too timid a approach. He also notes GOP need for new blood for the 1962 elections.
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Rader Wins Scholarship in Seven-State Contest
Susan Rader of Clendenin has won a £2,000 Oil, Chemical and Atomic Workers Union scholarship after competing against high school graduates from Indiana Illinois Michigan Ohio Virginia West Virginia and Kentucky. The award may be used at the college of her choice and she will receive it at a ceremony at the OCAW union hall in Clendenin.
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