News stories from Monday October 1, 1979

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Pope John Paul II arrived in Boston to begin a seven-day national tour. He was greeted by Rosalynn Carter, who led a contingent of officials. Mrs. Carter hailed John Paul II as a "champion of the vision that unites mankind -- our Creator's vision of a world of justice and a world of peace." The Pope celebrated a mass on Boston Common, attended by 100,000 people despite a steady rain. [New York Times] American Catholics look to the Papacy for many, often contrasting, forms of leadership. As a symbol of unity among 49 million people sharply divided over many religious issues, the Pope faces a difficult challenge. His success will be measured largely by his ability to address an increasingly complex number of Catholic groups depending on him to advance their interests. [New York Times] The Pope was inflexible in reaffirming the Roman Catholic Church's opposition to abortion, contraception and divorce as he ended his three-day visit to Ireland. As he departed for the United States, he expressed thanks for the "warm and loving" reception he had received. It was estimated that the total number of people who had turned out to see John Paul on the first papal trip to Ireland equaled the country's population of 3 million. [New York Times] The dollar fell against key currencies in extremely heavy trading despite strong support purchases by central banks. Gold prices rose to new records as turbulence erupted in world financial markets, and for the first time gold closed above $400 in Europe. [New York Times] Panama celebrated the Canal Zone's passing to its jurisdiction, which became effective at midnight Sunday. "Panamanians will no longer be judged by foreign laws in their own country," President Aristides Royo told a crowd of 50,000 who marched into the area. [New York Times] Dangerously overheated reactor fuel was indicated by several temperature readings in the early hours of the accident at the Three Mile Island nuclear plant last March 28, but it was at least two days before government and utility officials who knew of the readings disclosed the severity of the accident. The delay is under investigation by government committees. [New York Times] Progressive magazine made public its controversial article on the hydrogen bomb. On Friday, the United States Court of Appeals lifted federal court orders that, since March, had restrained the magazine from publishing the article. "The H-Bomb Secret, How We Got It -- Why We're Telling It." The article will be carried in the November issue. [New York Times] Measures to offset Soviet troops in Cuba were announced by President Carter in a national television address. They will include increased surveillance of Cuba and a new Caribbean task force based in Key West. Mr. Carter urged that the troops issue should not block approval of the arms limitation treaty, which, he said, would be a greater danger to peace than the Soviet troops in Cuba. He said that Moscow had refused to withdraw the 2,000 to 3,000 troops, but had given "significant" assurances that the unit would not be increased or augmented.Key Democrats were mildly critical of Mr. Carter's address on the Soviet troops issue. A strong move appears likely in the Senate to adopt a reservation stating that the strategic arms treaty cannot be given legal force until the President has certified that Soviet troops in Cuba have no combat function or are no threat to the United States. [New York Times] Chile's Supreme Court turned down an appeal from the United States for the extradition of three army officers who were indicted for the murder in Washington in September 1976 of Orlando Letelier, a Chilean exile leader. A panel of five judges unanimously rejected evidence submitted by the United States that was instrumental in convicting three Cubans also implicated in Mr. Letelier's murder. The three officers, who have been in custody for more than a year, will be freed. [New York Times] Years of military rule in Nigeria ended with the inauguration of a civilian president, Shehu Shagari, who took the oath of office before an audience of 100,000 in a stadium in Lagos. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.95 (-5.63, -0.64%)
S&P Composite: 108.56 (-0.76, -0.70%)
Arms Index: 1.02

	Issues	Volume*
Advances	441	6.65
Declines	1,012	15.51
Unchanged	408	2.82
Total Volume		24.98

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
September 28, 1979	878.58	109.32	35.96
September 27, 1979	887.46	110.21	33.12
September 26, 1979	886.35	109.96	37.70
September 25, 1979	886.18	109.68	32.41
September 24, 1979	885.84	109.61	33.79
September 21, 1979	893.94	110.47	52.38
September 20, 1979	893.69	110.51	45.10
September 19, 1979	876.45	108.28	35.37
September 18, 1979	874.15	108.00	38.75
September 17, 1979	881.31	108.84	37.61