News stories from Friday October 26, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- South Korea's President was killed by the chief of the South Korean Central Intelligence Agency. President Park Chung Hee was shot to death in a restaurant in Seoul by Kim Jae Kyu, a lifelong friend. The government said that the President's death was "the result of an accidental argument" between the agency chief and Mr. Park's chief bodyguard.
United States forces in South Korea were placed in higher state of alert, and the administration warned that it would "react strongly" to an external attempt to exploit the confusion created by President Park's death. Administration officials said the warning was meant primarily for North Korea, whose surveillance was ordered increased by the Pentagon.
[New York Times] - Consumer prices rose 1.1 percent in September, the eighth consecutive monthly rise of a full percent or more. Last month's rise pushed the three-month average annual rate of the general price increase to 13.2 percent. Much of the increase reflected higher food, energy and housing costs. [New York Times]
- The government proposed fining the utility that operates the Three Mile Island nuclear plant $155,000, the maximum allowed by law. The Nuclear Regulatory Commission charged that there were "serious weaknesses" in the operator's management and technical ability, but refused, in a two-to-two vote, to revoke the Metropolitan Edison Company's operating license. [New York Times]
- A New York bank took responsibility for the big error that the Federal Reserve made in calculating the nation's money supply this month. The Manufacturers Hanover Trust Company admitted that it had mistakenly supplied the Federal Reserve Bank of New York with erroneous data. Manufacturers Hanover said the error was due to a new form it was using in its reports to the Federal Reserve. [New York Times]
- Eight Scientologists were convicted of taking part in a conspiracy to steal government documents concerning the Church of Scientology. They include Mary Sue Hubbard, wife of the church's founder, L. Ron Hubbard. A ninth defendant was convicted of stealing government records. [New York Times]
- A stay of as long as a year in the United States was recommended for the former Shah of Iran by the chief physician at the New York Hospital-Cornell Medical Center, where he is being treated for advanced lymph node cancer. Dr. Hibbard Williams said that the Shah should stay in this country at least six months for treatment, "maybe a year." [New York Times]
- Members of Michele Sindona's family signed a $3 million bail bond that permits Mr. Sindona limited freedom while awaiting trial on bank fraud charges, scheduled for Nov. 26. [New York Times]
- Evidence of a nuclear explosion in the southern hemisphere was so inconclusive, Secretary of State Cyrus Vance said, that it was impossible to state categorically that a nuclear device had been detonated by South Africa or any other country.
A South African official said it was "complete nonsense" that the possible nuclear explosion last month off southern Africa was an atomic bomb test by South Africa. This statement came from the official responsible for South Africa's nuclear program, but other official statements stopped short of a categorical denial.
[New York Times] - Jean-Bedel Bokassa was persuaded to sell his valuable properties in France to a French businessman who is offering the net proceeds from the resale, estimated at $10 to $12 million, to the United Nations Children's Fund. Bernard Tapie, president of a printing conglomerate, told in an interview in New York how he persuaded the former Emperor of the Central African Empire to sell his holdings. [New York Times]
- President Carter made clear to Senator Robert Byrd that he intends full-scale deployment in Europe of the controversial MX mobile intercontinental missile and cruise missiles. He also reaffirmed in a letter to the Senate majority leader his promise to proceed with the deployment. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 809.30 (+0.84, +0.10%)
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* |
| October 25, 1979 | 808.46 | 100.00 | 28.45 |
| October 24, 1979 | 808.36 | 100.44 | 31.48 |
| October 23, 1979 | 806.83 | 100.28 | 32.91 |
| October 22, 1979 | 809.13 | 100.71 | 45.24 |
| October 19, 1979 | 814.68 | 101.60 | 42.43 |
| October 18, 1979 | 830.12 | 103.61 | 29.59 |
| October 17, 1979 | 830.72 | 103.39 | 29.66 |
| October 16, 1979 | 829.52 | 103.19 | 33.76 |
| October 15, 1979 | 831.06 | 103.36 | 34.85 |
| October 12, 1979 | 838.99 | 104.49 | 36.39 |