News stories from Monday August 16, 1976

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

President Ford got enough delegate commitments at the start of the 31st Republican National Convention in Kansas City, Mo., to assure him the majority of the votes he needs for the presidential nomination. He has 1,130 votes, according to the New York Times tabulation, but his nomination was threatened by the prospect of divisive floor maneuvers by Ronald Reagan forces. Senator Howard Baker of Tennessee delivered the convention's keynote speech with a rousing attack on Jimmy Carter, in which he was joined by Vice President Rockefeller, Senator Robert Dole of Kansas, who is the convention's temporary chairman, and Senator Barry Goldwater of Arizona. [New York Times] Setting up a probable floor fight at the convention tomorrow night, campaign strategists for Ronald Reagan proposed to add a platform plank that would implicitly criticize the foreign policies of President Ford and Secretary of State Henry Kissinger. Another platform fight seemed assured when 29 delegates, led by women members of the Platform Committee, sought to remove the plank endorsing a constitutional amendment "to restore protection of the right to life for unborn children." [New York Times] The Mississippi delegation to the convention, with its 30 delegates "uncommitted" under a unit rule, has a crucial position and is under 24-hour siege by the candidates, the press and the curious who are yearning to know how the delegation will vote. Other pivotal delegations, among them groups from West Virginia and Pennsylvania, are under the same pressure. [New York Times] Senator James Buckley of New York withdrew from the presidential race. He made the announcement at a news conference at the convention, where New York delegates wore openly critical of his candidacy or gave him a cold shoulder. He acknowledged a general lack of support and said that "I will not be a candidate for anything but re-election to the Senate." [New York Times] The Federal Court of Appeals removed a preliminary injunction issued last Friday by a Federal District Court judge in Brooklyn that halted the start of a sale by the government of leases on oil and natural gas deposits in the Atlantic Ocean, off Long Island. New York state, several Long Island communities and an environmentalist group had sued to prevent the sale. A three-judge panel on the Appeals Court ruled unanimously that "no irreparable harm" would result from allowing the sale to he held pending a court hearing on the environmental issues next month. [New York Times] Reacting to a crime wave that has swept Detroit's East Side, the city's officials recalled 450 laid-off police officers and ordered a 10 P.M. curfew for all children 17 years old and under. The action followed the disruption of a rock concert in Cobo Hall, in the downtown area, by a crowd of youths and adults, who robbed dozens of people in the audience. A woman was raped and another molested, the police said. [New York Times] Kakuei Tanaka, former Prime Minister of Japan, was charged in a Tokyo court with having accepted, while in office, $1.6 million from the Lockheed Aircraft Corporation to arrange the purchase of Lockheed planes by All Nippon Airways. Three Japanese business executives were also indicted on bribery charges with Mr. Tanaka, who remained in jail pending a bail application. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 992.77 (+2.58, +0.26%)
S&P Composite: 104.43 (+0.18, +0.17%)
Arms Index: 0.79

	Issues	Volume*
Advances	769	7.82
Declines	643	5.14
Unchanged	469	3.25
Total Volume		16.21

* 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*
August 13, 1976	990.19	104.25	13.93
August 12, 1976	987.12	104.22	15.56
August 11, 1976	986.79	104.06	18.71
August 10, 1976	993.43	104.41	16.69
August 9, 1976	983.46	103.49	11.70
August 6, 1976	986.00	103.79	13.93
August 5, 1976	986.68	103.85	15.53
August 4, 1976	992.28	104.43	20.65
August 3, 1976	990.33	104.14	18.50
August 2, 1976	982.26	103.19	13.87