News stories from Thursday August 19, 1976

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

President Ford surprised his fellow Republicans with his selection of Senator Robert Dole of Kansas as his running mate. The delegates at the Republican National Convention ratified the President's choice, a conservative known for his aggressive partisanship. A movement by some Southerners to draft Ronald Reagan fizzled. In his address to the final session of the convention, President Ford pledged to fight "with total will" to win a great victory. Mr. Ford offered to debate on television with Jimmy Carter, his Democratic rival, and Mr. Carter later accepted. [New York Times] In selecting Senator Robert Dole as his running mate, President Ford made a decision that conformed to the wishes of Ronald Reagan and brought to the Ford ticket an aggressive and articulate political infighter. In a post-midnight conference with his defeated rival, President Ford asked Mr. Reagan to comment on a list of six vice-presidential prospects. Sources close to both men agreed that Mr. Reagan spoke most warmly of Senator Dole. [New York Times] It seemed in a farewell meeting that Ronald Reagan believed that his active political career was over. He said he would resume his work as a commentator on national affairs and do what he could to help the Ford ticket. He praised President Ford's choice of Senator Robert Dole as his running mate and said they faced a difficult battle against Jimmy Carter. States with strong political machines and their influence on wavering delegates were a big factor in his losing the nomination, according to Mr. Reagan. "The convention turnaround was in the machine states," he said. [New York Times] Many of the convention delegates spoke gravely of the Ford ticket's prospects in November, while staunch supporters of Ronald Reagan threatened to sit back and watch the ticket lose in the South and West. "I'm afraid Ford is going to have to write off a large part of the South," Guy Hunt, chairman of the pro-Reagan delegation from Alabama, said. [New York Times] Acting reportedly under instructions from the Justice Department, agents of the Federal Bureau of Investigation assigned to investigate a series of burglaries by their colleagues removed, a source said, "file cabinet after file cabinet" from the F.B.I.'s headquarters in Washington and its field office in New York City. It was also learned that Wallace LaPrade, an assistant F.B.I. director who heads the Manhattan office, authorized some of the burglaries that are under investigation. [New York Times] Both North Korea and the United States took steps to increase the readiness of their military forces on the Korean peninsula after the killing of two American guards in the Korean demilitarized zone by troops of the North Korean Army. The dead Americans, who were killed in a dispute over tree pruning, were identified as Capt. Arthur Bonifas, 33 years old, of Newburgh, N.Y., and Lieut. Mark Barrett, 24, of Columbia, S.C. [New York Times] South African policemen opened fire on a crowd of stone-throwing blacks after they stormed four factories in an industrial area of Port Elizabeth. On the second day of anti-government rioting in that city, the number of people killed rose to 14, and the number of wounded to 28. The attack occurred a few hours after representatives of South African industry appealed to the government for wide-ranging racial reforms, adding to the pressure being put on the government by much of the white community, including the parliamentary opposition, churches and the traditionally pro-government Afrikaans press. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 983.88 (-11.13, -1.12%)
S&P Composite: 103.39 (-1.17, -1.12%)
Arms Index: 2.59

	Issues	Volume*
Advances	302	1.43
Declines	1,165	14.28
Unchanged	372	1.52
Total Volume		17.23

* 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 18, 1976	995.01	104.56	17.15
August 17, 1976	999.34	104.80	18.50
August 16, 1976	992.77	104.43	16.21
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