News stories from Tuesday August 24, 1976

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

Jimmy Carter drew stronger boos than applause from the national convention of the American Legion in Seattle with his position on Vietnam War draft resisters -- a "blanket pardon" for violators of the Selective Service laws but no blanket amnesty. It was the first sour note of the Democratic presidential candidate's West Coast swing. [New York Times] President Ford proposed that Mr. Carter agree to begin their series of campaign debates in about two weeks. He proposed four 90-minute debates, focusing in turn on national security, domestic, foreign and economic policy, starting within four days after Labor Day, Sept. 6. The proposal, made in Vail, Colo., after a two-hour conference with senior campaign advisers, reflected their assessment that under favorable conditions he could win the debates. An early start and subject matter that would enable him to display breadth of knowledge of government, rather than forensic flair, were thought to be in his interest. [New York Times] Federal election records on file in Topeka indicate that Senator Robert Dole of Kansas, now the Republican vice presidential candidate, accepted as an "in kind" campaign contribution in 1974 the cost of anti-abortion newspaper advertisements he recently said he had disavowed. An aide said he had attempted to do this by reaching the newspapers publishing them to say they were not authorized in advance. [New York Times] The United Automobile Workers designated Ford Motor Company as their strike target if no new contract agreement is reached by midnight Sept. 14. Negotiations are expected to intensify. The outcome is considered significant because a long strike could inhibit national recovery and because the U.A.W. contract has been a pace-setter in setting industrial worker benefits. [New York Times] The strike at the New York State prison at Attica went into its second day with most inmates remaining in their cells as their leaders met Correction Department officials on nine key demands. Newsmen taken on a tour saw the prisoners sleeping, reading and typing in their cells. Some shouted "Tell the people we won't compromise!" Many asked to speak with reporters but this was not allowed by officials. [New York Times] James Napoli, long identified as a leading underworld figure, and eight confederates were convicted in federal court of running a $35 million-a-year policy and horse-racing gambling operation. Three others were acquitted. Federal agents had testified that Mr. Napoli's personal take from 1969 to his arrest in May 1975 averaged $1 million a year. [New York Times] The State Department issued its official comment in Washington on the statement by a multiracial constitutional committee last week in South-West Africa setting goals for independence by the end of 1978. It called it "a step in the right direction" but decried the failure to set a date for elections in the territory, known also as Namibia, and the failure to include all interested parties. This referred to the South-West African People's Organization, a guerrilla group recognized by the United Nations as representative of the people of the territory. [New York Times] Zulu vigilante groups armed with clubs and knives clashed violently in Soweto with demonstrating youths amid growing indications of a backlash against the campaign of harassment that has kept most of the black township's labor force from jobs in Johannesburg for two days. At least six persons have died and 90 were injured in attacks by the vigilante groups, formed with public encouragement from white South African officials and employers. [New York Times] Prime Minister James Callaghan held an emergency cabinet meeting as Britain's worst drought on record threatened to disrupt the economy and cause layoffs or three-day work weeks. Sports Minister Denis Howell was assigned to supervise the shrinking water supply. The minister said that in water allocation, industry and agriculture would precede householders. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 962.93 (-8.56, -0.88%)
S&P Composite: 101.27 (-0.69, -0.68%)
Arms Index: 1.44

	Issues	Volume*
Advances	576	4.61
Declines	801	9.22
Unchanged	482	2.91
Total Volume		16.74

* 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 23, 1976	971.49	101.96	15.45
August 20, 1976	974.07	102.37	14.92
August 19, 1976	983.88	103.39	17.23
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