R Davenport,
From "The Associated Press Sylebook and Libel Manuel," The Associated Press, Addison-Wesley Publishing Company, Reading, Massachusetts, 1994, page 262:
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"The basic guidelines for open-quoted marks (") and close-quote marks ("):
FOR DIRECT QUOTATIONS: To surround the exact words of a speaker or writer when reported in a story:
"I have no intention of staying" he replied.
"I do not object," he said, "to the tenor of the report."
Franklin said, "A penny saved is a penny earned."
RUNNING QUOTATIONS: If a full paragraph of quoted material is followed by a paragraph that contains the quotation, do not put close-quote marks at the end of the first paragraphs. do, however, put open-quote marks at the starts of the second paragraph. Continue in this fashion for any succeeding paragraphs, using close-quote marks only at the end of the quoted material.
DIALOGUE OR CONVERSATION: Each person's words, no matter how brief, are placed in a separate paragraph, with quotation marks at the beginning and the end of each person's speech:
"Will you go?"
"Yes."
"When?"
"Thursday."
NOT IN Q-and-A: Quotation marks are not required in formats that identify questions and answers by Q: and Q:
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Please note that:
1. My computer entry for quotation uses the same symbol for "open-quote" and "close-quote," so there is no distinction between the two above (as there should be).
2. I did not follow the rule for "Running Quotations" by starting each paragraph with a quote in order to avoid confusion by the addition of additional quotation marks. However, I did effectively indicate that I was quoting via the dotted lines. (You may note my answer to the "Tough question on poisonous substance - HELP" question in this forum to see an example of proper use.)
Hope this helps since the Stylebook is the rulebook for reporters. It's in my personal library.
Cordially,
Russ