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May 13, 1980 - Image 11

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Text
Publication:
Michigan Daily, 1980-05-13

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The Michigan Daily-Tuesday, May 13, 1980-Page 11

B
That tl
between
television
Neverthe
more tha

Mock trials highlight seminar
y GEOFFREY OLANS presiding over a trial on center stage of Education (ICLE) last Friday and of the economist as an e:
here are obvious similarities the Power Center for the Performing Saturday. and the art of advocacy in
trial law and drama: any Arts. IN ADDITION to the trial demon- Special attention in t
n producer will freely explain. The trial was one of four demon- strations, the program-entitled "Ad- program-which refers t
Bless, -t could have seemed strations that highlighted the Thirty- vocacy in the '80s"-featured various responsibility to promot
in a trifle unusual that a U.S. first Advocacy Institute sponsored by lectures by prominent law professors of his client-was given t(

xpert witness,
general.
the advocacy
o an attorney's
e the interests
o "The case of

the difficult plaintiff-against multiple
defendants."
Attendance at this year's program
was the largest ever according to
representatives from ICLE, as 1,376 at-
torneys from all over the coun-
try-seasoned veterans and new law
school graduates alike-gathered
together.
THE TRIAL demonstrations were
carried out by an array of lawyers of
national-reputation, including Murray
Sams, Jr. of Miami and W. McCoy Otto
of Pittsburgh.
Various different styles, techniques,
and strategies illustrated methods of
introducing evidence, discrediting an
adversary's testimony, and obtaining
winning verdicts.
Differences in approach were quite
apparent, according to audience mem-
bers, during the final summations,
where mockery and all sorts of enter-
taining histrionics contrasted with
solemn exhortations and emotionless
faces.

ATTORNEY MURRAY SAMS, Jr. cross-examines a witness as U.S. District Court Judge Douglas
during Saturday's Advocacy Institute trial demonstrations.

Prime interest rate
drops full percentage
point to 16.5%

WI4AT'5 thIEU'TrI~~-rT 4¢LETTER
WO'RDzFM 77EMOVM T'149T MAKES
YOU PLL/SH B~ER ELEP.VING&'

By United Press International
Morgan Guaranty Trust Co. led the
way yesterday in lowering the prime in-
terest rate a full percentage point to
16 per cent, reflecting lower short-
term interest rates in a stalling
economy.
Record-high interest rates have been
in a virtual tailspin for the last three
weeks following a peak in inflationary
expectations. Businesses and con-
sumers have sharply curtailed credit
use, instead of borrowing and buying at
any cost, in the belief that everything
will be more expensive tomorrow.
CONTINENTAL Illinois Bank of
Chicago and several other smaller
banks followed Morgan's move to 161/2
per cent.
The prime, which is the interest rate
-banks charge top corporate customers
for short term loans, was 20 per cent
last month and 11 per cent last June.
Economists generally believe the
recession began in March when the
Federal Reserve, in trying to reduce
the 18.1 per cent annual inflation rate,
widened its tight money policy with
regulations sharply restricting credit
growth.
THE ECONOMY virtually turned on
a dime.
Consumers slowed buying and began
paying off existing debt at a faster rate.
Up to its neck in high-interest, short-
term debt as the recession began,
businesses' fled back to the bond
market.
The Fed, apparently concerned about
"overkill," recently began easing up by
making more reserve funds available
to banks for loans and by lifting the
three per cent surcharge it imposed on
big borrowers from the discount win-
dow.
But loan demand continued to dwin-

die. The federal funds rate - the in-
terest banks charge one another for
overnight loans of excess reserves -
has dropped to around 10 per cent from
20 per cent at the end of March.
David Jones, chief economist at
Aubrey G. Lanston & Co., said the
prime may fall to about 14 per cent by
June.
Executives attending last week's
meeting of the Business Council in Hot
Springs, Va., predicted the prime rate
may fall below 10 per cent by the end of
the year but said inflation probably
would sink to the lower double digits,
still high by historical standards, and
an indication the underlying causes of
inflation are still in place.

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