The Michigan Daily-Tuesday, August 12, 1980-Page 9
Federal judge
appointed as
special counsel

Getting skunked' in Ohio
People's Republic of China Ambassador Chai Zemin is hugged by a six-foot
skunk upon entering the Natural Resource area at the Ohio State Fair in
Columbus yesterday. The ambassador, along with other members of the
Chinese delegation, was at the fair for the opening of the Hubei Province
(Republic of China) trade exhibition, the first of its kind in this country since
the U.S. normalized relations with China.
Dow Jones average
hits 3 -year high

for Billy
CHICAGO (AP) - Former federal
judge Philip Tone, appointed yesterday
as special counsel to the Senate sub-
committee probing Billy Carter's
relationship with Libya, promised to
conclude the investigation "as quickly
as possible."
"We intend to conduct a thorough and
fair investigation and to find the facts
and report them as quickly as
possible," Tone, 57, said at a news con-
ference in the offices of his Chicago law
firm.
TONE SAID he and Michael David-
son, staff counsel of the special Senate
Judiciary subcommittee, plan to
prepare an outline of the purposes and
scope of the investigation to be presen-
ted to the committee early next week.
Hearings are scheduled to resume on
Aug. 19.
Sen. Birch Bayh (D-Ind.), chairman.
of the subcommittee, also appeared at
the news conference and noted that the
inquiry is taking place in what he ter-
med a "highly charged political en-
vironment."
BAYH'S SUBCOMMITTEE is in-
vestigating BillyCarter's acceptance of
$220,000 from Libya, his delayed
registration as a foreign agent for
Libya, and any involvement in that
relationship by President Carter's ad-
ministration.
The president said in an hour-long
news conference last week that his
brother's relationship with Libya did
not influence his administration in any
way.
The subcommittee plans to call Billy
Carter at public hearings and President
Carter has said he is anxious to testify
in person. The panel has already hired
a chief investigator and has held
background hearings on the Foreign
Agents Registration Act, under which
The AnnArbor Film Cooperfive
Presents at Aud. A: $1.50
Tuesday, Auggist 12
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probe
Billy Carter registered July 14 as a
Libyan agent.
BAYH HAILED Tone as having "the
kind of reputation that can give creden-
ce to what we are doing and the results
we may accomplish."
The white-haired Tone is a former
judge of the U.S. District Court in
Chicago and the Seventh U.S. Circuit
Court of Appeals.
Since resigning from the federal ben-
ch in April, he has resumed private
practice with the Chicago law firm of
Jenner & Block. He said he will con-
tinue to serve as a partner in the firm
while he works for the committee.
Tone said he was a registered
Republican and usually votes
Republican, but he said he has not par-
ticipated in GOP activities since
becoming a federal judge in 1972. He
was nominated to the post by then-
President Richard Nixon.
Neal reportedly said he turned down
the offer because of other pressing
business.
Initial reaction to Tone's appoin-
tment was favorable. Sen. Strom
Thurmond (R-S.C.), the ranking
minority member of the subcommittee,
called Tone "an outstanding judge with
a national reputation who will bring his
experience to the investigation."
"A MASTERPIECE ."
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"THEMARRIAGEOF
c7YIARIA'BRAUk
RTes, Ths-725930
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HIS
LAST
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2:50.
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frgac :0,90
We.* 10 'i 53

NEW YORK (UPI) - The Dow Jones
industrial average climbed to a 3%I-
year high and broader averages set
records yesterday in the stock market's
blistering spring-summer rally.
Trading was fairly active, but trailed
Friday's pace.
The Dow average, which soared 23.21
points last week, climbed 9.39 points to
964.08, the highest level since it closed
at 964.84 on March 18, 1977. The Dow, a
3.75-point winner Friday, has gained
204.95 points since April 21.
THE BROADER-BASED New York
Stock Exchange index rose 0.64 to 71.45,
an all-time high, and the price of a
share increased 31 cents. Advances
topped declines 946-609 among the 1,912
issues traded at 4 p.m. EDT.
Big Board volume totaled 44,690,000
shares, down from the 58,860,000 shares
traded Friday.

Some investors were encouraged by
the Commerce Department's report
yesterday that July retail sales rose 2
per cent following a 1.4 per cent rise in
June.
THE NEWS tended to confirm in-
vestor speculation that the recession
has bottomed out and that a recovery is
about to begin. Analysts said investors
are indicating they think the recovery
will be mild and non-inflationary.
However, the Agriculture Depar-
tment said because of the prolonged
heat wave in the Midwest, it was cut-
ting its corn production estimates by 9
per cent. That could force up some
prices. So could a shortage of meat.
The American Stock Exchange index
rose 2.84 to an all-time high of 322.25
and the price of a share increased by 16
cents.

NOWO
1 DETROIT'S CASS CORRIDOR 1963-1977
Two floors, South Wing-Avant garde scene. Paintings,
sculpture, and related poetry and music.
THE DETROIT INSTITUTE OF ARTS