Word: divest
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Dates: during 1970-1979
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Some colleges have already taken action. The University of Massachusetts has sold $700,000 of such securities. The Oregon state board of higher education, which administers 13 colleges, has voted to divest itself of stock valued at $6 million. Tufts University has sold $200,000 of stock in Citicorp, a holding company that through its First National City Bank has made loans to South Africa. The University of Wisconsin has been advised by the state attorney general to sell $9 million worth of holdings in companies with South African subsidiaries, as well as stock in any firms with Saudi Arabian...
Walter M. Cabot '55, Deputy Treasurer of the University, said yesterday he believes "the Corporation wouldn't divest itself of securities in any corporation for social reasons alone...
Since Harvard commands so much respect in academic and social circles, a decision by the University to divest at least some of its South Africa-related stocks, particularly investments in commercial banks that directly support South Africa through loans, would command a great deal of influence, since many major institutions must come to grips with the question in the near future. The University should make such a decision and take an active role in shareholder resolutions calling for the withdrawal of U.S. investments in South Africa...
Garry W. Martin '78, president of the Harvard-Radcliffe Black Students Association, said yesterday the University had to claim it was selling the bank stock for financial reasons or "it would be under pressure to divest itself of its stock in other corporations operating in South Africa...
...University's action shows a side of academic institutions that is all too rarely seen, namely, a willingness to protect a courageous individual. Harvard should now take the next logical step--to divest its holdings in American companies whose South African investments support the apartheid system...