2 The Daily Tar Heel Tuesday. September 24, 1985
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By MARK POWELL
Busness Editor
Following a march by N.C. A&T
University students led by the Rev. Jesse
Jackson in Greensboro Wednesday,
NCNB Corp. officials said the bank
would no longer lend money to South
African businesses. '
"We share the frustration of many
Americans with the policy of apartheid
in South Africa and with recent events
there," said Rusty Page, a senior vice
president of NCNB. "To restate our
position, we oppose apartheid and
support equitable treatment of all
people in South Africa."
Page said the Charlotte-based bank
holding company had adopted a policy
in February of making no new loans
to the government or national agencies
of South Africa. NCNB will now stop
making loans to the private sector as
well.
The bank's announcement followed
a march of about 2,500 N.C. A&T
students through the streets of Greens
boro to NCNB's downtown offices.
Jackson led the march, entering the
NCNB building, and talking on the
phone with Page.
"The policy had been in effect prior
to the Jesse Jackson appearance on the
campus of N.C. A&T, and it was the
response 1 gave to Rev. Jackson," Page
said.
Page said the march had not caused
the NCNB decision to stop giving loans
to South African banks. He said the
decision had been made prior to the
march and was based on the deterio
rating economic condition of South
Africa and a basic opposition to the
nation's apartheid policy.
"Our decision is predicated on the
cost of economic and socio-political
conditions in the nation, Page said.
NCNB Corp. had $101 million in
loans outstanding in South Africa as
of June 30. Six million dollars in loans
to the South African government, $28
million to banks and $67 million to
commercial operations, according to
the comDanv's quarterly report. The
bank has been offering loans to South
Africa for 10 years.
Jackson called for the government of
South Africa to end its apartheid
policies in a speech delivered after he
left the NCNB building. He said that
if South Africa did not handle the rising
unrest in the nation, it will suffer
violence like that which convulsed
Birmingham, Ala., in the 1960s.
The march was organized by the
student government of N.C. A&T,
according to Curtis Williams, a student
government spokesman and participant
of the march. About half of the student
body of N.C. A&T was involved in the
march, he said.
"The march was organized to show
a concise view of the students," Williams
said. .
Williams said the march was made
to draw attention to NCNB's policies
and he added that he felt the march
was successful in that, aspect. He said
the march probably was not the primary
cause in the bank's policy change.
"It created a little bit more aware-
ness," Williams said. "We asked stu
dents to write Senators Jesse Helms and
John East on the issue."
Eighty five percent of the student
body supported the march, according
to Williams. The majority of the 2,500
marchers were students at N.C. A&T,
which has a student body of 5,400. V
"When , Jesse came to speak, the
auditorium was packed; people will
gather around significant issues like
this," he said.
Williams said the march organizers
were pleased with NCNB's actions in
halting loans to the private sector.
"Sure, they're making some changes,
but they could do a little better,"
Williams said. "Jesse gave out an outline
version of what they had done and it
needs a little bit more, but we under
stand that businesses take a little time
to make changes." -
UNC's Black Student Movement was
not involved in the march, a spokesman
said.
FSsrst Umomi Cwpo Wfbfuiy MkmBmcmp:
By GORDON RANKIN
Staff Writer
In an announcement issued Friday, the First Union
Corporation said it will buy South Carolina's fourth
largest bank, Southern Bancorp.
This is the fourth purchase of the year for Charlotte
based First Union, and, valued at $215 million, it
is by far the largest. The deal was negotiated last
week in response to the acquisition of the Citizens
and Southern Corporation by the Citizens and
Southern Georgia Corporation based in Columbia,
S.C.
The rush of acquisitions came as a result of South
Carolina's new interstate banking law. The legislation
will permit out-of-state mergers with S.C. banks
beginning January 1.
The First Union Southern Bancorp, merger will
take place sometime during the first quarter of 1986,
according to Jim Singleton, spokesman for First
Union.
"Sufficient time will be needed to notify all our
stockholders of legal and financial adjustments,"
Singleton said.
First Union is also waiting for federal regulatory
approval of its tentative mergers with Northwestern
Financial Corporation of Greensboro, N.C, Atlantic
Bancorporation of Jacksonville, Fla., and Central
Florida Bank of Dade City, Fla. If all four of this
year's acquisitions are approved as expected, First
Union's assets would total $16 billion.
The company's stockholders were startled but
pleased to hear of the latest deal. The merger came
as no surprise, however, to banking industry analysts
who were aware of First Union executives' financial
and personal connections to Southern. During early
1984, First Union purchased 4.9 percent of Southern's
common stock, signifying that it was interested in
an eventual merger.
Sam Hunt, president and chief executive of
Southern Bancorp., has been close friends for nearly
40 years with Ted Sumner, his counterpart at First
Union. Hunt also worked for 10 years at Northw
estern, another of the companies being acquired by
First Union.
"It was not a personal coup," said Singleton of
the Charlotte-based bank, "but rather a decision made
for the better of the two corporations."
Eleagah to aid U,. exporters,
nf air trading practices
From wire reports
WASHINGTON President
Reagan on Monday announced that
he would establish a $300 million war
chest to aid American exporters and
a government "strike force" to weed
out unfair business practices, part of
his plan to open foreign markets and
reduce a staggering trade deficit.
"I will not stand by and watch
American businesses fail because of
unfair trading practices abroad,"
Reagan said. "I will not stand by and
watch American workers lose their:
jobs because other nations do not
play by the rules."
Quake death toll 3,461
MEXICO CITY Thousands of
people were killed and left homeless
when two earthquakes shook Mex
ico City Sunday. Officials from the
Mexican government now estimate
the death toll at 3,461. people. Up
to 6,700 people were injured.
Mexico City Mayor Ramon Agui
rre said that up to 2,000 people were
believed to be trapped beneath the
rubble with little hope of rescue.
Five Americans were killed and 1 1
were reported missing.
Farm Aid benefit
CHAMPAIGN, 111. Rock and
country music's elite came to Amer
ica's heartland for the Farm Aid
benefit concert, reaping millions of
dollars in pledges and delivering a
message of hope for struggling
farmers around the country.
"Hang on. We're trying to help,"
Farm Aid organizer and country
music star Willie Nelson said when
asked his message to the nation's
struggling farmers.
Nelson, following performers such
as Bob Dylan, Kenny Rogers, Neil
Young and Merle Haggard, brought
news in brief
nearly 15 hours of entertainment to
a close Monday. The set closed with
"On The Road Again" and "You
Were Always On My Mind."
Hurricane Gloria settles
MIAMI Hurricane Gloria
swirled past the West Indies with
winds up to 75 mph Monday while
Tropical Storm Henri formed off the
North Carolina coast, headed up the
East Coast with 50 mph winds.
Hurricane warnings were discon
tinued for the northern Leeward
Islands and Puerto Rico as Gloria's
threat diminished.
Terrorism prevails in India
NEW DELHI, India With
elections coming up in India on
Wednesday, terrorism has taken
another toll as a powerful bomb
exploded in a downtown district
Sunday, killing three people.
Police officials said the bomb used
in Sunday's explosion was identical
to the one that Sikh terrorists used
in May, which killed 85 people.
The bomb was planted in a
transistor radio and shook a slum
area in the capital city.
Jet, plane collide
AUBURN, Ala. A corporate
jet and a small one-man plane
collided during their landing
approaches Sunday at the Auburn
Opelika Airport killing two people
and injuring four others.
A hospital spokesman said the
injured did not appear to be seriously
hurt.
Mayoral candidate Nasii lists airea growth as priority for the record
By KERSTIN COYLE
Staff Writer
David C. Nash, the first person to
announce his candidacy for mayor, said
he was delighted that the people of
Chapel Hill have six good candidates
to choose from.
This fall's list of candidates is the
largest to run for mayor in the history
of Chapel Hill.
Nash, said he made his decision to
rtunr in -July - when Bev -Kawalec
announced in the paper, she would not
run if Chapel Hill Mayor Joe Nassif
sought re-election. Nash, a friend of
Nassif s for over 20 years, did not want
Nassif to run unopposed.
Nash said he discovered that being
the first to announce his candidacy has
helped rally support.
"I had the courage to run when no
one else was there," Nash said. "I have
been gaining support daily because I did
not let 'ifs' determine the nature of my
decision."
Although Nash was born in Canada,
he has been a resident of Chapel Hill
since 1947. Nash's entire family has been
affiliated with UNC for many years.
Both of his parents have taught at the
University, and he and his brother
received degrees from UNC.
Nash, who received his bachelor's
degree in economics, worked in real
estate from 1973 to 1983. He said he
believed that his experience in real estate
makes him the best qualified candidate
for logical growth and development in
Chapel Hill.
"People who are leading this town
have to realize that growth is coming,"
Nash said. "Developers are not the bad
guys. They create jobs and circulate
money. We have so many good local
developers that are not tearing up the
trees. The issue should not-be growth
or no growth, but how we are going
to manage growth.
"I am for moderate growth with long
term planning," Nash said. "We have
to think in terms of 20 years. Once those
'Ct)Miii&- :imh.
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I Electrical Engineers... Computer Scientists.
I Zlatnematicisjis...Langu&ge Specialists.
The National Security Agency analyzes foreign
signals, safeguards our government's vital com
munications and secures the government's massive
computer systems.
NSA's unique, three-fold mission offers you
unheard of career opportunities. Here are just a few
of the exciting possibilities:
Electrical Engineering. Research and develop
ment projects range from individual equipments to
complex interactive systems involving micro
processors, mini-computers and computer graphics.
Facilities for engineering analysis and design
automation are among the most advanced anywhere.
Computer Science. Interdisciplinary careers in
clude systems analysis and design, scientific applica
tions programming, data hase management systems,
operating systems, graphics, computer security and
networking all in one of the world's largest com
puter installations.
Zlathem&tlcs. Projects involve giving vitally im
portant practical applications to mathematical con
cepts. Specific assignments could include solving
communications-related problems, performing long-,
range mathematical research or evaluating new
techniques for computer security.
Language Specialists. Challenging assignments
for Slavic, Near-Eastern and Asian language majors
include rapid translation, transcription and
analysis reporting. Newly-hired language specialists
may receive advanced training in their primary
language(s).
In addition to providing you with unheard of chal
lenges, NSA offers a highly competitive salary and
benefits package. Plus, you'll have the chance to live
in one of the most exciting areas of the country
between Washington, D.C., and Baltimore, Md.
Sound good? Then find out more. Schedule an in
terview through your College Placement Office or
write to the National Security Agency.
long term plans have been set, I aim
for the builders and developers to abide
by those terms."
Nash said that after 50 hours of heavy
research on the subject, he was in favor
of Rosemary Square.
Aside from moderate growth, Nash
said that, if elected, his other top
priorities would include the town's
water supply and safety in the streets
and neighborhoods.:' .
Nash said he believed that '' the
significance and vitality, of this town
could be attributed to the University.
"Chapel Hill would be another town
in North Carolina without the Univer
sity," Nash said. "I am delighted
Patricia Wallace recommended that a
student be on the planning board for
Chapel Hill. If elected, I plan to help
communication between town and
gown."
The Daily Tar Heel sports folks
incorrectly reported an NFL score on
the front page of Monday's paper.
The scoreboard read "Indianapolis
14, Detroit 6," and right under that it
read "Pittsburgh 20, Detroit 0."
Well, plain facts are that the Detroit
Lions did not lose two games Sunday,
they only lost one to Indianapolis
(which is bad enough).
Pittsburgh did win 20-0, but they beat
- the Houston Oilers,1 'and not Detroit.
The omission of ' Houston and the
inclusion of Detroit in the latter score
was not an attempt on our part to deny
the existence of the Houston Oilers nor
to rub the Detroit Lions' faces in the
dirt, it was simply a mess-up.
The DTH regrets the error and sends
apologies to the two franchises.
In Monday's story, "After hundred
years of controversy, D.H. Lawrence
still excites students," there was a
spelling error in the book title Lady
Chatterley's Lover. The DTH regrets
the error.
In Monday's story, "Bigger isn't
better for English dept.," freshman Josh
Bobbitt of Madison stated: "I didnt
think it would be that many papers. We
have to cram all of this writing into
one semester." The DTH regrets the
editing error.
; : : In the story "Democratic hopefuls eye
Cobey's seat" (Septri6),4th District
congressional candidate Woody Webb
was misquoted. First, Webb said Rep.
Bill Cobey had the "widest" coattails
to sweep him into office, not the
"whitest." Second, Webb said the
Democratic Party must "start" (not
"stop j focusing on issues advancing the
general interests of 4th District resi
dents. The DTH regrets the reporting
errors.
NSA will be on campus October 10, 1985. Ibr an
appointment, contact your placement office.
. Limited summer opportunities for juniors
majoring in Electrical Engineering, Computer
Science and the above foreign languages.
Unheard of Career Opportunities
NATIONAL SECURITY AGENCY
ATTN: M322(N)
Fort Meade, MD 20755-6000
U.S. Citizenship required.
An equal opportunity employer.
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