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The Daily Tar HeelMonday, October
onine colleges toy partnsil dhivestmeiiilt
Oy LAURIE DUNCAN
v 'While more than 60 universities
have divested completely from U.S.
companies operating in South Africa
in the last decade, some schools are
clinging to policies of partial or no
- Total divestment amounts to about
$3.4 billion, according to The Africa
Fund, a New York-based, non-profit
research organization concerned with
Economic, social and political issues
in South Africa.
) Although Stanford University in
California has divested $6 million, it
still has $150 million invested in 60
companies according to figures from
April 1986, said Bob Byers of Stan
ford's news and publications office.
. In the total scheme of divestment
we do not loom large," Byers said.
But to discourage the apartheid
system of white minority rule in
South Africa, the university is creat
ing a program that would bring three
University will also be provided.
. At 2 p.m., former Gov. Jim Hunt
Will speak at the dedication of
Sitterson Hall, the new home of the
department of Computer Science.
f . After the dedication ceremony,
Bonus said tours of the $10 million
building will be conducted. The hall
Was named after Chancellor Emeritus
j. Carlyle Sitterson, who served as
UNC's chancellor from 1966 to 1972.
'..Within its 74,000 square feet, the
four-story hall consolidates the
Computer science department from
six buildings to one.
- Continuing with the day's cerem
onies, the Clef Hangers will perform
at 8:30 p.m. by the Old Well, which
will be lighted at 9 p.m. as part of
the 1988 Senior Class gift. The $2,000
system will light the Old Well each
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black South African professionals to
Stanford each semester and train
them to help strengthen South Afri
can society, he said. The program
costs $50,000 each semester, but
Byers said, "Educational initiatives
offer greater economic promise
against apartheid in South Africa
than threats of disinvestment.
Byers said Harvard University was
designing similar educational initia
tives for black South Africans. A
Harvard spokeswoman could not be
reached for comment.
Other universities' policies range
from retaining total investment in
South Africa to selling stocks in U.S.
companies that do business in the
country either directly, using their
company name, or indirectly, by
collaborating with South African
companies to change the company's,
name while continuing operations.
The UNC endowment fund retains
$6.8 million in stocks from companies
with indirect ties to South Africa. But
from page 1
night. ; -
"This is the first time, in recent
student history that the senior class
has given a gift while still on campus,"
said Senior Class President Anne
During the 11 a.m. convocation,
five Distinguished Alumnus Awards -will
be presented to Eli Evans, O.B.
Hardison, George Harper, Judith
Hines and Roy Parker.
Evans is president of the New
York-based Charles H. Revson
Foundation, which makes grants to
improve New York City's urban
problems. Hardison is an English
professor at Georgetown University,
and Harper is a Lawton Distin
guished Professor of English Emeri
tus at Florida State University.
Hines is the director of evaluation
and development for a New York
based council that accredits Canadian
and American mental health arid
social agencies. Parker is the found
ing editor of "The Fayetteville
t"' ffi '"' n lit i
im -rls A "' ;A
the University severed ties with all
U.S. companies doing business
directly in South Africa with an Oct.
1 announcement that UNC would
divest stocks worth $6.1 million.
The University of Texas at Austin
had $726 million in U.S. businesses
operating in South Africa, according
to the most recent figures available,
said spokesman Mark Hanna. But
U.S. corporate withdrawal has made
that figure smaller, he said.
UTA supports U.S. business in
South Africa, so it does not have a
divestment policy, Hanna said.
"Through compliance with the
spirit and execution of the Sullivan
Principles, U.S. firms in South Africa
are opening enriched social and
economic opportunities to blacks and
othet non-whites," said a statement
from the Board of Regents in early
1987. The Board of Regents controls
the University of Texas' endowment
The Sullivan Principles are a set
of guidelines for U.S. firms operating
in South Africa. They call for non
segregation of workers and fair
The University of California at
Berkeley, in the forefront of univer
sity divestment struggles, pledged in
1986 to divest $3.1 billion worth of
stock over a three-year period begin
ning in January 1988.
Corporate withdrawal during 1987
could reduce that amount to $2.5
billion, said Ron Colb, a Berkeley
Princeton University's divestment
policy encourages the university to
take action within the company by
retaining large holdings within ? a
company. This gives the university a
voice in corporate policy-making.
As of January 1987, Princeton
divested $5.4 million from South
"Princeton's policy since 1969 was
that broad-based divestment was
ineffective in achieving any desired
results in South Africa," said spokes
man Justin Harmon.
"The consequences of divestment
are unclear," Harmon said. "It's an
ambiguous moral statement because
the stocks (that are divested) are
bought by someone else, and you lose
the opportunity to play an activist
role within the corporations.
"Universities that divest gain a
momentary podium for the (eco
nomic inequities) in South Africa.
The (Princeton) trustees feel more
comfortable and more right remain
ing as actors, where they can flesh
out within individual companies the
best corporate policy for South
At Duke University, the Board of
Trustees felt divestment was a moral
issue, said J. Peyton Fuller, vice
president of planning and treasurer
of the university. Duke plans to finish
divesting its remaining $7 million to
$9 million in stock by Jan. 1, 1988,
he said. Duke, in December 1985,
divested $12.5 million.
Duke trustees decided to com
pletely divest because they felt the
Sullivan Principles, which Duke
followed, were not influencing South
Africa to reform the apartheid
system, Fuller said.
Other North Carolina universities,
such as. N.C. State, UNC
Greensboro, and Guilford College
have voted in 1987 to fully divest.
But at Yale University, a smaller
investment portfolio in South Africa
is largely the result of corporate
withdrawal in the region. When a
corporation pulls out of South
Africa, universities that own the stock
subtract that amount from their total
investments in South Africa.
According to June 1986 figures,
Yale has divested $384 million from
a total amount of $1.75 billion in
South African investments, said
Associate Vice President David
Swensen said Yale analysts study
the quality of the company's activity
in South Africa, the nature of the
company's business and whether the
company follows the Sullivan Prin
ciples to decide if Yale should sell its
stocks in a company.
For the Record
In the story "The Attitudes strive
for an individual musical style" in
Thursday's issue, the percentage of
covers in the band's club performan
ces was incorrectly reported as 80
percent. The band actually plays
about 20 percent covers.
In Saturday's homecoming issue,
the bottom quote was incorrectly
attributed as the Carolina fight song.
It is the Carolina Alma Mater. The
DTH regrets the errors.
' ''', ,
noWLa iim. time
Indian troops kill Tamil rebels
during fighting in Sri Lanka
From Associated Press reports .
COLOMBO, Sri Lanka
Indian troops, using heavy
artillery and mortars, killed up to
1 20 Tamil rebels during a weekend
offensive on the Jaffna Peninsula,
Sri Lankan officials said Sunday.
Fifteen Indian soldiers were also
killed in the fighting, according to
Indian officials and news reports.
Tamil rebels, seeking to estab
lish an independent nation for
their ethnic minority, have been
blamed for the deaths of more
than 200 people in the past week.
Most of those killed were civilians
from Sinhalese community, the
majority ethnic group that con
trols Sri Lanka's government and
About 15,000 Indian soldiers
have been sent to nearby Sri
Lanka in an attempt to disarm the
rebels and enforce a July 29 peace
plan signed by the Indian and Sri
A curfew was imposed on Jaf
fna Peninsula, about 185 miles
north of Columbo, during the
N.C. man up for Cabinet post
Reagan announced Thursday he
will nominate Deputy Secretary
James Burnley to be transporta
tion secretary and praised the
"easy manner" of the former N.C.
lawyer who has clashed bitterly
with senators over aviation.
To succeed Burnley as deputy,
the president said he will nominate
Mimi Dawson, who has served on
the Federal Communications
Commission since 1981 and before
that was administrative assistant
to Sen. Bob Packwood, R-Ore.
She will remain an FCC commis
sioner pending Senate confirma
tion of her move to the No. 2 job
at the Transportation
No-win situation for Reagan
WASHINGTON The likely
rejection of Robert Bork as Pres
ident Reagan's nominee for the
Supreme Court marks the low ebb
in Reagan's worst year yet on
Capitol Hill, and lawmakers say
the president has responded to
defeats by growing even more
The White House apparently
has concluded that, having lost
control of the Senate in the 1986
Si tin? n
A I i
l,MJI If Hlli
News in Brief
elections, it is better to make a
stand on principles and go down
in martyrdom than to seek com
promise from a weakened
"They are following a scorched
earth policy," said Senate Major
ity Leader Robert Byrd, D-W.Va.
"Veto, threaten veto, vote not,
filibuster, stall, delay. It's a no-win
PTL pastor to stay
FORT MILL, S.C. PTL
pastor Sam Johnson led a Sunday
service crowd of 1,900 to its feet
as he promised that the ministry,
struggling without its directors to
cope with more than $60 million
in debts, will rebuild itself and "rid
ourselves of disgrace."
Johnson told the congregation
that although he had resigned
from the PTL board, he would
remain as pastor.
Exiled PTL founders Jim and
Tammy Bakker, meanwhile, were
in Pineville Sunday, visiting
Bakker's father at Mercy Hospital
South. Raleigh Bakker, 81, was
admitted to the hospital Sunday
morning with massive rectal
Bakker was in stable condition
in the critical care unit, according
to hospital spokeswoman Kim
Rickwood. She said he would
undergo tests Monday.
Gay rights activists march
of homosexual activists, led by
AIDS victims in wheelchairs and
bearing signs carrying messages
like, "Thank God I'm Gay,"
marched Sunday to demand pro
tection from discrimination and
more federal money for AIDS
research and treatment.
U.S. Park Police estimated that
200,000 people participated in the
march past the White House and
rally near the Capitol. The crowd,
carrying balloons and banners and
wearing buttons and T-shirts,
heard from speakers including
Democratic presidential candidate
Jesse Jackson and former
National Organization for
Women President Eleanor Smeal.
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