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T”tbuDe und2 December 2! lt Divestment in By Bar- - Schlachter Associated Press W -- iter CAMBRIDGE Mass — Few admit : raving in to pressure from tireless cm etment activists w no erect jerry I ult shanties or leaf : campuses formal alumni dinners by shouting angry slogans and picket church proper: But in numbers urersities relgious bodies cities and state goernments are molding investment strategies to conform to neIv formed moral positions and selLng off stock in American corporations dealing with South Africa About 50 colleges and universities hae completely divested so far Even Washingtons Smithsonian Inst tution has selectively pared its holdings By midyear $3 4 billion in stock held by public employee funds had been traded Although the divestment campagr is rolling along the verdict is still ol: on its effect on framers of Pretoria s racial policies In inter lew s anal sts said there is no evidence yet to show the moe mem has affected share prices The institutions divesting are doing so m a manner to minimize possible damage to their investments or to the particular stocks themselves they said U S Moreover most of the announcing over the past 23 months that they were pulling up stakes in South Africa including General Electric Co which departed last April gave economic factors as the main reason IBM also cited the deteriorating political situation between Pretoria and its trading partners South Africa is in a recession and subsidiaries of American enterprises operating there have not been spared The Investor Responsibility Center a organization in Washington which closely follows the issue said T S firms on average racked up losses equal to 9 percent of the book value of their South African investments in 1984 The business climate hasn t impro ed since then ds-ruo- ever-increasi- 60-pl- Re-'ear- non-prof- it Combined investment by American businesses in South Africa amounting to less than $1 8 bllior only contributes an estimated 3 percent of the South African gross national product But U S subsidiaries w hile employing 125 000 people hold powerful positions in certain key business sectors controlling of the oil computto er and automotive industries In announcing their respective de one-thir- two-thir- d Africa Is Perhaps a Hollow Gesture S Write partures Gene-a- ! Mo:o-- s and IBM said they wi sell ther Sou if Arnica" winch subsidiaries to loca mte-es- ts will continue tc market and se-- v ice r e t"t corr'ar their proa jets S logo is removec :rom the front a mr licensing fees wul stil be paid t the American frmc h se gen as rerrair on the South African market This approach ha tmer greeted skeptical by the South African media which commentea that the more noise the American frms make about leaving the more they strive to find ways to keep themselves ir the mar- co of op in Pretora suet as Htier libe-o- s post u- - the Prvigress ve Federa ii at Suz man Pa-t- v atacked dves’mert have ting that crp so- t enj-- e F W Botha s as vrwed not t' let out-r uence is a imetic - ttj - ecao pirg ca ref irrr F'esiae- -' f- a- government side pi’esL-p 1 dices The tXied at the Fre'rort of against the whte mi ANC e strugg nortv government vigorously cates full a vestment advo- ‘The Amentar Revolution had a cost and ou- - -- evolution will have a vi’akaz said We must be covt wulirg to pay this cost ket But or Nov 19 Eastman Kodak went a step farther than others by not only announcing a pullout but also a decision not to sei ts products ir The political and psy etiological ef feet of the divestment campaign is as difficult to read as the economic efof American fect of the wthd-aw- South Africa After Harvara In' emu disclosed a pan a d vestment :n October Themba Vlakaz a C S based representatve of the outlawed biack nationalist group fghtrg apartheid a the African National Congress that the sale of $159 million worth of American shares wont bnrg about ary noticeable change in ns ran ally d vided Homeland ' But the announcement itself adds tc the climate and helps achieve the ' he goal of isolating South Africa Said The seemingly few vocal opponents to divestment however assert that the issue is fueled more by emotion than reason or political savvy Whats more they assert it reflects an unthinking acceptance of an issue because of its popularity and at best is an empty gesture Some outspoken critics such as Boston Iniversity President John 1 al firms con-ceae- John Che:e Washington d rector the Soun Africa Foundation which represents interests of the country s industries conceded that the divestment successes caused a certain of business confidence at least initiaii He maintairs the South African business community is now split those w ho are fghting divestment because they see American companies as their allies in the fight for a more just societv and others suh as foundation President Fred du Piessis who are ready to pick up castoff subsidiaries at bargain basement prices 'The epitome of this was Bell L ' Howell selling out for $1 he Sdid of ‘ — bs oc a?'s es c'a’ dropped out of South Africa's business climate but has dhestment paid any dividends0 -- Many major corporations Silber have even called divestment immoral because poor South African biacks become immediate losers through possible layoffs ' However bad apartheid might be and I don t know anyone who doesn't think it is terrible it is still an attractive alternative to starvation " Silber argued m a recent speech to a New England businessmen s group But Alison Cooper of the Investor Responsibility Research Center said ' Most of the operations have not been shut down They are still running Few jobs have been lost In South Africa itself views of black leaders range from opposition to divestment and any form of economic sanctions to full support Some promin'nt community figures have urged U S based multinationals willing to relocate to black areas to stay and provide local employment opportunities American executives say hae 1 JCPenney Holiday 1 6996 So State e just oetermned it w as tme to of South Africa sa d Bell 4 out get Howell spokesman Dan Coiiins Other ieadrg frms Lke RJR Na bisco !nr Fo-- d and Dow Chemical sa they set an example of non-dW s politi- is crmnatory labor practces Of the 246 I S firms maintaining dmer i iriesimerts m South Africa 197 have agre d to follow employment guidelines drawn up by a Phila delphia clergyman the Rev Leon Sullivan The Sullivan Principles pledge employers to integrate the workplace provide equal pay to blacks and oppose apartheid laws A I S consulting firm Arthur D Little Inc montors compliance But even faithful adherence to th principles bv a particular firm doesn t always help at home When a college or church decides on full di vestment its stock gets sold Both PepsiCo and Coca Coia agreed to the Sullivan Principles Nonetheless PepsiCo decided last year to leave South Africa And Coke consumer faced with a month-ol- d boy cott call by the Southern Christian Leadership Conference announced in September it was selling its share of South African canning and bottling plants to a multiracial group of local investors Chemical after canvassing from black South African community leaders decided five years ago to keep a small pharmaceutical operation it inherited in a corporate takeover said 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