t <> 1 i i (, i ill Full Disclosure: U.S. Schools Cash Out tighty-four schools have divested themselves, in whole or in part, of Smith Africa-related ■■stocks—53 of them since April 1985. Forty-two schools divested fully (at least $267 million), and 42 schools partially ($217 million). Below, a list of full divestors. <m ■iTIw—f Antioch College NA Arizona State Untv. 3.1 Barnard College .946 Bates College 6 Cal State. Northridge 2.3 City Univ. of New York 10 Clark Untv. 6 Columbia Univ. 41.7 Evergreen State College NA Fairfield Univ. 4 Hampshire College .04 Hartford Seminary 6 Howard Univ. 8 Univ, of Iowa 2-5 Iowa State Univ. .15 Univ. of Kentucky 1.6 Univ. of Louisville 9 Lutheran School of Tbeol NA Univ. of Maine 3 Univ. of Massachusetts .6 Univ. of Miami 17 Univ. of Minnesota 36 Univ. of Minnesota (Foundation) 5 Michigan State Univ. 72 Western Michigan Univ. .2 Mount Holyoke College 14.9 State Univ. of New York 16 State Univ. of New York Stony Brook Foundation .08 Northeastern Univ. 21 Ohio State Univ. 11 Ohio Univ. .06 Ywr 78 SSS SSSSS SS3 85 2 S8aSSS3gS88SSSSSS ^ IMWMUI. MOrOM CmKMUTION Elriwta| the 'tot sit tactar': GM assembly line iMnutmm Amman Ymr <w million#) Univ of Rhode Wand (Foundation) .888 Rooseveh Unrv NA Rutgers Untv » 14.B Sarah Lawrence College .66 Seattle Untv 2.6 Teachers College. Columbia 6 Temple Univ. 2.49 Univ. of Vermont . 2.1 Wayne State Univ. NA Western Washington Univ. NA Univ. of Wisconsin • 11 A« ofMarefc IB. IMS 8ourc* Th» Africa Fund 88888888585 Through I ant December. the value of that portfolio had ris en by 27 percent But accord ing to chairman Stanford Cal derwood, Trinity launched the portfolio just 12 days before the advent of the current bull market He also cautions that this portfolio was outper formed by another Trinity fund that invested in com pa niea with South African holdings "People look at our record and say it can be done." Bays Calderwood "We look at our record and say. Weren’t we lucky ' This is one hell of a bull market ” He warns, more over, that if everyone attempt ed to switch to an antiapart heid portfolio, it would merely drive the price of the stocks to unrealistic levels, setting the universities up for a low Given the difficulties of di vestiture—and the rela tively minor result that it is likely to bring—why has South Africa so ignited today's campus activists? For one thing, answers Feierman of Wisconsin, the apartheid sys tem is an issue that crosses ide ological lines "You can have conservative students who take seriously the idea of equality under law," he soys, "and who take the antiapurtheid move ment seriously because they see apartheid as violating than basic freedoms." Others, how ever, see the pressure campaigi as a kind of moral mouthwash, a convenient vehicle for student Among the 200 top U.S. companies operating in South Africa are Johnson & Johnson, Kellogg, Xerox, Coca-Cola and Revlon. To be as uncontaminated, for example, as many students might want schools and corporations to be, a student would have to divest himself of cars, records, soft drinks, computers and many other staples of the campus life. Because trustees are charged with protecting the assets of their schools, they must consider the possible negative effects that divestiture might inflict on stock portfolios. Such caution has been upheld in the only court case to date that deals directly with the matter. In 1977 students at the University of Oregon voted for the complete divestiture of $20 million in stocks with a South African connection The state board of higher education agreed, but the Oregon Investment Council vetoed the decision— and the students sued. In December 1984 a circuit court ruled against the students, finding that divestiture would violate the "prudent investor” rule. The decision is now on appeal. Supporters of divestiture argue that investments can be pure yet profitable, pointing to the record of the Boston-based Trinity Management Corp., which in July 1982 began operating a $15 million "South Africa-free” portfolio for Michigan State. selt-righteousness. bouton uni versity president John Silber. an outspoken foeofdivestiture.calls the movement an "exercise in simple-mindedness " What is certain is that the protests will continue Harvard students will keep urging their alumni to contribute to a special Endowment for Divestment rather than directly to the school students at Michigan State will maintain their boycott of product made by Coca-Cola. Around the country, campus teach-ins will hammer home the inescapable conclusion that South Africa peculiar institutions are both brutal and repugnant. In the end, such lessons may be the most lasting legacies from this year of antiapartheid fervor. No one can justifiably fault tin sincerity of American students in attempting to right an obviou wrong. They may be unlikely to transform the economy or th< intransigent racism of a government far away, or to deter Pretori from a bloody course of racial strife. Nevertheless, they hav already achieved two major accomplishments: they have help^l keep a cause burning brightly in the public eye, nnd demonstrate! that they care about something deeper than their resumes Harry Ahukion with Peter Younokuii and in Capr 7Wn Connie Leslie in Nnv York, Donn a J ai.bertin Botlon. fcRiR lliMMlLitACN in Hrrkelry, Catherine 1.iden in Bloomington ami bureau report*