African Activist Archive

This memorandum reports that churches and universities have put increasing pressure during past six month on banks making loans to South Africa. Students at Cornell University put substantial pressure on the University to sell bank stock. Princeton University reported that they would not do business with any American bank that dealt directly with the South African government. The U.N. Special Committee on Apartheid requested that U Thant review Chemical Bank's right to reside in the U.N. complex. Major demonstrations took place in Morningside Heights at a Chemical Bank branch. The Episcopal Church decided to withdraw roughly $2 million from First National City Bank, Chase Manhattan, and Manufacturers Hanover Trust if the consortium is renewed. A newspaper story indicates that the University of Wisconsin sold Chase stocks after sustained pressure from African students. United Church of Christ General Synod passed a resolution that the UCC divest itself of all stocks and funds in financial institutions doing business with South Africa.

African Activist Archive

SUBJECT: South Africa and the Bank Campaign

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