Mum's The Word

THOSE STUDENTS--aren't they ever ever satisfied?"

That is how some Harvard administrators reacted when they learned students were displeased with the University's unpublicized sale of $50 million in Citibank notes and deposits, a sale made because the New York bank extended a multi-million dollar line of credit to the South African government.

On its face, the surprise of administrators seems sensible. After all, students angrily demanded Harvard divest stocks and bank holdings connected to South Africa. And the Citibank sale was the biggest single transaction resulting from their protests.

But the reason that students took to the streets in 1978 to urge divestiture--and the reason some are angry now--was that they hoped a public decision by Harvard to sell off its holding would embarass both the South African government and the companies and banks that do business with it. That end is defeated when the sale is made privately. It's like humming church music during a rock concert--good for the soul, perhaps, but nobody notices.

After all, the problem is not so much that Harvard invests in South Africa. Someone else bought the Citibank holdings, and the Botha regime stays in power. The real issure is that Harvard's holdings give it a chance to affect the existence of apartheid rule through pressure and publicity.

We are glad Harvard lived up to its word and sold the Citibank holdings; we reiterate, however, our support for immediate and total divestiture of all investments linked in any way to that country. And we hope that next time Harvard will take a truly moral stand and make their sales out in the open where they can do some good.