University Investment Nets Profit in Miss.

Harvard has a "large and profitable position" in the economic structure of Mississippi, a committee of Harvard and Radcliffe students in the Mississippi Summer Project reported yesterday.

In a statement sent to President Pusey, the students charged that the University currently has investments of nearly $10 million in a utility company with extensive operations in Mississippi.

The report said that Harvard is the largest single stockholder in Middle South Utilities, Inc., which owns the four major power companies in Mississippi, Louisiana, and Arkansas. The University owns 1.7 per cent of the corporation's total common stock, it asserted.

Middle South's Mississippi subsidiary--Mississippi Power and Light--operates throughout the western portion of the state. According to the statement, top officials in the Mississippi company hold important positions in the Jackson (white) Citizens Council and on the political staff of Mississippi Governor Paul B. Johnson.

The student committee, headed by Marshall Ganz '64-3, asked Pusey to discuss the statement at the meeting of the Harvard Corporation Monday. They requested that the University publicly "declare its opposition to racist activities supported by its investments" and "make a public commitment to use its full influence toward forcing a cessation of these activities."

They further recommended that the University recognize its "human investment in Mississippi"--the 30 students who plan to participate in the Mississippi Summer Project sponsored by four national civil rights groups this summer.

In a covering letter to Pusey, they suggested that Harvard withdraw ten per cent of its investment to be used as bail for any students jailed. So far, the Administration has made no comment on the charges.

Copies of the report were also sent yesterday to 55 members of the Faculty, along with a letter asking them to issue statements or to sign a Faculty petition supporting the students' demands.

The report said that Middle South's second largest stockholder is Massachusetts Investors Trust, whose advisory board includes Thomas D. Cabot '44, a member of the Board of Overseers. The third largest holder is State Street Investment Corporation, whose chairman is Paul C. Cabot, '21 Treasurer of Harvard College. Together, the top three investors hold 4.5 per cent of the corporation's total issue stock.

In another charge, the statement alleged that Mississippi Power and Light supplies electrical power free of charge to many members of the Legislature.