Cornell Says Financial Causes Account for Sale of Gulf Stock

Cornell University's decision to sell its Gulf Oil stock was not influenced by pressure from students of outside groups. Cornell's associate treasurer said yesterday.

Robert T. Horn said that many things were taken into consideration by the Trustee Investment Committee, but that the major reason for the sale of the stock was that "we thought that it was a very good time to self from a financial sand point.

Last spring black students at Cornell occupied a building for several days and demanded that the university pressure Gulf to withdraw from the Portuguese colony of Angola.

Arthur W. Brodeur, director of Public Information at Cornell, said yesterday that the sake of the 93,500 shares was in keeping with the investment policy statement drafted by the Cornell trustees in April 1971.

The policy says that investments must be made "with social, environmental and other similar aspects being evaluated as part of the financial considerations involved."

Horn said yesterday, "These aspects may have influenced some of the trustees" votes, but they were not the major issue in the decision."

Stephen B. Farber '63, special assistant to President Bok said that Harvard had next plans to sell its 700,000 Gulf shares He added that Harvard's investment policy does not call for the evaluation of social and environmental issues.

"Guidelines of this sort could be made by the corporate committee, perhaps through the suggestion of the Advisory Committee on Shareholder Responsibility," he said.