City to Gradually Sell S. Africa Stock

The city of Cambridge will sell all its stock in companies doing business in South Africa as soon as it can do so without losing money, city officials and councilors agreed last night.

The council unanimously adopted a report from assistant city manager George O'Brien which recommends phased divestiture of the more than $240,000 the city holds in stock of companies connected to South Africa.

City residents voted two-to-one in a referendum last November to "refrain from investing monies" in companies linked to the South Africa government.

Joseph Connartion, a member of the Retirement Board, which controls all of the city's investments in South Africa, said last night he had "no idea" how soon the city would be able to sell off the stock. The city would lose almost $64,000 if it sold the stock now, he added.

"We are in the process of notifying all our investment counselors to tell us as soon as it is possible to sell the stocks at a break-even point," Connarton said.

The Board will also warn its investors not to buy any South Africa-linked stock in the future, he added.

Councilor David Sullivan, who sponsored the motion, said before the meeting, "I'm willing to be patient--just want to make sure we're on the right track and getting ready to divest."

The council also passed a motion aimed at strengthening the city's housing removal ordinance.

The amendment to last August's ordinanace will force developers seeking to demolish rent-controlled buildings to obtain a removal permit from the City's Rent Board.

The Road Less Traveled On

Several developers, who say they had planned to demolish before the ordinance went into effect, have tried to avoid the permit process in recent months. The Massachusetts Institute of Technology, which is seeking to demolish a Blanche St. home and several other city landowners, will now have to apply for the permits.

Councilor Kevin P. Crane '73 said the amendment might force Sears and Roebuck to leave the city. The store is trying to tear down a Roseland St. building to make room for a parking lot.

A tenant in the Roseland St. building, David Sauk, called the amendment "a chance to tell Sears, Harvard, and the other giants that we're not going to let them toy with our city any more."