Out of Context

To the Editors of The Crimson:

The Crimson's June 6 story on the Endowment for Divestiture said "the fund is part of growing student opposition to the University's investment policy, which according to recent statements by Corporation member Hugh Calkins '45, do not take ethical considerations into account when purchasing stock.

The "statements" you attribute to Mr. Calkins apparently reflect a statement attributed to him in a Crimson story earlier this spring. Your story fails completely to reflect the statement made by him last month on the record on a letter to the Chairman of the Advisory Committee on Shareholder Responsibility) In that letter. Mr. Calkins says. "We have for many years followed a policy of refraining from purchasing shares of companies whose business is predominantly carried on in South Africa. In the case of proposed purchases of shares of companies predominantly carrying on business elsewhere we are advised by the Harvard Management Company that the quality of management of the company is one of the most important criteria which influence a purchase decision. In appraising the quality of corporate management, its sensitivity to issues of social and ethical importance, and the skill and energy with which it shapes the policies of the company to respond to those issues are among the factors taken into account," (emphasis supplied)

In view of that statement by Mr. Calkins, the chairman of the Corporation Committee on Shareholder Responsibility. I would hope that future Crimson stories don't perpetuate the allegation that ethical considerations are not taken into account by Harvard when purchasing stock. Michael Blumenfeld '55   Associate Vice President, Public Affairs