The State of New Jersey said that it sold 23 stocks in a program trade worth 43 mln dlrs this morning. Roland Machold director of the Division of Investment for the state of New Jersey said the sale was part of our ongoing divestment program. Under N.J. state law enacted in August 1985 the state must divest all securities stocks and bonds of companies that do business in or with South Africa by August 1988 Machold said. He said in order to be fully divested by August 1988 we will probably have to sell an average every week of between 50 mln and 75 mln dlrs of stock. The stocks sold in todays program sale include Abbott Laboratories &lt;ABT> Allied Signal Inc &lt;ALD> CitiCorp &lt;CCI> Ford Motor Co &lt;F> General Motors &lt;GM> Gillette Co &lt;GS> H.J. Heinz &lt;HNZ> IBM &lt;IBM> Minnesota Mining and Manufacturing &lt;MMM> Mobil &lt;MOB> Monsanto Co &lt;MTC> NCR Corp &lt;NCR> Pepsico Inc &lt;PEP> Pfeizer &lt;PFE> Union Camp &lt;UCC> USX &lt;X> Westinghouse Electric &lt;WX> Weyerhaeuser Co &lt;WY> American International Group &lt;AIG> CBS &lt;CBS> Coca-Cola &lt;KO> Merck &lt;MRK> and Upjohn &lt;UPJ>. Machold said that one brokerage house handled todays sale but seven houses bid on the deal. He would not disclose the brokerage house that handled the sale. The total value of the sales to date Machold said are about three billion dlrs in book value and about four billion dlrs in market value. He said that because of the difficulty of defining companies that do business with South Africa it is difficult to determine exactly how much future sales will be worth. Machold estimated the book value of future sales to August 1988 will be in the range of 1.2 billion dlrs to 5.2 billion dlrs.
STATE OF N.J. IN 43 MLN DLR PROGRAM STOCK SALE