The absorption of photons and fermions into four-dimensional black hol
es is described by equations which in certain cases can be analyzed us
ing dyadic index techniques. The resulting absorption cross sections f
or near-external black holes have a form at low energies suggestive of
the effective string model. A coupling to the effective string is pro
posed for spin-0 and spin-1/2 fields of pure N=4 supergravity which re
spects the unbroken supersymmetry of extreme black holes and correctly
predicts dilaton, axion, and fermion cross sections up to an overall
normalization. [S0556-2821(97)04124-6].