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SIXTEEN YEARS OF COMMITMENT TO BLACK
HIGHER EDUCATION-Since 1964. the Sperry and
Hutchinson Company has made an annual donation to
the United Negro College Fund in support of the
UNCF’s 41 private, predominantly black colleges and
universities. Frederick W. Reinecke, 111. President of
Sperry and Hutchinson Company (left), presented the
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Merrill Lynch account executive Reginald Rainey on the job
Reginald Rainey, a
rare black man in the
mostly-white world of
Alabama stock trading,
had been working for the
Birmingham Merrill
Lynch office only a short
time before a customer
balked at using him as an
adviser.
The problem: The
customer thought Rainey
was too young . 'e
wanted someone at least
50 years old to handle his
account.
“In dealing with
clients, the black-white
issue has never come
up,’’ Rainey said. “The
services we offer have no
color.”
Rainey would be the
first to insist, however,
that everyone should be
discriminating when it
comes to selecting
personal investments.
After attending
Stillman College in
Tuscaloosa for two years,
Rainey worked for the
U.S. Treasury
Department in
Birmingham for eight
years. He started as a
stock clerk and moved up
to deputy chief of
accounting. He later
attended the University
of Alabama in
Augusta College Receives Scholarship
The Augusta
Association tor Retarded
citizens is offering a? 500
scholarship at Augusta
College for students who
desire to further then
education in a field which
serves mentally retarded
persons
Merrill Lynch Account
Executive Reginald Rainey
Bare 'Broker
Birmingham, earning a
degree in accounting.
He said he became
interested in the
securities market while
taking advanced
accounting courses at
UAS.
When he interviewed
the sales manager at
Merrill Lynch for a
college research project,
he asked for a job with
the firm.
“I’m not sure where
my interview ended and
his interview began,’’
Rainey recalled.
He became a Merrill
Lynch account executive
nine months ago. He get
the job after first
completing more than
three months of training
programs in Birmingham
and New York.
Out of his class of 120
Merrill Lynch account
executive trainees
including West Genr ans>
South Americans and
Canadians, Rainey said
only about 70 are advising
clients today.
EROM DAY ONE,
the new account
executive must develop
his own investor
prospects.
You are given a
telephone, a desk and the
Applicants may be
rising Juniors or Seniors
in College, graduate
students, and-or these
already employed in the
field of retardation.
Further information
may be obtained about
corporation’s 1980 donation to UNUr executive
Director Christopher F. Edley (center) at the College
Fund’s national headquarters in New York. Also on
hand for the presentation of the $22,000 gift was Dolly
Christian, Director of Civic Affairs, Sperry and
Hutchinson Company.
resources of the world’s
largest financial
institution,” Rainey said.
He said he was
waiting for that first day
in the office for four
months. When it finally
arrived, I felt I couldn’t
talk to enough people
quickly enough to let
them know the financial
opportunities they were
missing.”
Rainey said he does
not limit himself to black
clients because that
would be limiting himself
as an account executive.
He suggested, however,
that some of his black
clients might perceive his
ole differently from that
of his white colleagues.
“Many of my black
clients are not doing
business with Merrill
Lynch,” he said. “They
are doing business with
Reginald Rainey through
Merrill Lynch.”
In doing business
with blacks, you must
establish a mutual trust,
Rainey said. “You must
tell them the full and
straight story before
money is involved.”
RAINEY SAID there
are few established black
businessmen in
Birmingham, and most
the scholarship from
Barbara Lowe,
Admissions Office,
Augusta College, 823-
3301.
The deadline for
submitting applications
is April 15,1981.
have no previous dealings
with local brokers.
He said this is a
holdover from a time
dating back 30 years
when local firms didn’t
want black accounts.
Black investors took their
accounts to other cities
where they still have
established acconts,
Rainey said.
“I anticipated there
might be this feeling,” he
said. “I can’t carry the
banner and say this didn’t
take place, but I have to
start anew and make sure
things are done as they
should be.”
Discover the extra
in Calvert Extra.
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Charleston Schools
Unconstitutionally Segregated
The Department of
Justice has notified state
and county officials that
the public school system
of Charleston County,
South Carolina, is
unconstitutionally
segregated and must be
t desegregated for the 1981-
82 school year.
1
In letters to State
Attorney General Daniel
McLeod and County
School Superintendent
Lawrence G. Dertrick (
Assistant Attorney
General Drew S. Days
111, head of the Civil
Rights Division, said
students and faculty are
racially segregated in the
47,000-student system.
A 1967 state law
consolidated the county’s
eight school districts but
exempted student and
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Thousands of talented people are S|
needed to create, make and sell quality W <
products like Ivory Soap and Tide.
At Procter & Gamble, we look for and
hire the most capable people we can As a result, minorities and women hold
attract to our company Without regard positions in our company— both
to race, sex, color religion or national management and non-management—
origin. And we promote from within on that are essential to the operation of our
the basis of merit alone. business.
Procter & Gamble v$ J®
faculty assignment from
the consolidation. Days
said that this exemption
was unconstitutional
because it was motivated
by and ratified racially
discriminatory purposes
to avoid student and
faculty desegregation.
The letter noted that
the 25,000 black students
make up 53 percent of the
school district and that 40
percent of the black
students are
concentrated in schools
that are at least 95
percent black
Days advised Dr.
Dertrick that the county
district must devise a
plan that will
desegregate now,
irrespective of local
district boundaries,
because of the
longstanding nature of
the egregious
The Augusta News-Review - Jan. 24, 1181 -1
constitutional violations.
He asked the
superintendent to notify
the Justice Department
within 20 days of the
school board’s
willingness to implement
a countywide
desegregation plan at the
start of the 1981 fall
semester.
Days also asked the
state to take all
necessary actions to
permit the county school
board to adopt a
desegregation plan.
The letters said
unless a favorable
response is received, a
suit will be filed in federal
court to require
desegregation and to
have portions of the
school consolidation law
decla red
unconstitutional.
Page 3
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