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■ ■. ^ z S HiB 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 1 WBHi s >flß M mM Mm M ■ i I * ijpsjßß 'i BH- ■*■ afiaE t MMMMMHMM mWI 1 jg. ~ 'Z ~£ : - ■ ■ ’yjc ffiSfylfe HB '■* 1 ' mI I Be BMk: ’ "HbHBPyBH flfl® jLjrssg •> \ofli [TJ T r _<t JßlSagy •~t"-j LL -* - * *** I 1* i i ■** ***’ *** MHM vIERMb3S,>* / J * 1 *• " '** ' L. < . >;y VA >■* 1 lr '"F* 111 -WW »«■. .„ BB zHHBv SEBwifE I ' . ':O' Sfep’? :: - Wr :"' “' MI ’WIB* 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. L * fl <1 < TIJF 11 v* / | 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 B I f I 11/fIKJ lEd IU U h /Vtz I \ Hi ■ aLjiKX n Br * b Isl B Ik mF H IB 1 ■ i oTzJBBIJI fr _W|r 1 < 1 IF w F ■ JI w -flrfl V WK - w jßyOßaarjH 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. 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