Evening star., 1932-04-13
BUSINESS UPTURN
| DECLARED ON WAY
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DR.. Thompson Tells Local
|. Bankers Depression Has
E Run Its Course.
BY EDWARD c. STONE.

DR.. Robert Thompson, author, lee
turer and business analyst, declared De-
fore $50 local bankers at the Columbia
ro,,ntrv Club last night that business
has already hit bottom and turned up
ward and that by the end of 1882 there
will have been an upswing OF real pro-
portions. Col Ayres of the Cleveland
trust Co. and many other bankers and
economists believe the worst over, IIe
sneaker said. and from my travels
around the country I believe they are
right" nm
tertaining and instructive. He Is very
Ysnid taiker and did not stop to give
any figures to back up some OF MS
broadest statements, but he left no
doubt in the minds Of the hnanclers
present that he is sure better tunes are
coming during the remainder OF Ine
wear Bankers hold the same views
about the recovery, but it is hard to get
them to say Just when the happy days
will come. DR.. Thompson does not
hesitate to say the change will be this
year. -,...
He spoke on Looking Ahead Twelve
Months" Don't follow the mob he
said. Don't sell your stocks at the
bottom. The mob is always wrong.
Take exactly the opposite course. The
mob bought stocks at the top in 1929
and is now selling at the bottom In
1882"
! The speaker said millions have been
made by far-seeing financiers who
bought out partners after the latter lost
their courage. He mentioned Carnegie,
Prick the elder Morgan and many 9TH
ers as examples of men who had courage
when everybody about them was pessi-
mistic. He injected a great deal of
humor into his address and closed by
stating that in 1929 we "were living in
palaces with dynamite in the basement.
Now we are living in shacks with the
Easements filled with gold, ready for
the founding of fortunes"
Z Record Attendance Present.
q C. H. Pope called the meeting to
order, the largest Spring meeting of the
kind yet held, and turned the gavel over
to Roger j. Whiteford, who acted as
toastmaster Among the guests were
rController of the Currency John w.
Pole, William H Donovan, F. G. Await,
w. P. Folger, I. L Chorporning, E. H.
Cough, william M Mooney, A. c. Case,
George Offutt, Frank H. Hight, Clyde
B. Asher, president of the Columbia
Club: Arthur Shelton, manager of the
club; E. E. Mountjoy local represent
ative of the American Bankers Associa-
ton and W. o. Woods, treasurer of the
United States.
At the request of President Pope the
bankers stood with bowed heads in re-
spect to the memory of the late Edward
j. McQuade, who was president Of the
association at the time of his death.
Later in the evening Robert V. Fleming
paid a glowing tribute to the work for
the local association, the Clearing House
Association and the American Bankers
Association by Henry H Mckee and the
bankers rose in an enthusiastic tribute
to Mr. Mckee. He acknowledged the
tribute with deep feeling.
Claude H Woodward outlined the
coming convention in most appealing
manner and Thomas W. Brahany put
ipn a brilliant entertainment his talent
including Roger j. Whiteford, Fred
East, j. F. M Bowie and L. Bert Nye
as the quartet; George Wilson, Edwin
C. Steffe, Arthur B. Pierce H Tudor
Morsell, Bernard Fitzgerald and Nc
Lure g. Yeomans, who gave their radio
songs.
T. Stanley Holland of the Sports
lCommittee announced that r. A
weaver, assistant cashier of the Chevy
Chase Savings Bank, won the Robert
v. Fleming trophy. The other winners
were Charles H. Doing, Washington
Loan & Trust; Ralph p Barnard, Dis
trict National; Isaac Schumacher, direc-
tor in Liberty National; Robert S.
Stunz Park Savings Bank, and John F.
iBrawner, director, Lincoln National.
, L. P. McLachlen was chairman of
14n
Earle F. Anick and It. Stanley Holland.
Savings Bank Elects Officers.
Stockholders of Washington Mechan-
1cs Savings Bank held their annual
Smeeting at Alexandria, Va, yesterday
on the twenty-sixth anniversary of
the institutions incorporation. The
following officers were reelected: Ezra
Gould, president; DR.. Edward F. Pick
ford, vice president; Clarence F. Bur-
ton, vice president and cashier; A. s.
ingham, secretary; Lloyd W. Davis,
Joseph M. Mccarthy w. B. Mehler, B.
M Grant. assistant cashiers.
Directors reelected were: Walter K
sBachrach, Clarence F. Burton, Ezra
Gould, George Hares, L. Hoyt Lamb,
Jesse B. K. Lee, Edward F. Pickford,
y c. Pyles, Edwin E. Roberts. E. Hume
Talbert F. P. Williams, John P. F.
White, E. S. Wolfe, Guy Mason. A. S.
Offutt.
Students to Get Certificates.
The annual Spring open meeting Of
Washington Chapter, A. I. B.. t1kes
place tomorrow night at Gordon Junior
High School, Wisconsin avenue and
'Thirty-fourth street, when certificates
for frst-semester work will be present.
ed, President Aubrey o. Dooley presid-
ing. AS announced yesterday, the Sc
scurity Club of the American Security
& Trust Co will present its annual
play under the direction of Denis z.
sConnel. The cast, already announced,
is made up of employees of the bank.
Dancing is to follow the play, in the
school gymnasium Their play is always
big success.
Trading Dull on Exchange.
Trading was dull on the Washington
Stock Exchange today. Just two trans
actions being recorded. The first sale
vas in National Mortgage e. Investment
preferred, which changed hands at g.
The other sale was in the bond division,
$500 Washington Gas IS, series A, COM
Ing cut at 99i2. Right now Washington
investors seem to be following some of
the advice given traders on the New
York Stock Exchange and are sitting
on the sidelines" Yet some local cor
porations are earning more than they
did last year and expect TO continue to
do so.
NnIn Fvnnpr0 1rrtro-