Evening star., 1936-06-15
AYRESFORECASTS
MARKET ADVANCE
Finds Stocks Usually Go
Higher in Last Part of
Election Years.
BY EDWARD C. STONE.

likely to advance tnan Qecllne curing
the remainder of this presidential
year, according to Col. Leonard P.
Ayres, forecaster and economist of
the Cleveland Trust Co., whose
monthly reviews are always read with
wide interest in the financial district
here.
In his latest summary, out today
he states that he has studied charts
Of business as far back as 1881,
which are on file in his bank. and
finds that since the election in 1882
both business and stocks have usually
advanced early in the year, then de-
clined until somewhere around mid
year and then advanced during the
remaining months until election and
after.
His charts show uninterrupted ad-
Vances after June in several in
stances While these charts do not
show what is probable in any one
election year. he says, yet they show
the usual trend. Some years stocks
and business moves have not CORE
sponded to these trends at all. He
SAYS, however, that they have some
historical value and indicate what
may take place in the coming months.
He adds:
1T may we'll be that there has
generally prevailed among business
men during the election years of the
past century something of cautious
and hesitsting sentiment regarding
business prospects as the time for
presidential nominations approached,
and that attitudes have usually be-
come more confident after the nomi-
nations have been made. 1t is in
teresting to note that the low points
for both business activity and stock
prices are near the middle of the
year instead of being in the elec-
ton month"
Thus, both business activity and
the security markets will be moving
in advancing trends during the Sec
ond half of this year if they follow
the courses marked by their averages
in election years of the past CEN
tury, he says.
Peoples Drug Stock Called.
About Sll00000 will be put into
circulation shortly as result OF the
redemption by Peoples Drug Stores,
Inc, of 10000 shares of Peoples Drug
Stores 6i2 per cent preferred at sll0
a share with interest. This stock was
called several weeks ago. with June
is set as the payment date.
Not all of the Sl,100,000 will come
TO Washington, but a large portion
of it will, as this preferred issue was
very widely sold here when it was
first placed on the market The 6l2
per cent yield on the stock made it
popular and gave it wide distribution
by local investment houses. The
stock was listed on the Washington
Exchange and there will still be 10000
shares outstanding after ther present
payment is made.
1t will be a few days before the
Peoples Drug checks arrive in Wash
ington in large numbers. The GER
tificates drawn for payment must
be sent to the Chase National Bank,
in New York, with proper signatures
and Endorsements. The Chase Ma
tional will mail out the checks, add
ing the interest due in the last quar-
ter. This is investment money and
investment bankers here believe it
will be put back into investments
and not used for as many different
purposes as the bonus money is likely
to be.
HilIyard Safe Deposit Head.
John F. Hillyard, Natiopal Bank of
Washington, was elected chairman of
the Safe Deposit Section of the Dis
trict Bankers Association, at the an
nual meeting held Friday night in the
board room of the American Security
& Trust Co.
Mrs Helen R. Sharpe, Bank of Com
merce g. Savings, was named vice
chairman, and P. c. Brady, American
Security g. Trust Co., secretary These
officers and two other section mem.
bers, Andrew R. Walden Of the Ham,
ilton National Bank and T. E. Elgin
of the City Bank form the executive
council
Owing to the fact that the National
Safe Deposit Advisory Council will
hold their annual convention in
have one of the most active years In
its history. approximately 800 dele
gates are expected and the local Safe
Deposit Section will have complete
charge of all arrangements.
Albert E. Fisher, retiring chairman.
and Mrs. Sharpe. who was secretary
of the section during the past year,
were given rising vote of thanks
for the splendid work accomplished
during the past ~ months
Bankers to Attend Rutgers
Twelve bankers from Washington
have been registered for the 1885 ses-
sion of the Graduate School of Bank
ing, it was announced today by DR..
Harold Stonier, educational director
OF the American Bankers Association
These Washington bankers are:
Robert E. Haycock, auditor; Kenneth
F. Brooks. trust officer; Hubert T.
BisSelle, assistant cashier, all of the
Riggs National Bank, Charles T. Ma
lone, Federal Reserve examiner; An
drew W. Lee, assistant Federal Reserve
examiner: John C. Baumann, assistant
counsel, all of the board of governors,
Federal Reserve System; George M.
Fisher, assistant treasurer assistant
secretary, and Ralph Endicott, assist
ant treasurer of the Washington Loan
81 Trust Co.; Richard A. Norris, as
sistant cashier, and j. Frank Rice,
assistant cashier, both of the Lincoln
National; Francis E. Hildebrand, as
sistant cashier. National Metropolitan; !;
and w. L. Sanderson, assistant cashier
Of the Hamilton National
The Graduate School of Banking
is held at Rutgers University, New
Brunswick, N. j. Four hundred bank
officials from 40 States and Puerto
Rico have qualied for admission to
this forthcoming session. DR.. Stonier,
director of the school, stated today.
Two hundred of this group attended
last Summer