I purchased this 32 at the gun show yesterday. Serial number is 3773XX, from research here, I suspect 1923 ship date. General appearance, timing and lock up are good. All numbers match including faint pencil marking on right grip.
It was a little disappointing when there was what seemed to be some sort of congealed residue on the frame under the grips. Cleaning with CLP didn't do much, so I tried some Mother's Mag Polish and it did remove quite a bit of the orange-black material.
As you can see, there is some flaking visible and this is apparently the source of the corrosion. Beyond keeping this area well lubricated, is there anything that can be done to arrest the flaking and prevent it from spreading?
The last photo shows another recent acquisition. A slightly younger cousin.