December Mr. John Val 31, 1951 Browning c/o Browning Arms Co. Boite Postale-22 Herstal-lez-Liege, Dear Belgium Sonny: Enclosed is deposit slip date. The market firmed I am enclosing the dividend notices covering slightly from for the third the the sale over the Utah quarter. of your Government weekend. Construction I have signed Company, a receipt Bonds which will for the as of this explain stock certificates for 6 shares of Permanente Cement Company and 120 shares of Monterey Trading Corporation stock. These certificates are being held pending your instructions. Your Browning Arms certificate for 100 shares is also being held with I have these also other received certificates. and signed a receipt for 704 shares Corporation stock in the name of John Val Browning. which you received in the liquidation, and I suppose the Exchange Place Branch of the First Security Bank of First Security This is doubtless the stock that you have instructed to transfer your securities from the name of Ed Smith and Company as originally as they were instructed to your name, but it was my impression that you intended to have these securities taken should care of by instruct your First DuPont Company Security in New Corporation York. Such to send these tax, but this With love, being the caS@, certificates you to the company you intend to have do the safekeeping. We have no organization for handling these certificates here anymore. I will keep the First security certificates along with the ones mentioned above awaiting your instructions, but if I should leave before your instructions come in and before any of the certificates might come here, I don't know what will happen to them. You requested a statement of your income cannot be made up accord ing to Steck until he has a statement from you as to income received by you over there or in New York. Apparently, some dividend checks go directly to you and not through this office. He should have a statement of non-salary income received by you before he can make up your income tax estimate. This should be in his hands well before the 15th of January. Daddy December * Mr. John Val Dear Sonnys 31, 1951 Browning c/o Browning Arms Boite Postale-22 Herstal-~lez-Liege Belgium Co. Since writing you the enclosed letter, Exchange Place Branch in Salt Lake City phoned to say that they have instructions to forward your certificates to Francis I. DuPont & Company and that the First Security Corporation certificates for 704 shares were delivered here by mistake. I am conse- quently forwarding all of the certificates mentioned in my letter excepting the Browning Arms Company certificate which I will hold here to the Francis I, DuPont & Company, certificate there, New York. you If you want can notify me later. your Love, VAB/ba/dh Enc, Daddy Browning Arms Company December 29, 1951 you of Mr. John Val Browning c/o Browning Arms Co. Boite Postale-22 Herstal-lezLiege, Dear Belgium Sonnys If I get a reply to my are down to it is I can still perform have 95, time the operation. cable to sell to your questionable today bonds. whether before However, you will Monday since still | morning, these want bonds me Your expense account has been handed in amounting to $707.75 and check will be received for that amount here and credited to your checking I am a account. I have this morning deposited to your representing the Series E bonds which income to tax has enclosing not been accrued a clipping from however, is yearly chécking account $4,600.00 I had for you and on which on the yesterday's interest. morning paper, and the the sixth and seventh paragraphs confirm what General Ford told to me and which information I passed on to Lalouxs .e., that they do not intend to You might point this adopt any carbine or rifle less than 30 caliber. out.to Laloux, and personally I think a trip of his over here would be useless. That, for him to determine. With VAB/ba/dh Enc. Daddy love, | / DOMESTIC SERVICE \. INTERNATIONAL Check the class of service desired ; otherwise this message will be sentas a fullrate telegram FULL RATE Dy TELEGRAM a i NIGHT LETTER LETTER NO. WDS.-CL. OF SVC. { PD<OR‘.COLL.: SERVICE Check the class of service desired; otherwise this message will be sent at the full rate W. = CASH - P. | in 6 /é ee MARSHALL, NO. yD err oma FULL a. PRESIDENT CHARGE | Sane NIGHT aN TO THE ACCOUNT LETTER OF TIME FILED Send the following message, subject to the terms on back hereof, which are hereby agreedto yes 3 Ba bs ous P Ree & Stl gh as eae 3 * e¥ay ING EGE (BELGIUM) 2 ox a te hd SF ¥ & ; # > &2 > - 3 ; de . RAR ave Bt tS PS a . Kee a. 2 tye —. A 2 oP & =e S 2 > = 3 rad a o December Mx. John Val 28, 195] Browning c/o Browning Arms Co. Boite Postale-22 Herstal~lez-Liege Belgium Dear Sonny: Enclosed is your notice of dividend and your check for the same from the Browning Arms Company. Some of us argued mighty hard to keep from paying this dividend, but all of the legal and accounting talent were positive that on account of new and severe policies of the Internal Revenue Department that we would be certain to incur a penalty under Section 102 if the dividend were not paid. I will let you know more in detail later. With VAB/ba/dh Enc. Daddy love, BELGIAN Subject To From orr@® | _________ PatentsApplications _—_ Val A. Browning ______John V., Browning Reference Date I enclose a copy of my letter to Mr. Jamar inquiring further in respect to his note of the 19 December, copy of which was sent to you. I also @nclose copy of his countries due to the the U.S. application foreign patent. reply. It might more closely and be within a year after It seems that we will period of time which we and the date when steps have allowed to were taken lost out be well for us in the future to watch sure that measures are taken the U.S. application date. for Love, ( yi W. a \ the in some elapse between to secure a foreign this patents | 2l, décembre Monsieur John V. 1951.- Browning ala F.N. Cher Monsieur Brownings En réponse & votre lettre du 22 ct., j'ai l'honneur de vous faire savoir que le dépdt du brevet " Transporteur en deux piéces "ne peut étre demandé valablement en Italie du fait de l'expiration du délai de priorité d'un an dont jouissent les demandeurs de brevets faisant partie:des pays de la Convention Internationale. Si nous introduisions une telle demande, elle ser2it cependant enregistrée car, comme en Belgique et en France, l'administration italienne ne procéde pas a un examen préalable des antériorités existantes. Toutefois, si l'invention venait a étre appliquée par un concurrent italien, le brevet que nous aurions pris ne lui serait pas opposable étant donné que notre dépdt luiméme est entaché de nullité. Dés lors, ce serait de notre part procéder a une opération parfaitement inutile. En Belgique, il existe un régime dit des "Brevets d'Importation " en vertu duquel il est possible, sous certaines conditions, de vrocéder A un dépdét Dans le cas pour obtenir identique En au par Quant aux pays dits "& examen" on Mr. Laloux envisageait de exemple cause ), vrésent, nous un tel brevet de brevet d'un an. requises en dehors remplissions les d'importation. du délai conditions France, il doit exister une possibilité 4 peu prés sujet de laquelle nous avons demandé des précisions. il n'y a absolument rien 4 faire. (comme la Tchécaiovaquie déposer le brevet en Monsieur Jamar Secrétaire F.N. Cher de Monsieur Monsieur Laloux Le 22 décembre 1951 Jamar, Au sujet de la note du 19 décembre 1951, que vous venez d'envoyer A mon pere, voudriez vous bien me dire si je comprends bien en pensant que cela ne veut pas dire qu'il est impossible de faire une application en Italie mais bien que cette application doit seulement prendre une autre forme. Veuillez agréer, cher Monsieur sentiments les meilleurs. Jamar, John l1'assurance V. Browning de mes _J_DOMESTIC SERVICE \K | Check the class of service desired ; otherwise this message willbe RATE TELEGRAM| | SERIAL DAY NIGHT LETTER Check the class of service desired; otherwise this message will be sent at the full rate BN Se NN | LETTER aN f W. : 1e a fe a oo ar P. MARSHALL, NO. WDS.-CL. OF SVC, PD. ORCOLL. CASH NO. ; ; oh £} LJ NN FULL PeshEN SS CHARGE } aS RATE ae ’ TO THE ACCOUNT OF << OCTOBER 22, 1951 BROWNING ns a ease DADDY (BELGIUM) LEFT THIS MORNING FOR PLAZA SAILING AMERICA TWENTY=FIFTH. MARRINER REGARDS. DEFERRED NIGHT LETTER TIME Send the following message, subject to the terms on back hereof, which are hereby agreed te LIEGE x Ne PRESIDENT / | ./ INTERNATIONAL SERVICE\. s sentas a fullrate telegram FULL | FILED \ / is This ; | full-rate 2 or Telegram MN/ | Cable- unless its dicated by a suitable ASE SS Anteel ferred character is in- | symbol above or preceding the address. De & ah : : a 7 No i : de- gram = &. — Sd. | W. 3 Lie be : MARSHALL, P. By 3 \S 3 F <a” EN f DL= Nae | : 3 LT=Int’l Letter Telegram ea | Letter NL=Night Letter * leita ic. ( 57 Day VLT=Int'l Victory Ltr. / =. PRESIDENT es — The filing time shown in the. date line on telegrams and day letters is STANDARD LA150 Le CDU226 23 PD INTL VAL BROWNING= OGDEN UTAH= PLEASE CABLE EXACT COULD REACH You TF JOHN 3: 3 \' = ‘ = A i gf y 2 fF 7 en ee a> Ss mas? <A Jia \ eg URS oop : Of hs TIME at point of origin. Time of receipt is 8T ANDARD 1951 OCT 22 COMPANY WILL PM FRSCD HERSTAL VIA RCA 22 18458 DATE STAY YOUR EAST DEPARTURE PROLONGED OGDEN LOVES WHERE VAL= THE TIME at point of destination APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE l2 MATL 0A pplication John Val Val A. October Browning, Liege Browning 16, 1951 I am returning the letter dealing with the patent application Czechoslovakia, JI have looked this over and think that the amendments suggested are all right, LOVE y Encl. for Liquidation John Val Browning, Val A, Srowning October 16, Liege 1951 Enclosed is a copy of to him by Baxter copy the reply by of which was Mr. Paul to the sent to you, Love, Daddy letter addressed BELGIAN OFF gly Subject Royalty To Val A. Browning From John V. Browning Reference Date October The you \ '\. 10, error pointed the period read 2,479 correct. 1951 out in the between guns June involves 30th, 1951 lst and March the January number instead of 1,550. of statement automatic 3lst, The amount of royalties 19513 this shotguns of the credit which sold in should is In line with conversations which we had on this subject I have guarded myself well from mentioning the reinstatement of automatic royalties which the two piece carrier will operate, and F.N. has made no mention of the matter. I believe they are well aware of the fact that another patent on some feature on the auto-five~-shot will reinstate their royalty obligation. In this connection I mentioned sometime ago to Laloux that I believe we still had a patent in force upon the telescopic ejector$} he acknowledged that if this were the case their obligation to pay royalties still existed. Your letter to F.N. of July 6, 1951 letter of June 22, 1951). thus have is feeling that you not pressed this that they do not did not however mention this matter; and wish to base our case on different grounds, point further with F.N. (please refer to my realize Concerning the two piece fully that it is I carrier my guess patentable. I agree with you that it would be best to take up the matter with F.N. upon your arrival and to bring the copies of our U.S. applications for filing in Belgium. Should there be anything you wish me to do in this connection before your arrival please let me know. Love, J.M. & M.S. John Val Val A. Your Memo October Browning Co. Liquidation Browning Browning October 9, 4 1951 As you are aware it is sometimes easy for one who is not familiar with all the details to say: "Why don't we do it such and such a way?” It is also, I am aware, disagreeable for the one who is sitting off at a distance to be uninformed of all of the details. In regard to the one point which seems to puzzle you, I will say briefly that there is a Utah State Statute governing dissolutions of corporations and which requires publication for five weeks before a decree be issued. We could not request a decree of advertising until we had the ruling from the us that we could liquidate under ll2-b.7, of dissolution may dissolution and start Federal Department assuring Love, Daddy BELGIAN. orF'@® Subject Sales American To Val A, Browning From John V. to Overseas Browning Reference Dates Det ober 9.°.395) Your letter of October 4th arrived this morning and we seem to have been essentially thinking the same thoughts concerning overseas sales. A general outline of my own observations based on your memoranda of September 26 and 27 was sent yesterday, but I would like to add thereto in more specific reference to your later letter of October Lth. We are all agreed that the tax advantages which seem to accrue from an arrangement whereby Schroeder would handle the overseas sales in return for a commission and F.N. would pay us the difference between our normal purchase price and the Schroeder purchase price as a royalty make it the most advantageous method to handle overseas sales. If it is well established that the tax advantages would be obtained, I suggest that we adopt this arrangement as a first working hypothesis and concentrate upon the means whereby it can be achieved with F.N. Thinking this over, I believe we could succeed in making such an arrangement with F.N. if as you suggest it is very carefully handled and if the proper emphasis is placed upon certain aspects of the question. As one possible step by step approach to F.N. I suggest the following. First we might exercise restraint this first year in the matter of a supplementary order for overseas marketss this is one of the most crucial issues in Laloux's mind as evidenced by our last talks and if we would order say 1,000 guns for the PX market and point out that we will absorb the rest of the PX demand within our 50,000 order already placed then this would release a couple of thousand auto-five-shots for F.N.'s own clamoring markets and reduce the proportions of the problem to a nominal 1,000 guns. On the other hand we would suffer no loss as long as our margins for PX guns are equal to those on sales in the U.S. Thus having reduced the magnitude of the problem as far as F.N. is concerned we of can go giving on to ask Schroeder F.N. desire upon the whole portion with also of our as a tax something, 50,000 saving initiate to the of PX sales made allocated favor to the original reasons advanced emphasize that we will assume (the PXs). to royalty us and supplementary In order for taking over a great deal of also payments as such a means as we 1,000 and that to be consistent overseas sales responsibility we can % - & in connection with directing the affair; this case as set forth in my preceding memorandum. I believe desirable in any As far as Laloux is concerned it will be the problem of a loss on their part on 1,000 auto-five-shots and I don't believe he would hesitate much at this. Once the pattern is established a precedent will be acquired for it to continue and next year our annual order which will include guns for both PX and US sales without differentiation between the two can be made large enough so that neither need be cut back. Schroeder's assent could probably be obtained if he were compensated for the expense which his added correspondance will entail and if the volume of the activity is not cut too much. This last condition would probably necessitate some allocation from our 50,000 order. I suggest that the allocation might be determined in part by ascertaining the number of guns which the Arms Company can sell without the necessity of paying excess profits taxes. Another consideration would be the number of superposed guns which it is desirable to direct in this channel. Thus for a seeming sacrifice of part speaking is no sacrifice at all, we could arrangements we desire. of our order which financially probably set in motion the I believe that final arrangements with F.N. can probably await your arrivals the large orders for Germany and Japan will not likely arrive before then and as long as action is not needed on these there is no particular hurry$ as mentioned in my preceding memorandum F.N. will continue handling the correspondance from individual American soldiers. If by any chance German or Japanese zone PX orders should be received prior to your arrival I will proceed with an attempt to reach agreement with F.N. based upon the desirable agreement with Schroeder outlined in your correspondance, unless I should hear from you in the interim. One decision however should be taken soon; probably before your arrival and that concerns the size of the supplementary order to be placed. I suggest above it might be an advantage to utilize restraint in this respect. Independently of this, it is possible to order up to about 3,000 extra auto-five-shots. If you will indicate what quantity you desire ordered I would like to proceed with the necessary production planning with Demey. Another alternative which would favor amicable understanding with F.N. would be your arrival "bearing gifts", that is making concessions to F.N. upon some other element of our relations, for example according them their 1952 raises earlier should it be possible. And by the way Baxter's letter cleared up my question posed in paragraph 3 on page 4 by attributing the connection to the trustee to "other existing rights", which I presume can be unwritten, (in posing my question it would have been more correct to refer to section 3 of the agreement of May 19, 1928 instead of the term marketing agreements). There is still however some question in my mind regarding our successful * 745 o establishment of this idea with the Internal Revenue Department and I will be interested in seeing the Washington attorney's answer to the Baxter letter. The royalty payments by F.N. under the scheme might reach quite respectable proportions especially in comparison with payments over the past few years; they are hardly likely to escape notice. Should the arrangement with Schroeder and F.N. be impracticable, I rather like the possibility of establishing a foreign corporationas outlined in your letters; I thirkit should be kept as a first string reserve. Concerning point 1 in paragraph 2 of your letter I agree with you that PX prices should be brought more in line as long as we are able to sell all the production available to us, in the U.S.; if however we are not able to do so I am convinced that as long as we make a reasonable profit, it is better to sell them to PXs than not to sell them at all. The PXs can represent a desirable broadening demand. Thought I would mention this qualification upon which I am quite sure you are agreed,in view of the recent suggestions made that we reduce some of our committments. of A friend,Colonel Pletcher, an attaché in the American embassy in London; mentioned an interesting feature of PX operation which we could possibly apply to our own case. He was speaking of cameras; and declared that the PXs require a record kept of the sale of each camera and limit sales to one per soldier in order to avoid purchase for shipment home. We could probably arrange a similar system for gun sales and suggest that we should try doing so when contact is made with their agencies. Thank you very much for your letter and would appreciate any further thoughts or instructions which you may want to communicate before your arrival. love; Sa Js Ve B. BELGIAN Subject The Orric® Superpesed Val _ A, Brewning I fear it is not pessible te change our 1952 commitments for superThe poseds in line with the preferences expressed in your memorandum. it that is F.N. with understanding clear erder has been placed and our for s specificatien In transmitting these is for 6,500 superpeseds. 6,000 guns to make made the on that deliveries the oe I have indicated that more total basis. order of a part for Should ef the terms of the superposed result as you desire. 6,500 yeu se order specifications in 19523 wish, be agreements; preduction however, deferred this we until will be ferthcoming have plans indicate can 1953 essentially been accerding will give that to the I would like te suggest however, that before this option is exercised three successive pelicies be given a trial,each.for an adequate I list these briefly in order of preposed applicatien:® length of time. -Adept a conscious pelicy of selling any threatening surplus of 1. In this superposeds to American installatiens and PXs overseas. the lew prices permitted by the absence of duty, excise, connection and dealer margins supplemented by vigereus sales efforts directed teward this particular market (I enclese a clipping from the New York Herald Tribune suggesting one pessible avenue of approach) will give us an excellent opportunity ef clearing up an appreciable over the pertion of any surplus market, without breaching needs of the U.S. interior market. We still get censtant requests and visits from the more mobile officer corps here importuning for the acquisition of superposeds} F.N. reports similar experiences; the estimate made in my memoOur randum ef September 11, 1951 is purposely very conservative. limited a as act to adjusted be can s sales to overseas installatien safety valve drawing off somewhat greater or lesser quantities of superpeseds according te the tenor of sales in the domestic U.S. the price structure of the If the surplus is not absorbed by this alternate 2. suggest that a reduction of our retail prices in the be the next appreachs I think there is roomto do se. U.S. market outlet, I U.S. should Altheugh conscious of the limitations imposed by my lack of familiarity with these problems and by the distance from the scene of action; it is difficult for me to understand the categoric statement that eur margins percentagewise are rock-bottom for this type of items I would appreciate learning what particular standard ef business practice is employed te arrive at this conclusion. A margin of $77.00 fer importing and distributing these being reduced in faver a gun which cests us $97.00, 66% on our maximum landed cest investment seems on the contrary te be more than generous recompense. This dees not mean that I advecate a reduction on our prices as leng as they can be ebtained en the available output but submit that pretending such reductions if necessary from the present level would work hardship upen us seems a premature exaggeration on our part. Considering risk there seems to be no danger ef at least retrieving our costs upen eur superpesed order and as one item of comparisen the superposed is considerably less liable to obsolescence than the aute-five shot upen which we are able te accept markedly lower percentage unit margins. Witheut belaboring comparisen further, is it pessible that we are being influenced by margins which were ebtainable and necessary on a reduced volume of about 2,000 guns per year. I wonder whether the same basis is valid for unit margins when our capacity to deliver is more than tripled. It weuld seem logical that eur goal in considering price pelicy sheuld be te obtain maximum total prefits rather than respect percentage unit margins, ef greater volume and consequent larger total benefits. As one feasible price reduction we might reduce the ventilated rib superpesed to reflect a difference with the plain rib model more in keeping with the difference in cost between the two. a reductien in price The best possible advertizing high level, 3. the maximum in our retail If after from the present reductions would seem to be prices cemmen- surate with largest total profits have been made, these are not sufficient to absorb the complete capacity available, I suggest that we seek te utilize any remaining excess capacity by bringing eut a cheaper model pessibly one without rib and without engraving with can be sold at a yet lower price. The foregeing sheuld net be construed as a plea for maximum superpesed preduction as such, although there are reasons why one might be made. JI am ready whenever you so instruct to make the necessary arrangements te reduce commitments and deliveries for 1952. My central concern is that all possible avenues be explored to utilize the capacity presently at our disposal in order to contribute te maximum total profits for our company. Under present circumstances it would seem unwise te prematurely sacrifice any part of this capacity upon the altar of percentage unit margins; such waste might actually present a net loss to eur steckholders. As long as total prefits are net adversely affected and as long as no appreciable prepertion of capital need be immobilized in inventery, I suggest that we should preserve our present available capacity as base for greater present profits and possible future epportunity. Love; Je V. B October Mr. John Val Browning c/o J. Me. & M. S. Browning Boite Postale-22 Herstal~lezLiege, Dear 4, 1951 Co. Belgium Sonny: Glad to get your letter of September 25 in longhand with the Power of I did not know that you had an account with the Francis I. Attorney, etc. DuPont and Company, and so far as you are concerned, I think it might be well to treat all your securities the same and keep them with that Company, in which case some arrangement would have to be made for your paying insurance premiums, according to the memo I sent you, Carol and Bruce several Let me have your ideas as to how you take care of these premiums; days ago. also your whether name trustees. or to have to the One thing your name of share of I would Francis any other securities received your Company stock will carry in liquidation, and the total Thus, if various securities. like the I. stocks DuPont to point out liquidation placed the government bonds from the and Company about as safekeepers to or or from the liquidation - the basis of value of through to the assets which you will receive amount of this basis will be allocated to the you sell your bonds, as you mention, the difference between your basis allocated to these bonds and the price you A rough estimation for illustration receive will be taxed as a capital gain. is that after you pay the tax on the sale of $100 bond, you could keep about $80.00. bonds Of finally tax situation these matters course, become this due, in the but case of I wanted governments you on anything which you receive in and let me know any way that you be true of this the liquidation. shall direct. With VAB/co/dh will to be aware Daddy love, when phase the of the Consider October Mr. John Val Dear Sonny: Your cable Browning c/o J. M. & M, S. Browning Boite Postale-22 Herstal-lez-Liege, Belgium but of I will October briefly 4, 1951 Co. 3 corresponds set down with my feelings concerning below a few of the problems overseas in connection sales, thereto. If we should form a separate corporation for handling the PX business, there are tax problems and organization problems. If there is no other way, we will, of course, handle it by means of a separate corporation, but we want to sound out other possibilities first. It is not certain yet, although we are investigating, whether a corporation handling PX business of the U. S. Army would be considered as doing 80% of its business outside tention with FN has been that PXs are be so If the excess there considered profits projected would dividends not to by the new corporation B. A. taxes. first the a subsidiary, Bureau In any be the then normal Coe, all of Internal event, and were there a then Revenue, a tax there would be the normal tax and on of dividends stockholders the then income. There have his income and gross would per not gun get were over personal would also be the be Our to no relief corporation Browning the con If they Arms should from taxes. Company, an additional tax on stockholders. If that procedure there would be conservatively is a to of the J. M. expenses of operation. Company would have to be offered their pro rata of stock, and messy and time-consuming. Even in this latter case, however, tax on profits under the proposed new law, which would amount 40% of the total States. States. would subsidiary corporation existing of the United part of the United & M. S. Browning If the $25.00, the stockholders (assuming no excess profits tax) $12.50 at the most and on which said stockholders would still other taxes to pay. Now, theoretically, the PX business will not last forever outside of the U. S. A. We do not want to speculate on how long there will be American occupation troops outside of the country, but when it ends, there would be a loose corporation and its organization to dispose of. These are some of the problems. Nothing to daunt one surely and far preferable to having any profits from PXs paid into or earned by the B. A. Company and subject to normal and excess profits tax. But if on all Schroeder guns sold handled as FN agent to American PXs, we hg. and FN paid us $15.00 per gun say #f royalty might all be ahead. The royalty would be John Val Browning -2= ; October 4, 1951 paid to me as trustee and distributed directly to present J. M. & M. S. Company stockholders without benefit of corporation tax to government. actually be a royalty on account of guns sit, it looks like the simplest and most U. S. Revenue Department. Browning It would sold in our territory, and from where I profitable for everybody excepting the Then there is the possibility that we might buy from FN at our present cost, appoint S. our agent and sell the guns to him and he pay us a commission. The guns might be delivered to his agent or to him as agent f.o.b. Antwerp and other procedure followed to avoid being considered as doing business in Belgium and taxed there. But there is danger that the U. S. Bureau would consider this an "Association" and apply corporation tax thereto (see Wells, Baxter and Miller letter herewith). The best, (There are it still too price control. of distribution. etc. | originate over there. seems to me, many guns being (2) Reasonable The over would be: sent and Also, Therefore, this commissionito advertising here, (1) PX prices brought more in line. into our commission actual dealer to S. country S. from sales business effort, is dollars our gun and centswise cost, or sell you) as trustee stockholders. any I am whole there, giving you problem, you will and the and have so that we can keep not passing it through main lines of thought the elements if you most think of it should FN that we will take over this business month of our J. M. & M. S. From your cable of problem up to FN. the Out 3rd I see that of a clear sky Browning We must retain good will, servicing, damaged by to to to at pay our before it you consider every gun should be only what he deserves. Since it amounts to the same thing difference between price to S. and then let them do the former PXs). His work would be the mechanics FN us some of it by paying corporation taxwise so be brought involved. that to a head It may be in some way in November Company liquidation). can to me (or gets to to the the arrival notify (which you are aware of the dangers of it looks too easy for us to say sold us the gun cost, before my well (3) is the putting the to then: "Just pay us $15.00 per gun". It probably must be worked up to gradually. For example, let us say that we take over and arrange to buy the guns at our present gun cost and then say to FN; "Here, we have just thought of this scheme", or let them think of it. You doubtless know what I mean = it should be handled very carefully. Perhaps the main point now is to hang on to the acceptance by FN of the fact that this is actually our territory in question. Then go the next steps one at a time. Incidentally, I wonder how they handle PX business with Firearms for mauser rifles and actions. There is another possibility we have thought of which is being practiced in Canada and Australia by the Utah Construction Company, i.e., form a foreign corporation to handle the PX business, keep the profits in such corporations until such time as the PXs are done away with, at which time liquidate the foreign corporation, John Val Browning distribute be paid the in this ~ Se earned surplus country. American occupational countries. in The main forces with such manner trouble their PXs I may have to leave here in time to spend for Belgium, so think you had better time before October 24. If there is change in that there are only a going to is that Enc. be 4, 1951 gains tax would not know how long kept in foreign a few days in the east before sailing any communications to me to reach Ogden schedule, I will let you know. With VAB/co/dh capital we do October Daddy love, Be DOMESTIC SERVICE we m a -|Check the class of service desired ; BN By otherwise this message will be ie sentasa fullrate telegram FULL RATE TELEGRAM) J TCERC DAY NIGHT LETTER ; LETTER NO. WDS.-CL. OF SVC. ? Bx. | | aN a f Ma . a CASH NO. : " we Af G Mise th CHARGE ha Me c De | 3 ) sent at the fullrate DEFERRED NIGHT Vote TO THE ACCOUNT OF 2 Pr) RON T NG Dit AYA LETTER: - TIME FILED wre Send the following message, subject to the terms on back hereof, which are hereby agreed te OCTOBER 4, 1951 BROWNING LIEGE (BELGIUM) - SI 7 GGES OULAECO ei Vr LLAUN AT ROLL > TTON lL LUN BACK se AND ¥ WAS GOOD MEMORANDUM &W CONSIDERED BAD 21, POLICY BUT DEALERS TO HAD ALREADY RECIRCULARIZE DADDY 7 otherwise this message will be FULL RATE ENA al SERVICE Check the classof service desired; Ww, Nee h W. P. MARSHALL, PRESIDENT PD. OR COLL. INTERNATIONAL SO SOON. BEEN CIRCULARIZED LOVE x _ DOMESTIC SERVICE\ Check the class of service desired ; otherwise this message will be sent as 2 fullrate telegram FULL RATE | TELEGRAM he DAY NIGHT \LETTER LETTER NO. WDS.-CL. OF SVC. INTERNATIONAL ss Check the class of service desired; | 7 iB PD. OR COLL. CASH we Y \ ; a 2 we es W. P. | hf & ii " @ 5 | — A CODE PRESIDENT ag % uP Tt @ ™ sent at the full rate RATE DEFERRED - NIGHT ENS CHARGE TO THE ACCOUNT ~ otherwise this message will be : nat MARSHALL, NO. o ‘ ~ ah BROWN : «¢ ate ENG OF LETTER TIME a Ate Send the following message, subject to the terms on back hereof, which are hereby agreed to wh rE FAT UGIOBENR LIEGE SERVICE A 4, nm 1951 (BE ‘LGIUM) SABLE 3RD WRITING. I CAN'T GET TO LIEGE BEFORE FIRST PART OF NOVEMBER. FILED . J e This is a \ full-rate Vv Telegram or Cablegram unless its .de- ferred a: a s — character is in- dicated by a suitable symbol above or prepSeSine the address. oa tS SEA & hast = —— : x x ; 1 W.'iP. , S& . 5. : we: BB) 2 a rm a | e | \ DL=Day ee i ~ ws) LT=Int’l Letter Telegram MARSHALL, VLT=Int’l Victory ae. Be PRESIDENT dee > OV teleenc—s-> ond An~ letters is STANDARD TIME at point of origin. Time of receiptisSTANDARD } oe] /AO 31 THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS (i)J fi fi S Pvias ae ee 5 rv 7 el RA — f) t eee Letter NL=Night Letter | Me The filing time sh ee PATRONS CONCERNING ITS SERVICE TIME at point of destination J \ CLASS OF SERVICE SZ NL=Night Letter LT=Int’l Letter Telegram “vr: nT ie | W. i. prea P. (NT) ABT PET Se ce) , mae. : ARF EF ee 4 Baye | 2 ed RS N cil ADVE o TIME I is RI NG Time of receipt isSTANDARD aca = ING at point of origin. Cal T wi AK TIME Li =Ine’l Victory a PRESIDENT A °7 FA 2. RANLU ‘CT ANT MARSHALL, in the date line on telegrams and day letters is STANDARD EMU N DL= Day Letter This is a full-rate Telegram or Cablegram unless its deferred character is in> dicated by a suitable symbol above or preceding the address. The filing time shown SYMBOLS ine Taal 8, wi PERM fn 8 | ALG Wir Fa Bog OLVE ar 7) j sy i} i 4 oe a i Me S ory WORDING . t ee ee rd Et THE VO COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS x — : A 1 PATRONS CONCERNING ITS SERVICE Fy \7 iy at point of destination PM 4 04 John Val Browning, Val Ase Browning Carol Browning Dumke, Bruce Warren Browning September 28, 195] Several days ago I sent each of you a project of an agreement with the First Security Bank of Utah, Salt Lake City, for a safekeeping account in connection with the securities which you will receive at the time of the liquidation of the J. M. & Me Se Browning Company. You have doubtless noticed that the interest, dividends and/or other income which may become due was to be credited premiums and also the income tax of Carol to a trustee account in my name for each of youe The objectof this way of handling the income was only for the purpose of making certain that the ine surance premiums, which have been paid from the income from your J. M. & M. S. Browning Company stock up to the present time at the rate of one-third for each one of you, will certainly be paid in the future. I am afraid that if some provision of this nature is not made that there may be some danger that @ slip-up might occur on the part of one or the other of you in the payment of these premiums, and the insurance might lapse, which would be very costly for all of you since this insurance is mainly for the purpose of inheritance taxes. The way the safekeeping account agreement with the bank is written, I could pay your premiums, and enything left over would be subject to your desires. John Val has already been paying his part of the premiums by check, but the Company has been handling the payments. Bear in mind that there will be no more J. i. & M. S. Browning Company to take care of these matters for you. If you can think of a simpler way of handling these important payments with certitude, so much the better. Up to the present time the income from the J. Me & Me Se Browning Company stock has been sufficient to pay these Val is different because of his salaries). and Bruce With (the income tax of John love, Daddy Pe S» Would like to get the Bar B Powers and notarized without delay. of Attorney Ve As B. returned, duly executed Royalties John Val Val Ae Browning Browning September On the June 28, F.N. 30, credit us plication royalty 1951, 1,550 J.M. Automatic accounting I note that up until report the item this Automatic they to There seems to at our regular check other statement with $1,487.40. since 1,550 guns to $930.00. but it looks all 1951 & M.S. Browning be some royalty error in their multiof $.60 per gun amounts shotguns 12 and Company, 16 gauge dated and There may be something else in this which I do not know about, like a plain error on their part, which surprises me. Please with respects on this shotguns the date, their the statement department statement period from April after they notified were reported, which and is correct, and I suppose write at once. 30 only 265 royalties would 1 to June that they us no more me have reported In only be paid. In this regard do they realize that putting the Two Piece Carrier in Automatics should reinstate the royalties for the duration of the Two Piece Carrier patents. I wondered if they have mentioned such a thing to you. If not, it might be well for you and I to take it up with them when I get over there. I will bring request F.N. to file the whole contract. copies of our applications in the United States and them in Belgium. This would, it seems to me, reinstate I am being held up by liquidation proceedings and expect to the middle of October. If you have any suggestions on this know at once. With Daddy love, leave here point, let about me i _/ DOMESTIC SERVICE KS INTERNATIONAL SERVICE Check the class of service desired; otherwise this message willbe sentasa fullrate telegram Check the class of service desired ; otherwise this message will be FULL RATE TELEGRAM SERIAL . FULL RATE DAY ™\ LETTER NIGHT ‘SEETIER | NO. WDS.-CL. OF SVC. sent at the full rate ( W. PD. ORCOLL. CASH P. MARSHALL, NO. & M.S. BROWNING OF DEFERRED NIGHT LETTER ee PRESIDENT CHARGE TO THE ACCOUNT JM. x TIME FILED CO, Send the following message, subject to the terms on back hereof, which are hereby agreed te SEPTEMBER 27, 1951 ROWNING WOr yarn LIEGE iT (BELGIUM) YOUR LETTER JULY 7 SUGGEST FREE LENGTH AND ADOPTING STARTING UNLESS WITH TROUBLE RECOIL DEVELOPS. SPRINGS LOVE DADDY OF 4.5 MM WIRE 175 MM Auto-Two-Shot John Val Val A. Recoil Spring Browning Browning September 27, 1951 Enclosing copy of cable sent you today. I have been doing some firing (several hundred rounds) with the 4.5 mm diameter wire spring in the light metal gun with good results. In this gun it was not necessary to make any change in the barrel extension or the forend reinforcing at the rear to accommodate the larger diameter, but Marquet's drawings will show definitely wnat must be done in that respect. If we run into trouble, there are still various combinations which can be tried. With Daddy love, J.M. & M.S. John Val Val A. Browning Liquidation we had Browning Browning September 27, For information and Company your expect to 1951 complete have all of the a favorable necessary ruling on mechanics our plan of this of liquidation liquidation, conforming to Section 112-b-7 of the Federal Revenue Code, in the calendar month of November. Unless you hear further, you can be prepared to make the cancellation of contracts with the J.M. & M.S. Browning Company, reinstatement of agreements with Browning Arms Company, and other arrangements with FN completed in that month. Nothing, however, should be done before the first of November without very explicit instructions from this office. Love, Daddy Sales to American John Val Browning Val A. Overseas Browning September To keep this Forces 27, you subject, same price 1951 informed it would as guns as much seem for U. as possible that if S. markets, FN is as to processes then willing they to would sell of our us thinking on to sell as and also guns be willing for PX at at present to Schroeder, allowing Schroeder a small commission for taking care of the business, paying us the difference as a royalty, which royalty would be distributed by the trustee of the J.M. & M.S. Browning Company contracts ( which are to be assigned to a trustee in liquidation), said trustee would distribute these sums directly to stockholders without the necessity of forming an “overseas corporation" for purposes of excess profits taxes. In fact, there would be no corporation tax on it whatsoever. This would take care of Schroeder and be a terrific advantage from the tax stand- point FN will if our we might agree. put experts You after might study let consider me know how it up to FN upon my arrival. agreeable to selling us about which I wrote you the guns for yesterday. PX it to be justifiable you and feel about such a program, United States at the This Love, Daddy is assuming that if Ef FN is same and price Extract subject: of Memo From Sales to American Memo Written by of Mr. Mattlet, John Head John Val Armed to Val Forces A. Overseas Val After Visit to Him of FN Sales Department Mattlet expressed himself willing to raise their prices to American installations if necessary but he would prefer our permission to go on utilizing their export price base notwithstanding its disagreement with your stipulation because he feels it inexpedient to further augment the difference which the American installations in Germany for example must pay over similar German civilian dealers. As evidenced further, I am not too worried per se about F.N.'s lower relative export prices, however for some time I have thought that we ought to review the matter of deliveries to American Military Personnel overseas in view of the changed aspects which these installations present, to wits 1. Whereas the Occupation overseas seemed of limited that they are likely to be Forces and other military establishments duration in 1949; recent events indicate permanent for the foreseeable future. 2. The number of American Military personnel abroad has been greatly increased over the restricted levels of 1949 and is likely to be increased still further. An estimate of a total of 1,500,000 men in all branches to be based permanently outside the United States was made by a Pentagon spokesman not too long ago. This represents a considerable shotgun market. In 1950, over 3,000 auto-five-shots were delivered by F.N.-Schroeder to American Military installations and the personnel was still restricted in number at that time. 3. Further the non-career (draftee or short term enlistee) character of the greater part of the American Armed Forces will insure that a large proportion of the young men of the nation will serve at some stage overseas. These are the future (and often present) hunters and shooters of our market and I wonder whether we can allow such a large segment of our future demand to be ministered by Schroeder. 4. Such questions take on added significance when we consider the practical impossibility of maintaining a distinction in the minds of most shooters between guns sold by F.N. and those sold by ourselves. True we impose different markings, either the F.N. inscription or the letters P.X. in the case of our own inscription which will theoretically protect us against gratuitous reparations or other liabilities for such guns. However, we have no protection against Pitot the far more important association in the shooter's mind; it does not help us if having received a courteous letter from St. Louis disclaiming responsibility for an F.N. auto-five-shot, a shooter gets mad at F.N. and due to the prevailing murky idea of the Browning F.N. relationship, disassociates himself completely by making his next gun a Remington. oS» Finally there is the financially minor but morally important posed by F.N.*s expressed intention to cease paying royalties on five-shots. question auto Considering these factors I believe we should take the opportunity at this to reassume all responsibility for (and profit from) sales to American Military personnel overseas and thus assure a policy regarding price and quality which will mesh with our United States operations. time Accordingly, I have investigated what procedure would have to be adopted in order to avoid incurring any liability for Belgian taxes by our company, this being one of our principal concerns when considering the matter. In this connection I engaged the Belgian tax lawyer Richard Zondervan from Brussels who wrote the recent book on the taxability of income from foreign individuals or corporations in Belgium ("Les impots sur les revenus d'origine étrangere ou attribués 4 des @trangers"), a review of which you sent me not long ago, and asked him to thoroughly examine the position of our company with respect to the Belgian internal revenue department and how this position might be affected by any acts in which we might engage to sell and deliver our guns made in Belgium to American Military Posts outside the United States. The essence of this consultation is contained in the documents attached in appendices 2, 3, and 4. Appendix 2 contains my general memorandum setting forth the question in various forms; in appendix 3, you will find a copy of his general analysis (you will note that most of the ground was within our generalized knowledge however the delicacy of this question seemed to require exhaustive examination); in appendix 4, my letter outlining a likely procedure culled from his observations and his reply confirming this procedure aS avoiding any risk of Belgian tax liability. These written exchanges were of course supplemented by personal interviews. From this correspondence you will note that we cannot be considered taxable under Belgian law if operations regarding American overseas installations are conducted within the following framework: 6. All interchange concerning sales conditions with American PXs, that is offers of sale, price conditions, bills, delivery engagements, acceptance of orders, advertising or any other commercial correspondence which commits the company, should be sent from the United States presumably from St. Louis. None of the sales activities must emanate from this office in Belgium. 7. However should (or a) forward Ogden) for it be helpful otherwise we can from Belgium: any correspondence from incipient customers to St. action and at the same time acknowledge receipt of Louis — Sm Same and inform the inquirer that our sales office which will reply b) supervise with St. Louis delivery. the delivery and notify his request shortly; of guns the customer has furnished of the been forwarded to PXs to in agreement Shipping details of his 8. Deliveries to the PXs should be made by F.N. f.o.b. Antwerp, or f.0.b. Liege, where rail transportation is to be utilized, and the transport made through the action of a shipping or transport agent following exactly the same procedure employed for our present deliveries to the United States. In this connection F.N. would continue to arrange for export licenses and any other necessary papers; the commercial invoices would be sent to St. Louis as usual; no consular invoice would be necessary since there is no duty involved. I might mention here that in all cases to my knowledge including England, Germany, Japan, France, and French North Africa no duty is levied by the foreign governments involved upon goods for American PXs. It might of course be necessary to check further as individual cases come up. As mentioned in 7.b) notice and details of the delivery can in those cases where it is expedient be sent from this office. 9. Payment by the PXs should be made to St. Louis upon bills sent by the latter and in this connection this office should not even transmit such a payment to St. Louis although Mr. Zondervan thought this might be carrying prudence to a ridiculous length. 10. Correspondence concerning complaints by the customers abroad should also be entertained by St. Louis but should an exchange or a major reparation be required, the customer can be asked to ship his gun back to us at the F.N. and we can send him another using the same delivery procedure as in 8. above. Most of the guns sold abroad to Americans will return within a year or two with their owners to the United states. In 11. thus addition we must abstain from the following acts: Any sales in Belgium proper under any conditions. Belgium be the one country totally excluded from our activity. 12. Initiating Office. with the PXs any 13.. Accepting delivery of any or train leaving the country. favor The our there Considering other possible is first the inviolability scope of handling sales guns in correspondence from this Belgium than on other permissible activities thus would seem amply sales to American installations overseas. would Belgian board ship sufficient to drawbacks to our assuming this responsibility of our dealer organization in view of the a Gow circumstances which would urge adoption of a substantially lower price structure (further discussed) for military sales overseas. Yet upon reflexion there is little reason to expect insurgence from any consequent number of United States dealers since: A. Sales to American soldiers overseas do dealer activities in the United States and are unable to service this market. not compete directly with more important U.S. dealers B. American companies of every type who also normally operate through dealers make special concessions for PXs even sometimes for those within the United States. C. In addition a certain credit for our actions in this sphere can be assumed from patriotic motives and it is highly unpopular to criticize activities resulting in a facility for "the boys overseas." 14. and It is of course also other dealers and not prejudice their sales to necessary to to institute citizens consider the German, French, English, activities which would appreciably of their respective country. It isa problem which does not cause Schroeder and F.N. any trouble at the present F.N. export prices. and thus should be susceptible of solution by ourselves. As first protection may be cited that the military forces are safeguarding their privileges by taking increasingly severe measures to prevent resale of special price, duty free PX goods. In addition, it should be our concern if other circumstances permit (see 15 below) to order our prices so that sales in each main theater where considerable numbers of Americans are stationed (including at this time England, France, Italy and Trieste, Germany, Japan and the Far East, Austria, and French North Africa) are not made excessively below the sales prices of the local civilian dealers, thus minimizing any incentive on the part of our compatriots to indulge in a bit of commercial activity of their own. I had hoped to include a list of the > main theater dealer prices in order to estimate this factor further however F.N. has not been able to furnish these as yet; I will forward them later. Further possible objections in our assuming the obligations Sales can best be evaluated by touching in a general way upon the commercial features of such sales. for these various 15. Prices.- Broadly speaking, if we assume responsibility for supplying American installations overseas, I submit that any price policy adopted for these sales must necessarily eschew greediness or excessive protectionism; it would in this connection be best to err on the low side in any compromise with consideration 14. above because: (A) A nasty impression would be generated among servicemen’. if we attempted upon taking over the operation to revise gun prices upward to an appreciable extent from their present F.N. export levels impression which would have repercussions both on the sales made to them and upon their good will. It must be remembered that we would be servicing a part of what is at present the most influential branch “oe of the with United the public States government is particularly Most important, I believe, (B) of well being to consider. and one where we have our rampant. emotionalism in relations conscience and sense own In a more positive sense, sales through PXs overseas represent (C) an unusual opportunity to utilize without loss to ourselves a temptingly low price made possible by the special circumstances to introduce a great many shooters to our guns. On the other hand, there is no reason which should induce us to consider making sacrifices in the way of our own regular margins in order to oblige The best adjustment between these two positions would these installations. seem to involve giving installations overseas the advantage of all the savings which can be made due to their special positions including excise tax, duty, and dealer margins, (out of which would come any margin which the One PX itself wishes to add) and taking our own regular dollar margins. purposes illustrative for 5 such price structure is enclosed in appendix only; in column 1 are our 1952 factory prices; in column 2 representative dollar margins; and in columns 3 and 4 the resulting price at which guns For comparison the present F.N. export prices could be sold to the PXs. are listed again in column 5 and the differences between the two in column No allowance has been made for shipping and in those cases where 6. transport charges are substantial these would presumably be added to our This cursory illustration indicates that favorable margins actually price. in excess of those enjoyed on regular sales can be conserved without Columns drastically revising the level of the present PX price structure. yield would level low seductively this at based sales that 2 and 4 suggest sales Such percentagewise. and dollarwise satisfactory unit margins both therefore would be interesting to us on a unit basis. Based upon the research outlined in this paper I have F.N. reaction.— 16. indicated to F.N. that we will wish to assume responsibility for all sales to American military personnel overseas at a date to be mutually agreed upon I have asked that no more this fall (possibly during your next trip). American orders be accepted by F.N. after September first, 1951 but that F.N. continue delivery against orders prior to that time under our original agreement. In talks with Laloux on this matter he concurred in: A.Acknowledging that the American There extension of our U.S. market. recognition of this fact. Military seems to overseas market is an be no question of their B.— Agreeing to our reassuming responsibility for sales to this American overseas market and to our incorporation of orders for this market in our regular annual order. I believe he has no idea of obtaining special price concessions for guns bought for such sales overseas but I cannot be certain since the negociation has not been pushed that far pending receipt of your reactions. 2 @ ~6- C.Agreeing to F.N. f.o.b. Liege with all in the same manner as deliveries for such orders f.o.b. Antwerp or shipping procedures handled as nearly as possible currently in practice for St. Louis. D.Also agreeing that the F.N. 1952 production allotment of autofive-shots destined for PXs could be ordered by ourselves and thus added to our total order. Referring to my letter and its enclosures to you of August 27, 1951 concerning our 1952 orders, the 15,000 autofive-shots which F.N. has scheduled for its own market in 1952 includes about 3,000 destined for American PXs. The last quantity could be transferred to our order, should we so desire, Carrying our maximum 1952 deliveries to 53,000 units and reducing the F.N. deliveries to 12,000 units. with The way F.N. is seems therefore concerned. completely clear as far as reaching an accord 17. NVolume.Turning to a consideration of the volume aspect of the operation it would of course be of dubious advantage to engage in sales to American overseas if the guns thus sold would reduce the number available for our regular United States domestic market. As Suggested under 16.— D.~, however such would not be the case since guns, which F.N. anticipated sending to American installations in 1952 would be assigned to us. On the contrary, our proportion of the limited total F.N. auto-five production would be augmented to 93,000 units and the F.N. portion reduced to 12,000 units - a net gain in our volume of 3,000 units. Alternately we can should we so desire absorb this new business in our present 50,000 gun order and in that case benefit from a change in the F.N. limit as fixed in section II ~ 1-C2 of F.N.'s letter of August 22, 1951 from 15,000 to 12,000 without our order being augmented. I suggest notwithstanding that an extra 3,000 be ordered since it has never been unreasonable to assume some delay in F.N. deliveries. If the American military deliveries additional overseas demand would have deliveries exceeds to be would 3,000 units (and absorbed in our present be at our option. I expect 1952 it will) order but any such added The net effect to us is to add a volume of about 3,000 auto-five-shots to our present annual sales with a probably yearly increase of $75,000 $100,000 in our sales margins. Financially from both a unit and volume outlook, this operation would seem justifiable. No specific mention has been made of superposeds in these conside rations because until this year the scarcity of these guns has limited F.N. delivery to American installations so drastically that no proper assessment of demand can be made. It is fairly safe to say that there would be demand from these quarters for at least a couple of hundred superposeds. This added demand should be welcome in view of Big's memorandum of August 3, 1951 and I would assume that we would take care of the added demand without increasi ng our present 1952 superposed orders. 18. Organization.Concerning establishment of routine Operating procedures in our organization for these sales no insuperable obstacles can be discerned. Upon a mutually agreed date with F.N., it will be necessary for St. Louis to e @ tigA enter into contact with the prospective PX buyers advising them of the change in agency and prosecuting the necessary steps to make the sales to each installation. This is a function with which St. Louis is completely familiar. In the initial stages it may be necessary to visit some of the more important outlets in person; traveling is certainly not a new experience for any of us. (Question 1 asked page 3 of my letter of August 29 to Mr. Zondervan (appendix 4) was asked in connection with the convenience presented by my presence in Europe close to most of the main American installations. Mr. Zondervan suggested verbally that any activities in which I engage outside of Belgium are our own business and are not likely to interest the Belgian Government.) It would probably be convenient for this office to supervise the make-up of shipments. In those cases where the order is relatively small and no fixed delivery date is specified, we would upoh receipt of the instructions from Ogden Or St. Louis see that the various necessary specifications are set aside and when all is available automatically have the order shipped to the military dealer. Where fairly large commitments or fixed delays are to be made by St. Louis it would be necessary to consult with this office beforehand in order to insure availability of the specifications in the time desired. The regular commercial invoices sent by F.N. to Ogden and St. Louis at the time of each shipment will serve aS notification and St. Louis can then proceed with our billing etc... Individual deliveries to ambassadors, ministers, attaches, and other Americans residing abroad whom we may wish to accommodate (my memorandum of June 4, 1951 and Big's memorandum of June 26, 1951) can be incorporated in this general procedure and deliveries made to them in the same manner. In view of the legal analysis attached we will henceforth forward any correspondence from such individuals to Ogden for handling. In summary, I submit that taking over deliveries to American military installations overseas is an advantageous extension of our activities both from the point of view of financial return and from the standpoint of assuring uniform policies of quality concerning guns which will in the overwhelming majority return to our service territory. Will you please consider the matter as soon as your other activities permit in order that we may take advantage of the present favorable conjuncture to make the proper arrange ments with F.N. Assuming that your necessary in completing ab- cd- these decisions in preparations this with respect F.N. to are affirmative, decide: When we wish to assume active responsibility. Whether we wish to order the approximately 3,000 shots available as outlined above or whether the will be absorbed in our present 1952 order. What sales office (St. Louis or Ogden) pondence should be forwarded from here. Whether Big or yourself desires changes outlined above for handling these sales Although matters delay upon a- and b- should can well await your arrival be if extra added it is auto-five activity to which pertinent corres~ in the general procedures and deliveries. reduced as much as possible, your trip is not overly delayed. — Gee I would appreciate however hearing some may properly orient our policy here. word in advance in order that we Love, B. P.S. There is possibly another advantage to be gleaned from operations with military installations overseas. If all such overseas activities were concentrated in a subsidiary corporation called for example the Browning Overseas Corporation, I understand that such a U.S. subsidiary gaining 80% of its revenue overseas is not subject to the excess profit tax. I refer here to paragraph 132, page 35 of the “Excess Profit Tax Act of 1950." put out by the Chase Netional Bank. This is just a possibility which should perhaps be investigated further and is not advanced definitely at this time. I would appreciate your asking our attorneys about it. Appendix (1) CPR 31 Retail prices Retail | Less (2) price duty (3) F.N. Export (4) price } Export (F.N. price l. (5) maximum P.X. margin Difference Between Columns 2and 4 > 71.00 $ 81.65 So A2<675 $105.91 b 80.40 S 92.50 bp 13.41 $133.30 $112.78 $ 80.80 8 92.90 19.88 9125.75 $106.19 $ 85.00 $ 97.75 8.44 $137.90 $116.64 > 94.40 $108.60 8.04 $146.65 $124,33 $109.00 LS.33 $236.00 $200.86 $158.80 $182.60 $261.00 $223.61 $163.20 $187.70 according and excise tax schedule June 9, 1951 figured by F.N. method $112.85 $ 94.40 $125.45 plus 15 % Auto~Five-Shots Standard Standard with Rib Standard with vent. Rib Lightweight Lightweight with Lightweight w. Rib vent. Rib superposeds Te Standard with Rib Se Standard with vent. Rib Appendix (1) (2) 1952 Factory Company margin price (4) % 5. (6) Change over price F.N. a Standard Standard with Rib Standard with Vent. $ 74.62 $ 71.00 + $ 3.62 % 83:62 > 80.40 tS "Sone > 90.62 $ 80.80 + 9.82 > 83.62 > 85.00 % 92.62 $ 94.40 > 99.62 $ 94.80 9 Rib $165.00 $158.80 + $ 6.20 Rib $187.00 $163.20 + $23.80 Rib Lightweight Lightweight with Rib Lightweight with vent. Standard Superposed Standard Superposed Rib with with Vent. $ 4.82 John Val Val A. Browning September Dear Browning 26, 1951 Sons I am enclosing a page cut from a Canadian publication called "Forest and Outdoors" of September 1951. I am sending this to you to transmit to Laloux so that you will be informed. Please show this to Laloux and point out to him that the Inglis Company has even gone to the point of using the name Browning in connection with Mauser high-powered rifles and actions. We have no special complaint to make about this ad since it is out of our territory, but Canadian publications are circulated United States, and we do not like the idea of giving advertising or. connecting the name Browning with the Incidentally, you might point out that they have not Fabrique Nationale or the letters FN anywhere quite freely in the firearms any free Mauser rifles. used the name of in the ad. This should help to convince Laloux, if he needs any convincing on the subject, that the name Browning is considered valuable. I mention this in connection with their notification to us to stop royalties on Auto-five Shots and my reply in which I mentioned that when royalties cease, their rights to use the name also ceases. With Daddy love, Sales to American John Val Browning Val A. Armed Forces Overseas Browning September 26, 1951 We have been studying and discussing this matter, and we are all very favorable to taking over all sales to American forces or American PX establishments throughout the world. We are investigating the tax situation, possibilities of forming a new independent or a new subsidiary corporation to handle such business from should soon as pointed out by you in be willing to sell us guns price structures. are paying for our We guns your letter know as for imported such of standpoint September the United excess profits, and we at the same as possible establishments into of ll, whether States. If are studying FN would price so, it we seems to me that this would represent some loss to FN. We cannot, however, figure prices definitely until we know that answer. A possibility,which has been discussed to overcome the one objection which Laloux seemed to have, notably, the loss to S, is to allow the latter to handle all of the business (he already pays Belgian taxes) and pay us a commission would amount to as closely as practicable our present margins. get approximately what he gets now or possibly the $5.00 which Let me know about these matters. With Daddy love, which He you would suggest. Super Orders John Val Val A. for 1952 Browning Browning September 26, 1951 There exists some confusion as to the quantities ordered for 1952. In all of your correspondence you have referred to 6,500 guns, and that is the figure which was authorized by our Board and is in the minutes of one of our meetings. However, in Big's letter of August 7 to you, he used the figure of 6,000 Supers, and that is the figure used on the specifications sent to date. This figure reflects the growing pessimism for sales of this gun engendered by continued falling off of dealer orders. If you can do so, therefore, it would be preferable to change any understanding with FN so that our actual commitments for 1952 will be the guns already specified, i.e., the 6,000 specifications sent to you less any carryovers on account of undelivered 1951 orders. Briefly, it would be 6,000 guns less the number of guns undelivered in St. Louis at the end of this year. Let me know whether this can be accomplished NOWs Love, Daddy Prices John Val Val A. Your Memo, Browning Browning September September 26, 2] 1951 We have already circularized the dealers rolling back our retail prices for the remainder of this year. When the new 1952 prices go into effect, we will be permitted an increase in the retail price although our margin will doubtless remain the same. We do not have any intention at the present time to request FN for any reduction in the 1952 price schedule. Love, Daddy BELGIAN Subject Prices To Val From John A orFi® Browning V Browning ° ¢ Reference Sentember 21 . sived inconveniences the UL Bi g's wh z ch memorandum of Septemb Lye 29 ol: in view of all acks entail, tT would like to reiterate the sugges is conta: Led in previ ous memoranda (notably that of May 25, 1951) that we allow F.} to raise their prices Since we cannot retain the ae for ourseelves, Concerningig any accusation of collusion, F.N. can prove that their costs went up 10% last January and that all their prices except ours were aised la st May. Further the fact that we have actually gone ahead with the rollbacks will act as an additional protective co? the rollb Yr element. O OHH war wc Q9 the 4) +f cr e) ST ote in ligquida T on te an he no Upon receipt Lhe % ; } ef IT need TT to ee ) the reaction es ‘alone in December after tees have e rollbacks in the Site rvening months be very unfavorable we move quickly, we co uld apply the raises allowed by F.N. the dealers have had time to suffer any appreciable loss ng wate on: hand: at: ftthe lower prices. fue Sede o ae weea b+ indeed, be effective o immediat of the d absorbed 2 would ite The make i Date avo rable of necessary of from you ™ NT we September pase reaction can ts and obte iin a : F.N. moy new 29 “>{ f & i to quick 7 [F a | commmeproy on the : this way O a FP plan. here ge y iInvol * to “i a St 6 4 September 20, 1951 self-explanatory and I think Mr. John Val Browning c/o J.M. & M.S. Browning Co. Boite Postale~22 Herstal-lez-Liege, Belgium Dear Sons The enclosed documents will be mostly clear enough to you. I would like to get the Power of Attorney concerning the Bar B signed, witnessed, notarized, and returned as soon as possible. Regarding the distribution of securities, I suggest that it might be well for you, being away, to adopt the plan that some of the rest of us are going to adopt, i.e., to appoint the First Security Bank Trust Department in Salt Lake City as trustee subject to your instructions. That is the way I would handle mine if I were living in Belgium. | With VAB/co/dh Enc. Daddy love, BELGIAN orric® Subject Woodworking To Val A, Browning From John V, Browning Reference Date September 19, Last 1951 week, in connection with guns, F.N. has been in contact with "Societa per 1'Industria del Legno" the program for two shift work on our an Italian firm from Breschia called (abbreviated SILF) relevant to the necessary increaw in the supply of stocks and forearms. This woodworking firm proposed to suppoly F.N. with completely machined and adjusted stocks and and forearms for our auto-five-shot guns a forearm eminently satisfactory and and supplied identical in a sample of a every respect stock to those now on our guns. When asked how they were able to supply such samples on short notice without any drawings or other indications from F.N., they replied that they had furnished such stocks and forearms to the United States. I would be interested to know if you have any information upon such sales arms are to not interchangeable the United States with be interested to will and judging compound which by the since as learn that those finish of far any as other the samples on the wood I know they our stocks were extreme gun. have and fore- Lgh sheed a force- | machines available. F.N. at this time is unable to Epproseh odie quality of this work. (Concerning the fitting they have devised a process to forcefit the stocks upon the mechanism thus enn most of the hand adjustment necessary at F.N. It involve: ing the stock in a plastic-— izing gives the wood suffi = ¥ plasticity woul accept to stand fitting. Judging by the samples, the p iser does not affect other inherent qualities of the wood such its. ability to be stained or to be nished. I have insisted with F.N. course, that the whole matter must be carefully investigated before we shocks made in this way. The wood utilized is Italian walnut. I have indicated that if the Italian walnut is of the same general quality as the French walnut now on our automatic shdguns, we would have no hesitancy in accepting it. shot F.N. sbocks is now and a negociating like with quantity of this firm forearms for and a supply if of agreement 10,000 upon auto-five- price can be reached it will go a long way toward insuring wood parts for the program we desire. In addition they are trying to obtain more information upon their force-fitting process and eventually to buy a licence from them, They are also investigating the possibility of applying it to the superposeds. IT have agreed that we will keep the name of this firm confidential. Would you please therefore keep this in mind when making any inquiries about I would appreciate learning of the purported sales in the United States. any experience you may have had with either the firm or the process. Love a JVB/rh P.S. Personally, Brescia, but I believe Demey's n the nam contained the Italian the other ci ty should sp elling. be spelled DEPARTEMENT ARMES. FN. LE 30 AOUT COPIER A MM. D@FRASNE PTRARD GOULEVANT * A a 1951 , fa Monsieur LALOUX, FOURNITURES. DE FUSILS AUTOMATIQUES A LA FIRME BROWNING,.— Le probleme posé est le suivant: Mettre en 2 €quipes le fusil aut. a 5 coups au complet de facen a déhiae er partout la production de Ake piéces par jour ouvrable ou 10.000 pieces par mois. Nex“ eat! 258 ~ abriquer ligne de machines. une tranche de en (anos utd ls pour ‘le seoneene Ld 30.000 fusils de a 2 coups coups de 1953. sur facon la méme 4 arriver Ce probleme est trés vaste.= La note actuelle ne doit pas @tre considérée comme ayant un caractére définitif. Le programme nécessite le concours de différents services: forgeservice des ee ~ embauche du personnel.— Je viens de poser quelques questions —- mais je n'ai pas encore recu de réponses. Dans mon & simple du avec 1.— fus. un esprit aut. autre a 2 montage toute couns Ceci. étant DE LA Aprés fusil sur gui du aut. s'effectuera, et dit, d'autres voici a 5 coups dans un JI1 en est de ouvriers. est méme autre quelques éléments grosses piéces réparti du montage groupe du probléme: FABRICATION: examen automatique fabrication machines.= fusil l'année. contre-maitre AVANCEMENT le le équipe des attaquait diverses 4 5.coups, le on peut mécanisage de. dire la gee que série le 42 constituent 19 aux aout: la premiéres s le programme semestriel nous devons mécaniser la - oe reste done 80.000 piéces a passer aux premieres a partir du l9 aout.SITUATION Nous DES _PREO RDRES: possédons' la série des préordres de 42 4a 47. deux derniers ne datent que du 11 aotit dernier, Il est d'essayer de mettre en fabrication la série ‘16. avant le 15 décembre.-= Les inutile & 4352 (1) ic ti au. 15 décembre, nous pie es Cc Py nous autoriserait n €quipes immédiatement.- pourrions Dp! Nous aurions les piéces Il est de "bonnes chances" é@videmment désirable en acier.- préordres 48 et 49.On devrait prendre fils ressort, le s tubes ene m'arréte pas 4 pensable que ces SITUATION DES PIECES La Pendant vertes DE iEeie | situation le ces pieces entré Le 24.761.derniers chiffre proviennent Monsieur couverts passer difficultés car soient faites BOIS CROSSES a ET st sont de dans trés flatté pour lutter contre virements effectués chiffre de 7.588 est malgré faut pas oublier que les L'attention de Monsieur GODART bots nte pas les indis-— crosses et le stock respectivement remarques nos mal.- 11.422 - 10.920 suivantes: garde-mains stocks la pénurie de garde-mains de fusils automatiques.— Nous puisions dans des. catégories de bois relativement plus riches.-+ be toutes GRADE-MAINS: 13.416 gardé—-mains est n'est: entre aux GRANDJEAN mettre pour équipes au gr.l1 pour mécanisage 24.761 40.000 imm: aie atement il en 17.125 et.7.588.chiffres donnent lieu de 4a nous des précautions méciales pour les 5 et quelqu'autre piéce en tole mais disponible est de.13.358.— Les chiffres pour les de: Ces de a 4 l'usine.-— Tl en est d'@tre des. pi trimestre fabrigquer théoriquement var persistante momentanément et tout doiv a done la un probléme trés ideeholne. neé nous sauvons que varce qu'il y.a beauc cours de mécanisage.- er a * Ging équipe ‘Kougiate automatique nécessite envi. avec environ 40 régleurs.- Nous occupons dé $ 4 present en équipes sur le automatique 10 femmes et nade et 2 regleurs.Pour que l'on ne mésestime pas 1'effort accompli par la fabrications je crois opportun de signaler que le nombre de femmes présentes aux machines est actuellement dans les bons Ae de environ . février 1940, 1015 femmes.-— meilleur mois d'tavant—guerre oradeteun était de 1167 femmes soit 1120: présentes. On voit que la d 100 Italiennes promises Soir blenk ot d'autre part a réclamer des femmes 1! ectif probable ent saat - te pour pa 1'équinve ig les normale.- La par Ti En Canonnerie jour quien n'arrive utilisant a une production largement les de équipes 200 canons ¥ aura donc 1a un programme de machines ae se posera. premier lieu, il faudra voir si les machines commandées leur de la i Ssupposons un i aatene suivant nos désirs et que le Il tranche ler mai.— faut compter sur Ley mois, une piéces aménerait terminé les machines perte lors de de la aux tout marche équipes le ler léres machines rendement réinstallation J'estimerais tres satisfaisant si nous 30.000 pieces de fusil auto. 4 2 coups a avoir de S par la pensée gue nous démarrions en par pour les grosses a 2 coups.- également des ORiyL endront étre étudiés ETABLISSEMENT D'UN PROGRAMME: fini emploi. la question carcasse manquera nitee. ‘de “eréddt vous ae points auront pu septembre.= Mécanisant une plein revoir leres de auraient 1 mo du fus réussissions a passer en 4 mois. Cela nous machines le ler octobre.- Ne comptons qu'une perte moyenne de 15 jours pour repartir dans le fusil 4.5 coups qui est mieux connu. Nous ne pourrions pas fournir les premiéres carcasses de 5 coups avant le ler décembre,.— Tl en résulterait un arrét du montage de 1 mois car il nous faudrait en réalité des carcasses le ler novembre pour sortir des fusils au ler janvier 1953.Or, nous devons éviter a tout prix un arrétdu montage au groupe 43.Nous détruirions en quelques semaines constant de plusieurs années Le programme ci-dessus seinweeis les a la le résultat premiers d'un fusils a effort 2 disposition du marché vers le ler septembre.Je déduis de ce qui précéde que le programme que je viens d'établir sous une forme simpliste est irréalisable mais i1 n'est pas impossible d'y apporter certains dements, c'est pourquoi je pose la ouestion: CR SEP EE Ete COED EP SE ee RENONGCER OED Se CED oreeey ST eT eet Os a owe FATRE Teh rape xs bigs thoes DU 4 Shea y can FUSIL gral pa WISE RY 2 ETS COUPS DINARS CP en CR Eade | oon coups accomo- gece ATTENDES 4 VOIR SORTIR des FUSILS a em er? ==. 9 6 le DE 3S. a présent, comme i programme a exécution: faut trouver le temps pour mettre Je limite rae la tranche de 2 coups a 20.000 a4 faire entre les 2 tranches de fu Si 1 s a 5 coups.-— La fabrication serait autorisée a S & passer 30.000 piéces partout ou ce serait possib 1 @. Pour une premiére fabr 1 cation en série, 20.000 est déja une quantité élevée.Il ne faudra un certain soit lancée.- Pendant des le machines dernier temps avant que la trimestre de 52, nous disponibles. Nous pourrions activer retard.= Fn conclusion, je la | fabrication pense que si des l'on fournir des fusils en série non neégligeable janvier 53 ce serait un beau. résultat.— Le programme pourrait étre: pendant pendant pendant le ler le le 2d. 3eme. vente du fusil esperons avoir pisces parvenai' a Senos? trimestre. marchaient: pendant accord.— Du c6té de 4° un Monsieur résultat.- le deme. réserve gue MATHY, j'ai Monsieur h bon GODART espoir qu'on nous marque arrivera John Val Val A. Browning Browning September 17, 1951 [I have just of Sales very close future. received to American study and your very complete will write you Armed Forces report Over-Seas. about Love, Daddy it on the subject I am giving in the near this BELGIAN ore Subject 1952 Orders To Val A, Browning From John V. Browning Reference Date Sentember F.N. contained 27, soon 19751. as has definitely accepted our orders for in the correspondance attached with my A formal Laloux can letter work of acceptance through somof should his back 1952 on the bases letter of August be forthcoming correspondance. nas they are available I would appreciate receiving ive-shot specifications requested in my letter of ii Ann ‘— @& as John Val Val A. Browning Browning September 10, 1951 We have received copies of your letter of August 9, of August 22, and your letter of August 25 to them. await their acceptance of this letter of August 25. handled was very well by you, I think and was it their reply We will This situation good work. Auto~-Two-Shot. It me looks here, like there is general apathy on the part of everyone and I think that the psychological moment to instill but enthusiasm would be when we can give each director a perfectly working model and let him get accustomed to its novel features It is natural for all of them to shy from taking and advantages. You and chances on a new gun when the old gun is going so well. in I being closer to all phases can see farther into the future I am not even mentioning it here excepting when this respect. necessary, waiting for the proper moment to try to fire the others with enthusiasm. All I liquidation plan. of for the necessity We as they develop. as yet as to whether it comes, if agreements. talk here now you to go anyone can will cable is the with the anyway would leave for Belgium tomorrow excepting my signatures in the mechanics on the thing do not even have a ruling from the department When it will be possible to make the change. favorable, ahead Love, Daddy — : F.N. John Val Val A. Browning Browning September 6, 1951 Enclosed is signature the top walnut lever of stocks, a 12 of J. gauge, Superposed E. Bernolfo, gun, standard Jr. grade specifications to be inlaid but with initials J. through the works, guard. this next E. B. He ordinarily trip over there. should be engraved on I might be able to bring shoots 3¢- specially as follows: Two pairs 28-inch ventilated rib barrels, cylinder and modified, the other modified modified. The in gold the bottom 1¢ loads of 74 shot. Love, Daddy one and selected improved improved of it back under the trigger If you can start with me after my ; : ~ . _ \ ‘ : I: us Gx This is a full-rate Telegram or Cable- | © o = ny te : ceding the address. The filing time shown 2 zo ee x ES rage = > W. — : Es ;, ss a pe Mein ee «<TD go pS ; ce 2 . Rash a es xa? P. 3 FT E e TIME \ ee ox TS= S> en ; je ; a ee F | PRESIDENT Ne : Ne a : Bb : SYMBOLS Ne DL=Day Letter NL=Night Letter wae { 5 h = See at point of origin. ‘4 , \ sé J ns N f Ps | OC aries 7 MARSHALL; in the date line on telegrams and day letters is STANDARD 5 ie re #: te Re r : | | key “s f ; : I: | o£ . - iD = gram unless its de- - ferred character is indicated by a suitable symbol above or pre~ * ‘ LT=Int’l Letter Telegram y ) = . Time of receipt is STANDARD VLT=Int’! Victory Ltr. \ / TIME at point of destination LAQ6O' LaCDUZER 39 PD ENTE ‘VAL BROWNING= CAL OGDEN (UTAH = FR=CD LIEGE Fai. mr yar, ~ VIA RCA 5 15305 heel NATIONALE AGREES ARRANGEMENTS YOUR LETTER AUGUST 29 SToP WILL HAVE CONTRACTS SIGNED AND SENT SAME DAY RECEIVES Your WIRE STOP PLEASE SEND NATIONALE SIGNED COPIES SOON STOP INSERTING DATE LEFT FOR YOU LOVE THEREAFTER “JOHN VAL= THE COMPANY WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE | Z DOMESTIC SERVICE INTERNATIONAL Check the class of service desired ; otherwise this message willbe | sent as a fullrate telegram TELEGRAM DAY i | ie E SERIAL NIGHT ™ LETTER } E | LETTER NO. WDS.-CL. OF SVC. { W. PD..OR COLL. CASH P. MARSHALL, NO. | sent at the full rate | 5 PRESIDENT FULL nga CODE NIGHT oy CHARGE TO THE ACCOUNT OF ; LETTER TIME Send the following message, subject to the terms on back hereof, which are hereby agreed ta caeAW960 y V TAL tT 1B ; BRO} OGDEN, CTIIO4ZA wie fiat” Sag? Larder 20 BY , DI D NN NATIONALE AND @ SENI THEREAFTER AGREES SAME ARRANGEMENTS DAY RECEIVED STOP YOUR LETTER YOUR WIRE STOP AUGUST PLEASE 29 SP SEND JOHN WIL NATIONALE INSERTING DATE VAL SERVICE Check the class of service desired: otherwise this message will be : VE CONTRACTS SIGNED COPIES FILED a A | Z DOMESTIC SERVICE NS | Check the class of service desired ; otherwise this message will be sentasa fullrate telegram FULL RATE TELEGRAM] NIGHT LETTER 1 ss | ‘NO. WDS.-CL. OF SVC. . ri PD. ORCOLL. CASH Al | FULL RATE W. P. MARSHALL, NO. “a ; i fi ; 1# pad) oe Send the following message, subject to the terms on back hereof, which are hereby agreed ta ™ ee ae 7 og pk te, ; s¢| DEFERRED ACODE PRESIDENT CHARGE TO THE ACCOUNT cod & : + ATR. Ty P Bais OF “3 ry stieeieineainieiiatemes sndiemn NIGHT LETTER TIME 5 2 FILED + >SEPT*TEMBER 4+» ‘ igs! % BROWNING LIEGE YOUR CABLE THIRD NO OBJECTION DATING MARKET AGREEMENT IF YOU THINK ADVISABLE. LINE EIGHT PARAGRAPH THREE SIMPLY MEANS THAT ARTICLE THREE WILLBE CANCELLED MF RE Dd haere dln deel Hae BY J.M. & M.S, BROWNING COMPANY AND REINSTATED WITH BROWNING ARMS COMPANY. RY Re REMAINDER 3 eit OF aT CONTRACT ? ee VE Se H Ah REMAINING e SERVICE Check the class of service desired; otherwise this message will be sent at the full rate Dy LETTER INTERNATIONAL | | SERIAL Bie . a5 ART IN Pos) Sieie EFFECT we se: WITH LOVE, DADDY J.M. thie Gal es. sakes 0k scons & M.S. BROWNING COMPANY. =e) WESTERN Telegram or Cable- its unless symbol above or prethe address. ; = paced we oe — de 2 | | 2 | a , W. P. MARSHALL, The filing time shown in the date line on telegrams and day letters is STANDARD Fu J 7 PRESIDENT NL=Night Letter | | LT=Int'l Letter Telegram —— VLT=Int'l Victory Ler. ~\ TIME at point of origin. Time of receipt is STANDARD 7 ¥ MWe @ Ww A Ak Jf AR co Vv e.4 POMWA BRE te iN PA Ome IN OGD A | UUDEL AR iV] wer 2 Se ie oe ee CANCEL —~fihi Wit THE COMPANY VAAN oF Cf Of ABLE ICATION £47 WT STOP AT AL, WILL APPRECIATE SUGGESTIONS FROM ITS PATRONS CONCERNING ITS SERVICE : : TIME at point of destination a Ww > |