Veron Dear obo Sa Flhert,Marriner,; Val: will probebly be a long time before the four of us come together again, end a considerable time before even two of us can have a chat. That being the case,a subject which tecomes increusingly important to me,and,l think,to sarriner and Val,can be discussed only by mail. When Marriner,Val and I agreed to discontinue our salaries,the reasons for the action were ac deated without debate. Each of us,l am sure,felt Sos we had drifted too long with the current of habit; felt that salariés should earlier,and that every other possible economy should have Marriner's analysis had details. We-all knew,of analysis which “Ne found eae him as course, thet: the roused us to that in four he made VLompany have been been reduced a year or two sought out and employed. it,and it startled us who heard the nad suffcred severely: but it was: the a Pull realization years the value of of the extent of the the Company had been damage. reduced by about one half. iis cepital account was being drained by dividends,salaries,and ty subsidiaries, and being replenished only by royalties. While royalties have over a long period of time suppiied us with large sume,thev are nevertheless a very precarious sours of .income. pubsidiaries and allied one actually companies, into which royalty 4 miracle. Yet money has gone,have contributed es or nothing for some time; instead,they have asked lor more money. “e have been so ependent on royalties for our existance that 4 have ceught myself wondering at times how businesses live and grow without the help of royalties of one sort or other. A busines which has held its own even through the depression is a kind of mystery to me;and that the has dron sugar made money orks, for-exumple, 6qui OMI Nob COncractse: Tt may hue the 1s be Sald tact that remyins thousand in cash and governments. ne has agreement, eee etine we payment which there are Silver that had a: a such businesses. time a fO lucky short made another payment on the moratorium postconed treak There in he is obtaining had sixty his steck pure shase till next January. I am if wondering if he would have accumulated that reserve if we had owned the husiness,und he. could have come-to-us Jor help. it 1s a lonz story,and not a pleasant one. “e are all so familiar with it that there would be no point in my reviewing it. Uur experience will be a valuatle asset to the Company if we keep it in mind. 4 am not lstting the present apparent improvement in cone~ ditions revive old habite of optimism and heedlessness. The upparent improvement may be only a respite, Taking Vision; weighing by choice; ne make practi a ; ACel that + back on s KS Bes. a oe 5 NCE 8 ty Oy, ga he See. SSeS a4 A Si. et PER 5 Within 2 +~ 1, CAE +- de £> 4 J CAC . ni: ek Qseae Eee je SEcS : é a Be the re oe ’ LE ? ~ i TAteres aro Y. Waucsr : : SIE So” OU} . m papa YE Y al sSuruming |Ces = aS 4 , ~ oa ~ - . 4 fe 4 out s €$ C' k eas atl : Vo re 1St Goat reBe QO} ric Ie + YY We tp hath 4 ’ ° n 1OGN Warp LTE, LEGe danger of se é pm a rs Se 9 ina wee Li es + 3 > Tae, mre WE eae Ok = Te oeCc ARES J " ec : the ot “yt Way , sore Pa 5 WERE neen Heer za We 9 py Pad KOULt CSCrert wo. Te 1 te oo o7 Ww Ww ; Kyea PAS Hej OG LT ~ pt : are within the ae Mg €2 vy 7 8 Were yB i yy cy ye S 7 Oe . Yiy+ = bq ’ i ga 7. NS prt , limited scope of our ours by heritage rather vxositions which those esources nae in aep ; oe than pe wv ry a -OGA. Ue MGT 2 — 9 % i T -\ j Ta Rag ea © i a ae rE 5 os Ot AY baka any oe f die Tr : & is eS : a * . om disaster =) i me BN rif ww >} oat: : aris fin, ; ty 5 ‘s sige ees | t 5 rn uC y are “ae 8 that thd rn fo Some bhe pee obviously not i. “eo a Re =, OF IMPrOVEMENTESE “yeahs gs relieved Rr’ we fee ~ YL e our ra of 1 our CC * Soa : ie WAY ’ sy ~\ in - Tal } 2) + ; Ne po s . 7s a iete! ; dre ad, See % CA . EUR Sa e 1c =! . to bank : op my ; & &. v re one Ly is discussion,ilhert,as me 1 + rep : te y4 » : fo ORY cd eS VOY 2 peri. Kt “ nr ie with one forev the gti oe preside. letter can sube > nas phy ; a basic cat 48tro WS eek aul ne vnresident,should : be £0 Om ve ' feel ; + Soe $54 {> WmIncrs, séem OAV bas a y 7 ye lo 7 i and = Sit : conditions zatest ale nee ps @ } a Be | have }- 2 We eee a ~ ve ysl 2h ti“JMO it) & alchouch ANG e . vompany; Si a the RUE oS aero: fae ge ey: 8 : ies SEER 2 PRN Gre OE: ae itd +8 BES Sei 4 ee ye Be, ay 5 oa© ee ww they > nult BY ‘ny for 4. | ; ' ot . , c: ‘aa ae v j : things,however,as the responsibilities of <¢ fohs,which are ere the impossibility of maintaining the obligatory, unless we exhiast our persons: és ana p85 “ns 9 Marriner : make 5 a May 24th, Dear Elizabeth, your a 1956. safekeeping resuae of what the letter deceit for has you on sell their Company who enterred the stock Your been telephone. , although with check was duly bonds and forward it happening in the Company since side of the and, I believe, - Marriner's }600 per voting trust with I think that Hleie share Marriner, is figures probably ignorant the Internal Revenue tax aspects of a possible deal and, If of the stockholders our side of the to duy as much as little as he or she mi,ht desire. all I can to buy the stock, and what our side of can very probably de sold or Elsie's there number outstanding. formimg of the voting the Company at fact Marriner they cannot if would be to about 5000 shares the trust came very considerable loss to run more the or lees Company, the tax angles are i think it would be not a good too investment would be far more secure. No could easily side with opposition machine out of ,ear. an one have offered Ballantyne selling Elsie's of the fact. We for a ruling on the family I will write with just causing to does to the the the not or alternative for buy, ofthe total details when up and . The breaking buy one scrape Bob's half agree up of faced with that sell deal and, since them is to should tell sell. and the ruling us and especially since the control would have control, but no one person throw the whole for person to Boh and unfavorable, talked I expect or only also opportunity sale, a shortly; ,iven for to get each ve the shall favorable, that to I last stockholders to the is indicated close the D.C. will ruling, forced about ruling family Marriner get Washington the FN. we was When in you I on asked Dept. to family ave on received. your Briefly, stock the group (like Bob Affestionately, did) and us that, Vv. A. BROWNING 1515 BEVERLY OGOEN, DRIVE UTAH May 6th, Dear Elsie, letters replied always in the T returned (of Avril sooner; from T6éth you must and a short I8th). have vacation I am very wondered. I959. and found sorry I hope not that your two to have you will write to me whenever the impulse urges yous: and not feel slightest that you will give me the impression of im. pulsively feelings. induleine Boulevard, T if in sense vou are self that pity vou still by are there,- expressing not heppy and at TI hone yourself 553 or South that vou vyour/ | Windsor are not. Why did vou move away from Las Encinas again? The only two reasons that I can think of might be: I, that it is expensive; or 2, that someone in vour family micht think that there is some stigma attachto livine there. I think neither argument has any foundation. In the first placevou shohld be able to well afford the cost, and not have any financial worries. Your income should larrely keep you where and how you want to live, and it is yours. You should spend it,as you are entitled to do. You have generous- Ty vrovided for your children already. None of them You have, wants for necessity. Last year, during the Company shakeup they sold the shares of Browning Arms Co. stock for $180,000 . You gave them stock and which each Bob is $280,000. one received Trustee, T forget how 466 “60,000 cash. shares of shares meny left, worth First tn vour conservatively Security but it is now selling for *60 ner share. The Utah stock which T hought for you is worth, at present stock any 300 the trust some you Construction prices, some of have Co. #2,000,000 (two million dollars). You have a lot of other stocks of considerable value which make you what can be considered a very welle-to- do woman. Your children will eventually get this in add. ition to what you have already given to them. It would be really foolish to think trat you must lay aside from your income something to build your estate up further. You have economized and saved for the future all your life; it is time to enfoy some of it. T very stronely su-sest ail. Even 1£ you lodds is so if vou As for point out the what vour income principle, there number 2, are contented Dr. Chaffin is and spend it would sti11 be assures me that there no reason to feel hesitancy at stavine at Las Encinas, and he 25 proud himself that he would not say so to one of his reletives it were not so. I do not argue that that is the only place for where harpy wey. left. that you find spend some of to stay, vou if you be about the when Fow but will contented, not and feel no at 553 you hesitancy or should euilt. co Let me hear what you decide. I thourht vou snneared IT last saw vou, and vou are deserving of continuing that mink stole. With love, TRIPPET, OSCAR NEWCOMER, 458 A. TRIPPET LYLE. C. NEWCOMER FRANK B. YOAKUM, JR. SOUTH SPRING LOS. ANGELES & THOMAS STREET 13 MICHIGAN. 4143 HENRY Rs THOMAS CHARLES STEARNS ROBERT B. BALLANTYNE ROBERT C. CARLSON FREDERICK C, QUIMBY, JR. JAMES. S.-MIZE WILLIAM P.. KENNEDY MR, YOAKUM LAWYERS December MARRINER C/o Browning Ogden, Utah Dear Marriner: A, ; VEATCH 1955 BROWNING Arms Thank 21 WAYNE Company you for your memorandum of December concerning the .22 rifles, This is a matter. that I believe should be fully and frankly discussed in the directors meeting, With that in mind, I have sent a of this letter and your memorandum to Val. 8 copy As I recali, we decided on the .22 rifle, knowing that 1t was not competitive, with the hope of selling a limited number on the basis of the gun’s looks and workmanship as a luxury or gift item, I think if we can't accomplish this limited purpose profitably, it should probably be discontinued. As an alternative, the possibility of improving the gun and reducing its cost to make it more competitive should also be considered, With respect to the advertising, it is my understanding that we do not generally employ such maga- zines as the "Post" and “Time’, and the ads we placed in these magazines this year were principally aimed at Christ~mas business, Ll agree that. the results of this kind of advertising should be carefully analyzed to determine whether or not they are worthwhile. It may be that this eannot be too accurately determined, but it seems to me that in addition to the direct effect advertising has on sales it perhaps also may have some prestige value, From a@ sales standpoint it seems to me perhaps more emphasis should be given next year to the Superposed in our advertising, 1 agree that we should be most careful not to impair the sale of the 5 Shot in selling the Double Automatic, This is a problem that has been discussed OF COUNSEL Mr. Marriner A. Browning December 21, 1955 before, and I believe it would be well to have a careful analysis prepared as to the effect of the introduction of the Double Automatic upon the sale of the 5 Shot and the superposed, iI think we all feel it would have some effect but that we would be able to sell all three types in satisfactory amount. Our policy in connection with advertising should be resolved and made very clear to our advertising agencies. L will With look best forward to seeing you at the meeting. regards, Sincerely, of TRIPPET, NEWCOMER, YOAKUM & THO) RRR eo A} RBB:ab ce: Mr. Val Browning Ogden, A, Browning Arms Utah / Company & MULLINER,PRINGE L. MULCINER F.S. PRINCE J. RICHARD MULLINER JOHN MULLINER ATTORNEYS AT LAW 816-820 CONTINENTAL BANK BUILDING SALT LAKE GITY, UTAH I ELGIN K.MANGUM April 9, 5-7439 1958 MarrinerA. Browning Firet Security Building Ogden, Utah Dear Marriner: lam enclosing l have herewith the executed stock assignment been considerably troubled upon considering of yesterday. It seeme to me that if we, Val might do. When you requested. our telephones conversation as trustees, elect directors along the lines that you have indicated we will be doing exactly the thing we feared trust arrangement Bob, Jack Rice, Junior and I entered into this voting we pretty well served notice on Val that we were opposed to amy packing of the board and specifically it certainly was my objective that we Were attempting to maintain the statue quo. At the time this seemed to ve the paramount thought of most of the truetece who entered into the voting trust agreement. Under the préposed siignment the statue quo ie not being maintained, and in fact the voting control on the board has ehifted completely | the other way. It seems obvious to me that Val, or anyone else, would definitely feel that since Bob, Jack and I] signed thie voting trust we must necessarily be oppesed to certain feared actions by Val and if such is the case we now would have nine members on the board as opposed to him and two of his choices. i don't think such an alignment is a healthy situation and I further do not believe that it conforme to the objectives in mind at the tire the voting trust was created. A@ I indicated to you, I would prefer the meeting of the trustees to be held late Sunday afternoon, but if such ie not convenient I will make arrangements to be prevent at any time convenient to you and the others. Best personal | regards. Sincerely, F.&. ec: Jack Rice Dr. Junior E. Rich Robert Ballantyne Priace January Mr. 458 7, 1956. Robert 5b. sallantyne, oouth Spring St., Los Angeles, Dear bod: 19, Cal. Thanks for sendin, se copies of Marciner. You will. doubtless be curious present in this unfortunate affair. On the tuesday sefore your to exchange know our Gompany how of matters ite" later did a father: soon he the played voice. good with at 1 tried ue aside soard.of and Directors y." The only thing 1 could say was:"Okay, if that’s the way you ihis took place efter a First Security Meeting, wnich we both attended. in our Board Meeting the following friday, came in looking belligerent, the latter did not even played stand meeting on the 25rd, with Marriner but he ‘would not talk to me, pushing with a pretty venomous attitude:"We'll see what the nt letters His by virtue there. and me, att and little shouting which made hia look rather silly, but his seneddthait a bluff attitude would not work, so he the part the faithful salary cut off the fact that the salary, Marriner speak to of part well. pension, of and The following he and Briefly, firehorse he and no he has was provision insurance tuesday, bein, retired for pension retired. benefits ceen John without from the to ses representing Val went to the plow and a. dis:enting because First he ~ets Security: sSrownin, Marriner a Corp., interests to say it was purely a necescary business action, that our family has no animosity, and that we intended to continue to support him in the Banks, Lion Goal, Sugar @o., and Construction 0o.,; but we did not want to be sniped at without cause in. the Armes Go. Marriner talked to John Val for two hours and a half.Said ruminated avout Matt his would versions probaoly of resign past from events but the: seemed Arms Co. friendly Soard; withall. He told J.¥. that he and I chould get together alone and talk things out. In the Lion. Coal Meetin;, on Wednesday, I suppoeted hin, and again made a motion that he oe paid a salary, since he does quite a oil of work and worry for the Coal Co, 1 made the same motion last year; and he refused to put he motion last year aad this year too, altho it was seconded by veorze Beccles, and acclaimed by the other directors. A day or two later, 1 called im on the telephone to arrange. for the talk he had mentioned. He was very said he had nothin, to say to me, and that he had forgotten what was said in his conversation with John Val. in my opinion, he is s siék man. 1 hope he will be reasonable in CO. matters ifffe stays on the soard, oecause I think» most of us want the Go. 40 26 on and prozress. He and hie voys definitely do not since they all’ , suit. : Love to all the fanily, Mr. M,A, Ogden, BROWNING, Utah, Re: Dear : General May Corporate I3, 1949, Affairs, Marriner: Your letter on the above subject arrived as couple of days after I had written concerning a meeting to fix salaries, I do not I a little possibly changing early in am regarding recollect any conversations a mention in passing) on the our board, but you did write December, I think, bit surprised representatives from at your "our you (beyond matter of me on it - side change of of the heart family", Naturally I have no objections -quite the contrarybut I would prefer to discuss the matter further with all of you before making any committments, unless you have already made the committments, in which event I will, of course, back you wp. You will readily see my point: these people are hostile to me because I agreed with you as to your Opinion of them, which you have impressed upon me many times with great vehemence, This hostility towards me is accentuated by the feeling that I have been traiterous to my side of the family, (whereas my idea has been to keep the thing together for the benefit of everybody). the For you to broach the eight ball, It would together to make the matter to them pute me be preferable for both advances, Sincerely, vehind of us Subject To From Reference Date Browning Arms Gordon Barney Me Browning Ase Company Financing Plan April 25, 1958 it is suggested that you review the aforementioned with Mr. thought of making any corrections and additions which might CaS Lar Val with the strengthen our If you have any questions or ideas, I will be pleased to meet with you or you and Val if you will give me a little notice. In this connection I am Supposed to be in Salt Lake Monday morning to meet with George and Marriner who Nave just returned to the state. This will be a regular Executive Committee Meeting. The Directors! Meeting of the First Security Corporation is at two o'clock the same day. Tuesday would suit my time best because the Policy Committee Incidentally, if Val should Meeting of the I have discussed be interested. First ra with Security George Corporation Eccles Warriner the matter Ae falls on Wednesday. of raising Browning money Double Automatic shotgun Twelyette model in Forest Green Rab aioe ce i et ae Double Automatic shotgun Twentyweight model Double Automatic shotgun. Twelvette model in Autumn Brown also available in Velvet Gray or Black and Gold sceeieaniay eaneeneN tre Snore. itinerant: Automatic-5 shotgun with new exclusive speed looding Superposed shotgun new ultra-light Lightning model om Loa For the names of f Browning Bro 2g Dealers nearest you, phone Western and ask for Operator 25. Union For descriptive literature, write Browning Arms Co., Dept. C4, St. Louis 3, Mo. darkened ters room. For five days I lay ‘there with a cold compress on my forehead, my body racked with sobs. I refused food and drink and my poor mother despaired of my sanity. But now, alas, the lovely .256, .30, and .35 Newton cartridges are as dead as the .56/50 | Spencer and the . 40/65 Winchester. They weren't killed off by competition with better cartridges, because there weren’t any. Western Cartridge - Cartridges which are obsolete or declining in popularity: Co. dropped the 1, .280 Ross; 2, .30 Newton; 3, .275 H. & H. Magnum; 4, .35 three Newtons beNewton; 5, .25/35; 6, 7.62 mm. Russian; 7, .348 Winchester cause it didn’t pay to keep on loading them any longer. N. Y., gun nut and lawyer was designing It is a depressing fact that in this a whole line of cartridges and a rifle to economy of ours a business has to make fire them. His name was Charles Newa profit to survive, and a loading comton. He fathered the .22 Hi-Power and pany cannot handle too many unprofitthe good .250/3000 for Savage, and he able items and remain solvent. It is also cooked up a Series of cartridges of .22, true that a big outfit like Reming.256, .280, .30, .383, and .35 calibers. Few ton or Western-Winchester will lose .22 Newtons were made, and I don’t money on a volume that would make a believe the .280 and .33 Newtons ever small outfit deliriously happy. got beyond the drawing board, but the So, no matter what its virtues are, a .256, the .30, and the .385 all achieved cartridge has to sell if it’s to stay on some popularity. They deserved it, since the active list, and if it’s to sell there they were years ahead of their time. must be many rifles in existence to fire Based on a necked-down .30/06 case, it. This iron law of economics put the the .256 Newton, according to an old skids under the .280 Ross and the Newcatalogue which I have, gave a 123-gr. tons, but it has kept many less effective bullet a muzzle velocity of 3,100 f.p.s. cartridges alive. ) and a 140-gr. bullet 3,000. The .30 For years the miserable old .41 Swiss Newton reportedly drove a 172-gr. bulrimfire cartridge was loaded in this let at 3,000 and a 150-gr. bullet at 3,200. country because when rifles that fired it The .35 used a 250-gr. bullet for which were declared obsolete, somebody imNewton claimed 2,975. ported them into this country by the It is doubtful that Newton reached thousands and sold them for a couple of these figures—at least with workable dollars apiece. I’ve had hundreds of letpressures. I know’a chap who worked for du Pont at the time Newton was in his heyday, and he told me that the du Pont chronographs showed no _ such velocities. Western listed a velocity for its .256 Newton load of 2,760 f.p.s. with a 129-gr. bullet and for the .30 Newto 2,850 with a 180-gr. bullet. : Be that as it may, these are excellent eartridges and with modern powders they will equal or surpass Newton’s claims for them. The big .30 Newton is for American powders a better-shaped cartridge than the .300 H. & H., so much so that there is a wildcat known as the Belted .30 Newton. It’s the .300 H. & H. case shortened and blown out to Newton dimensions. 82 NOVEMBER, 1956 these rifles. For the same and it was noised about that under the name of the 7.62 Nato it would probably be the next U.S. service cartridge, I got a good many letters from owners of .30/06 rifles who were afraid the .30/06 would become obsolete. Even if it were an inferior cartridge there’d be no chance of that. The reason, of course, is the thousands and thousands of rifles in existence for it—Springfields, Model 95 Winchesters, Model 54 and 70 Winchesters, Model 30, 720, and 721 Remingtons, Model 1917 Enfields, German Waffenfabrik and Belgian FN Mausers, Austrian Mannlicher-Schoenauers, Swedish Husqvarnas, and thousands of custom-made rifles on various actions turned out all over the world. a he good .256 Newton is certainly the forerunner of the .270 Winchester and it started a whole trend of necking down the .30/06 case. It isn’t quite as good as the .270, but it’s still a very fine cartridge. To those who’ve accused me in the past of having it in for the .256 Newton, let me say that I mowed lawns and peddled papers to buy a rifle for it. I loved it, and when I found after World War I that I couldn’t get ammunition for it, I took to my bed in a about reason, the old .43 Mauser cartridge for a rifle that became obsolete in 1888 was loaded in this country for years and is still loaded in Canada. When the Winchester .308 came out — he .380/40 U.S.A.) Krag cartridge (.30 was Army the or .30 official U.S. Army round for only about 10 years and comparatively few rifles were made for it commercially, but it’s still alive and in use 50 years after the Army dropped it; and the old .45/70, one of the few surviving black-powder cartridges, is still loaded because there are still many rifies around that use it. The cartridge list is in a constant state of flux, as any live and vital thing should be. New cartridges are being added, old ones dropped. A 1918 Winchester catalogue in my files lists a vast array of them that are no longer with us. Revolver cartridges include the .320 centerfire, .32/44 Smith & Wesson. 44 Bulldog, and .44 Smith & Wesson American. Among rifle cartridges are the 6 mm. Lee-Navy, the .25/21, .25/25, .25/36, 7.65 mm. Mauser, .38/56, .38/70, .38/72, .40/70, .40/72, .40/82, .40/60, .40/65, 50/70, .50/95, .50/110. Many of these are relics of the black- Browning M. A. .<2 Avtometic Rifles Browning Witlie walking sieng the stroet efter the leet drectere® meeting, inquiry was mede about the .22 caliber avtematic rifles that the compeny ‘es on order. I! replied thet I hed heerd nething abovt thee. Dy Mowever, | do heve others and thought you We are for directors in en without information of our competitors’ committed eutometic project, « list of .22 aight like te eutemetics thet ere heave a copy. It is scold difficult thet the old end complicated field to act judiciously and euperience. Ir this connection the natter activities is most important es we all know. end but it is to be 1 mould hoped like to egein the sale of we succeed with aention for standard models . 2. future con- sideration that the experience hed by those on this end of the business has mot been good in the way of pushing the sales of high grede guns by exclusive edvertising and promotion. Beceuse of the high cost, this is greater vevally done volume is to Doubtless remaining prebebly rifle is along with be hed. the buyers of our .<2 eutometic ere question being whet it will cost te mere the in the country, the find thea. Ge will get some free edvertising by the eperts ariters when the anneunced just as we did with the Double Autemetic, which roughly estimate te be of of of own. equal velue te our entire edvertising . | budget for the yeer. We cannot expect very auch ef this, however, because the rifie is old end wet else senufectured and seld by Reaingtor for yeers in en improved aodel end was leter discentinqued by them in favor one meet pome It is resort their Remington produced the thet in te gove the is very the popular demand. very good nechenical It was aede larger improvements. end rifle te sore te order rifles we be hoped to diluted readership discovered thet magesines of generel it such as the POST, cestly ahen computed heavier etc., on particularly besides heaving do net have to a per gun besis. because we have We have done some careful experimenting with the various sedie over the years and have found thet the concentreted readership by aportemen in the eports aegesines is esbout the only peying advertising. The interest are tes costly for cur relatively omei! Subject: F rams volume Browring .22 Avtometic Rifles i. A. Browning and our very limited Line of large compenies are concerned, These of merchandise and very greet volume, between fourteen and fifteen thousend reletive to the Double Automatic with te Enow oppesed This : the sceost of the Dewble Awtometic te that ef the eld Awtematic end prompts me to alee enclese @ copy 6 business. eds of cur weekly for the year scelee report. interesting as You compare the sales of the three different guns by placing one statement cen below the other, My understasting ts thet the feumte avtometts fas Largely domtnated our advertising fer the year. It is only « gvecs as to whet effect this may have had on the sales ef the ether tue shotguns, That it hes hed some real effect I have no doubt, This is net e factor thet was over look ed in Our pest discussions. We do have the honor of provided the principles Unfortunately, however, having the oldest .22 eutemetic and the one which for all of the other manufacturers te folios. these companies have adapted thee to rifles of populer price, weight end size as well as other desirable features. Competing rifles generally ere neither auseum pieces or collectors’ items but are vevelly bought for business. Our patent issued Jamsary 6, 1914 within a few months after I settled down in the office after serving time in shops, ranches ond whetnet. It would seem as though we are both somewhat antiquated. Mm A.B, hasan scibcihdda Roningten (2=-laGS) 7 250 Muteleading Rinchester (le dma54) 63 Auteleading 74 — 77 “erlin Tubular (he@eAa) , (open sight Gpen sight megezine G6 C Gpen sight tubular segezine ov © Open sight 3 sheet clip GS Wessberg (tubular aegazine) Di Peep sight tubular aegasine (jmleSa) 151 K Open sight (eute) is, # ( eute) 452 Clip type ewte (peep sight) 492 K Clip type eute (epen sight) savage (1 3)—96) vtevens | 6 Tubular magesine 6-5 Peep sight tubular (1-31-55) 65 Clip eute 57 Tubular Je we magasine aegaszine eute Higgins 29 Open sights 29 4 Power scene 31 Open sights 4 Srowning Peuer scope - too small, tee light, tee App. filed Nev. 19, AVl2. Price . ene model . §$ 69.50 100.00 expensive proposed ~ fer volume sales BOARD OF DIRECTORS AND OFFICERS The number and kind of officers of this corporation shall be as follows, that is to say: There shall be a board of not less than five nor more than seventeen directors, one of whom shall be president, one of whom shall be chairman of the board and one or more of whom shall be vice president. There shall also be a secretary anc treasurer, provided, that, in the discretion of the Board of Directors, one person may hold the office of secretary and treasurer. The secretary and treasurer may be chosen from outside the board of directors or from outside the stockholders if the board shall so elect. The board may further in its discretion appoint an assistent secretary or an assistant treasurer, or both, either or both of whom may be chosen from outside the board of directors or from outside the stockholders. The number of directors who shall constitute the board of directors for any year and until the number shall in like manner be changed, may be determined by a resolution of the stockholders at any annual meeting, or in default of such resolution the number of directors elected, within the limits hereinbefore stated, at any Such meeting, shall constitute the board of directors. Until the number shall be directors shall total number of and such quorum corporation, and changed as hereinbefore provided, the board of consist of stockholders. A majority of the directors so determined shall constitute a quorum is authorized to transact the business of the to exercise its corporate powers. WNING ARMS COMPAN APRIL 23, 1954 BOARD OF DIRECTORS Val A, Browning Matt 3. Browning Chairman secretary EAECUTIVE A. A, OFFICERS Browning Browning 2low Browning srowning i ng President Vice President Vice Pres ah Vice | Vice i Lams ELECTED Vice | OFFICERS John Val Browning Me Bigelow Browning Matt Se Browning Harmon G, Manage - Production sale envegen SeCx rer Williams Assistan bee Manager secretary EXECUTIVE COMMITTEE Val Me A, Browning Chairman Bigelow Browning Secretary Matt S. Browning Bruce W,. Browning John Val Browning Harmon G, Williams il KE SC Robert B. B John Browning: Val A. ay Me Ae Brownins Me Bigelow Br ownd Matt Ss. Brceming Browning : TORS E,. Hugh Acai Ford Patterson, fF. Seaton Prince ae D. Kice Junior E. Rich Jr. Fa Pa’ eR pora pe BY Ue wy Reference : preg O u ner. uve NUs ar ~ f pu Aj’ >, tay gt i Pe W ‘ ty A sb cr S 53 RS A |i) © € ce y> ole Of ¥‘ ) | Ding 4 4 net Vex 4 6a Los he he gk AP a al Es EK Bia EF , Ores HS T) “yo Seah ~} ie } 2 Ghd sk: Sym rm an PEP }alge BE LA u 4 & “ ott a7 ovead re ng + shoul om 2 O t Le Reference nea * és SNO { BaP tenke Nd IU = bOGNn - Ox 4 f ly £1 La on he 4 2 > Cees ng | 2 4459 bie aedwa a r > ed Ry wh \ T i i Ad ‘ ; ' LaAPrL s & EB ~ ' ~ kad: S cr O € a "} i ,3 | Ly O} } Oa S ot J f “4 XQ ,O A m ' . D ii {D Co -¥3 ba Be V7 » OODLES O! —~ Reference OSES a uy < January Mr. St. Joseph George Dear Joe: 16, 1956. &. Olsen, Utah. r Thanks for your letter of December 19, and the copy of your lette what has been to Marriner.You and Carrie are doubtless curious to know Marriner has which feeling family of matter unfortunate this in happening against especially developed, me; and, me and family, my of uenbers as and big the Board, although 1 feel that I should keep you informed, stockholders in the Company, AdvoUte write or talk to like not does one things of they are the kind I decided to see Marriner After receiving that nice letter from Carrie, sensibly with him. 1 got talk and down sit to try and meeting pefore the board and 1 attended on he which Meeting dJoard Security First a chance after the the He 20th. pushed followed 1 to me. to he several wanted. away out him from to looby the he that said t&ted and to talk would him, with reason to but he not got that venomous look in his eye and said,"We'll talk to the Board as to wnether IL retire." I had to say,"So be it." He had be n writing honey letters someone who has already quit a single dissenting vote, even 23rd, and, although you cannot fire or retire two years ago, his salary was cut off without that bluster would not their pride to enterred in the minutes when he saw the meeting, it was foraally the Company. At and directors, his own family he is no longer an officer of from that as they would do about the meeting on the and I think he figured of the directors, before the board at matter the 1 brou,ht he adopted the the Co. go on without old faithful the of attitude avail, firehorse that is vein; retired to the plow. He is a ,ood actor and he when he outlined however, aroused sympathies. 1 think he made a mistake, i do not think Ward. Montgomery to a plan fevetryidaytolasék the Company only because it they, and boys, his anyone wants to sell excepting he and hurts no of and and Several see later, days special animosity, and Utah Construction Co., places Utah Power, ze have veen where called Val John are willing to First Security on we have stock which all of us He put his arm around hold, John the us. talked for two hours and'l should zet to- Val, was very kindly and apparently sincere, and they and a half ,at least, Marriner finally saying that he gether arrange alone a talk things talk and very was he and out. called 1 him Said,"No, curt. him tell to Marriner ~o on supporting him as a director Corp., Lion Coal, Amaljanated sugar, virtue of represent he holds oy letting him them. on 1 telephone the nothing have to to later to talk you about. " Then he said,"I have forgotten what John Val and 1 talked about" !! jhat is where matters stand today, excepting that I just learned that war, case, the he is writing trying to get he fact, could that kick we letters again, and it may be that he has in mind in one of my family to let him vote their stock, me have and out try little very to to sell sell, the Company. no.valid He seems contracts to @ proxy which ignore excepting may and John Val's friendly contacts with F.N., and we have been unable to register the nane Browning as a valid trade mark. Well, L hope he accepts the situation, because nobody can run iness properly with some Ann and disgruntled 1 send vest stockholder sniping. wishes to all Sincerely, your family. a bus- * 5 ok Or} ANA MRSS ( {*A AGL AYR ze: ier i se |) 2 GA 7 ¥ Ne iCP af A} Sel Pax St 2 ie a Ay APEC 8 . 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Pd Bin KO, Z Ue & ? pf PY 5 | a atte ee | pat eed ae OS 7 VAAO-t ca Se : <] fF FJ 4 eEtA dy ee feZ-™ wie AS GY pe ¥ ss oo VAL ee Aad 4ys, 5 Rey ‘ PS , a z Reneee feSeta ” * : a4 LA ? _ ™ Das Lh4 AZ a a | AR /[e: OUTS fe: ar LAA San 4 RIA FA a2 3 Wa. OV Bep Chen The } t Ae ) QA: g IX : ie PK i « . Vip; ¥ “BS ~ ' Ay Nee? POV ik Aa. a © } On id JP AVE t#% any 4 oy A, 4 re ORK K ¥ AAS Le AALS res > ; e Ph 3 (AY? | a et "4 H i ~* fs ea ae ~ ott d WX cA PP AFUE ~ PRA kas m AS BSAWIE SS Py:é ie AA 4 ‘ .? . > - ; — Ste ALANA APIA 7 % ; a 7] SESCACANA £ “a oe ges a5 2 ahi A) ton 4 Xo “a4 & Na 3 ¢ 2 ie ‘a é =! ae f* j é : if f # rd } S RES ie & ay é Ui-tg j ta“ : “fmons. 5 \ / Raster Dear bod, Thanks for sending me a also for; you asked I that Elsie copy of the Trust Agreement between you and she which Agreement Trust to Amendment the Sunday. signed three days ago. You are doubtless aware, from talking with her that I made no attempt to influence her decision one way or the other before or after my letter to you, although it was evident to me what you might do if not satisfied of your legal right to have already signed the Marriner inspired "Voting Trust" for her Company stock. I did not and do not want to upset her. Since the Amendment of three days ago, there can be little doubt but that you now have the legal right to have signed away the voting privileges of her stock - but, Bob, maybe the moral rizht could be q uestioned. No one can ever convince me that your sequences am proud Beverly being I am the ( mother, of your in full possession of all of the facts and the future conact, would have consented. None of my other sisters did and I neither of of of all only of them. whom In that you, of J.!M. Browning can descendants informed fact, well along be one well educated that spring she is now or to blame you must know about blamed) and with to Beatrice have the have and possibly the ill advised doubtfull signed experienced Rice descendant distinction of pact. Uncle Matt but a I of charging refused to sign, and I suspect that some of the others only did so reluctantly and under pressure. So much for paragraph I of the Amendment to Trust Agree~ ment signed by Elsie three days ago. It does not surprise me too much. [It is paragraph 2 of the same Amendment that gives one to think. Some of the relexions managed that her form a Elsie's management, red an penny facts convince my own for opinion cumstances originated such affairs of, the to for my her, years quite mind are being that wealthy. which sisters! of you you, momentarily I handled one bit "Freeze you from at when did not I of which I am not cognizant, and with Elsie. I am amazed, however some that in effect least, out" is the whose the her , you were even think trustee. business. because the idea that, in past term her there I would I have a I do not are lad result care of to certainly cir- could quite possibly have view of these and many other history, that As been that MAB told was plot was to able injure to you used. and I am as sure as I am sure that I sit here in the shop today that you do not believe that of me now, or since my visit with you in Los Angeles. It is moteee FS that such misunderstandings with such unquestionably unprofitable-for-all-of-us consequences can occur in families. Joe Olsen wrote to me recently that there must be"love and harmony"in enterprises of family such as ours, and I had to agree with him. The sad history of most schisms in family business matters is that finally everyone suffers, visiting a way of no matter fault. Maybe the dlame is mine with you down there more freq uently, although I have being in Belgium and California at the same time. Since you and the Salt Lake attorneys are practically you have called the J.M.Browning group to sign the voting not would take some face after the election what. you one alone have person who of the have over otner the can majority dissolve courage trustees fallen, you the head of of and, -not the of stock in the group and therefor the agreement of which you are the perhaps, all board, of involve a you assured them and - for have bit you to of do loss that of yourself for yet not found the only ones of trust agreement, you are author. now, that I the It with only some realize, no he-ds can and should do it to remove the sword of Damocles from management, whether I am in the seat or not. I am confident but that you will do it and restore the harmony in the J.M.B. family. And, if you should have any lingering q ualmse about the future, all you have to do is come to a stockholder's meeting, or instruct me how to vote your proxy. I cannot do anything trust without never was With your block love to necessary of stock Elsie when if all you when all the wanted was, you her, see chbps as you are down. said,"The Sincerely, The voting status quo" Vif 2 } SR | stockholde 7ou rr yv y > 4 Ou y in l ~ » Be 1KC . Mr. Robert Dear BoD; your mother good too, 456 Los 3. November Ballantyne, 7th, 1956. South Spring Street, Anmzeles 15, Cal. situation it was pleasing to me to get your letter prefers not to sell. I agree also with from a that financial the standpoint, Company will be and from saddled a with and to learn from your reasoning as tax that standpoint. much less it to It that her is debt. very four suggestion regarding your stock and that of your sisters is quite satisfactory also - in fact,it is possible that an arrangement could Qe made that would be helpfull to me personally. 1 have an endowment insurance policy with a maturity date of March, i960 which i would like to use to purchase Srowning stock before the maturity date. If used for such a legitimate business purpose, the difference between the prewiuas I have paid, and the cash value is likely to be taxed as a capital gain to me, whereas, if I get the cash directly from the Insurance Company, or from a bank, it would de taxed ae ordinary stock of you The income. has and the than more of value cash present a policy $75,000. If the proposed redemption plan goes through so that you are released from the voting trust, I suggest that you prepare a bill of sale, or similar document, stipulating the amount of down payment you want this year on tne policy as tenth of you return will (apart and part the from your payment or not, have had "Consent the | month. Jonn sisters Ellis, who of is as for remainder can the meantime returned yet from in Stockholder" nothing we in like. you not selling) nor in value the each from case Rice, use the insurance suppose 1 leter not then femily Marrinor's the thet others the have all been returned. Time is getting rather short for performing, all of the mechanics of the plan before the deadline dats of the 2Oth. 1 have hed some talks with George Eccles about the loan, and he indicates that the First oecurity would like all of it, instead of farming part out to other banks. They are giving me a better interest rate than they do the Witah Construction GO Monida's financial situationis douotlessa similar to your Mother's, she does not need dividends especially, and her estate would be better off with the expected dividend income appreciation after taxes. 1 mention of this Browning because Nida, purchase 759 expressed to me a desire to buy some more Browning stock, talk to you adout it. 1 am not in a position to encourage other, expect long beyond to put enough to telling, up pay stocks off. her as that But I expect to get the income, security 1 on a loan which the majority certainly sell your i an not in a position to definitely because i am going to talk to Jack and will decide, entitled personal but if your mother (or With best regards, to a place and stock, I would of and her interest ie than with her own voition, shares. I probably my estate will not have the terrific capitel gaine tax pay if I sold the stocks. It might be an idea for her, @ chunk of the stock. anybody stock she one To is going to way or the will do this,1l never deductible, that I would have to and I hope she buys promise a place on the Board my sisters first and a all of live and you) 1 value jour judgement advise you io hold out Sincerely, remain in, you are to and experience. If you a qualifying share. TRIPPET, YOAKUM, STEARNS & BALLANTYNE LAWYERS 458 OSCAR A. TRIPPET FRANK B. DAVID SPRING STREET [3 S ELE SANG 414! MICHIGAN JR. YOAKUM, CHARLES ROBERT THOMAS SOUTH LO STEARNS B. BALLANTYNE H. CARVER October FREEMAN AIR ad, 1958 MAIL PERSONAL MR. VAL AND A, CONFIDENTIAL BROWNING Browning Arms Company (19 First Security Building Ogden, Utah Dear Val: Now that we with the proposed buy and are approaching the wire sell, I would of my family and to suggest a proposal which has been previously discussed. for you and for From my mother's sentimental like to outline somewhat viewpoint: reasons, (1) Mother in connection the position different from that would Out of regard prefer not to sell. (2) From a financial standpoint she can probably afford to take the risk of remaining in the company for better or for worse and to forego dividends since she is not currently in need of income. (3) From a tax standpoint it would be better for her not to sell and thereby avoid paying income taxes on the gain she would realize by a Sale since the income taxes on such gain would be eliminated if she should hold the stock until her death. would be From desirable my viewpoint for and that of my us to liquidate in order to diversify since sisters: our investment part of our in the (1) It company our individual investments in the company represent a disproportionately grow and they large individual holdings. We are not in a position to take the risk of having such a large part of our individual holdings tied up in a closely held company of this kind. (2) My sisters at least need income currently and will need more in the future as circumstances change and as their children Older cannot It would, of our family group, and for my sisters so easily forego therefore, for Mother and me be dividends. advisable, to retain her to sell. from the standpoint investment in the company TRIPPET, YOAKUM, STEARNS & BALLANTYNE MR. VAL A. BROWNING October 31, 1958 Page Two Inasmuch as you, individually, or other shareholders, individually, expect to purchase some of the stock which may be offered rather than have all offered stock redeemed by the company, I believe this could be Shareholders, accomplished purchased if you, my individually, or stock and that of my other sisters. individual [I do not believe this would create any tax problems on your part or on ours. I know of no tax or other reason why one shareholder cannot sell his stock to another shareholder under these circumstances. shareholder redemption. The tax problem arises, as I see it, only whena offers less than all of his stock to the company for What I proposed in which the company to the voting trust, is a private is in no way involved. sale between Because shareholders of my consummated, commitments if a sale of this kind were it would could be done, it would make it unnecessary, Mother or all of us should remain have to be conditioned on the company and you or other shareholders redeeming or purchasing the stock of all of the other stockholders who wish to sell. If this of course, for you or the company to raise the funds which would be required to redeem or purchase my mother's shares. If this cannot be done, it would be necessary to offer Mother's shares for sale as well or for all of us to remain in the company. If either in the company, I would like to continue to take an interest in the company affairs as a director. At first glance this might not appeal to you or your sons and the other stockholders. However, I believe I am able to get along with all of you and that I might be able to offer something of value from time to time. In the event you wish I would appreciate to consider this proposal, I would prefer to sell on the basis of a small down-payment this year with the balance of the price payable in January next year so as to postpone the bulk of the gain until next year. Best regards. hearing from you on this. p> sincerely, ROBERT B. BALLANTYNE November iyae LOULG De Yor, lir@e Carrae De Olsen 13, 1943+ : lSe Miale Be Ballantyne, livee Monida BD, Cummings, Mya. Eidaaboth Bb, Moloecd, “pe John Drowning. The past aml futurc incom wileoh hao bean paid, or may be paid to us from Colt's reyalties on contractual. paye monte, io boing investiqnted, and "Ronesotiated"” by a Covernie ment Board in Ste Louie, and very posalbly will be carried on from there to Washington De. engaced the We have sorvicos in Chicago, Attorneys Byron & Knight, of ant Auxloy, Wiilkinsan, Seholefioel4, VolLe in this cage. & Daxter, Accountants, to assiet and advise usbefore the Board mW OnOGs ' royalty, Phe money, ang half which has of which me of Attorney to handle thie from each of the sisters, wiich would Attorney which I hope to handle your own decision from of which you 4t more eany ac phase 1% io the that delay case each (unless the 7s. one each of or any the St, Louis Board about can keop for your the correct of the Company sign and heve you Doard would in profer Gte laos, The caso is sgheduled for final or 27th of the 26th future I am enclosing oan original and a copy, you, permit I am onclosing a Powor Browning of you will before for I havo ond & MO, appear On the copy, I have soven investigation present and whioh I am inclined to doubt. this month. of fe being examined, without the ie included in the renogiation, 37 M/M but witnessed of 37 M/M qaong rosult, which technically on account dividec eventual has been paid been members of our family, Powers in support documentary evidence and have prepared a mass of OF appearance one ani I, Marriner We heave made, files or for way of oxeovting the copy retorenoG. hed written in for the purpose of making this doownonte i Be Lamilo ane ® cared 40 i ral omtae aMy “esa ts Ge Pare " je Ole g senrhs he Gumings By : both Le My» John Drowning. “wy have MGLood VO are not overiy ge rede $0 29 to the outeane of renegotiation, on account of sporionce end oh others had who heve would therefore OF Ong) on a should be been through the ee be wise far each after taxzoa, in demanded Oy the one the Governnont uUrde 10% oe : . you hs sig sad, proceed! inm,e 1% to keep a fair anmant event that & rotund know WA % a2 the iB: resulte “— 5 ee ae as . soan pity se Sees e WAth PeGe “The Jenegotiation , Srorything received — zt t, ‘ Oe g OD ‘to aee Lie , aike Love, WO e inte ef foot "3 g tot 9 a after that timo for 3 ani i de not Lind ted to %; F 23 a> ‘pe w a Hae oteaeinll os is subject to Renoy ‘othe thon. Bro oonoesandre Renegotiatione Family Sells Browning Shares The Marriner S. Browning family interests have sold Substantial stock holdings in the Brownings Arms Co., Ogden, it was announced Friday. Val A. Browning, firm and shares certain of company its capital ers, “most of them family president of of the company, stockholders stock from representing interests.” ten 28 separate Browning Arms thousand Thus than 5,000 shares standing prior to the transaction. more said the arms reacquired the Marriner : had have now 4,587 stockhold- | J S. Browning| shares of stock remain outstanding. : out- Twenty-two of the 50 former stockholders will retain interests in the company, it was announced. “Present company management continues in its entirety, and no change in company policy or plans is contemplated,” Val Browning said. “The transaction merely repre- by the J. M. Brown- of stock ownership sents a consolidation father J. M. Browning was the ing family,” he stated. Browning and cofounder of the company. THE OFFICERS OF production manager; Val A. Browning, and president; FIRM are vice president and same. vice president John Val Browning, H. G. Williams, W. Browning, secretary and treasurer St. Louis, Mo., branch manager. sales manager; Bruce and Grant F. Goddard, founded corporation The Browning Arms Co. is a Utah Ogden nearly a century ago. in They the remain of Val Digest Sees End of Import Quota in Utah new Mining ASsn.’s lead-zine U.S. the management industry digest “conceivably says that a split the wipe’ could import quotas off the books. “The importers and processors who depend On foreign ores are reporting planning a test case in federal court to sus- pend the domestic quotas” says the publication. “This case would take its cue from a recent court decision on imported bicycles.” customs y > Aneth Oil Operators Agree To Utah Hearing Speedup By Associated DENVER, oil field agreed on Nov. Press 21— Aneth operators procedures Friday to be followed in speeding up a Utah Oil and Gas Conservation Commission hearing Dec. 8. The hearing scheduled at was_ the recently request of Phillips Petroleum Co. to receive testimony on proposed rules and regulations for operations in the San Juan County, Utah, portion of the Aneth area. The huge oil field is in the Four Corners region, where Colorado, Utah, New Mexico ‘and Arizona meet. Most of the land involved In the hearing, as well as the field itself, Navajo is located on Indian Reservation. the ton Nov. 300 Aneth 10 ordered more than wells shut down to} prevent the burning and waste of natural gas produced with oil from the federal and Indian lands. THE FEDERAL mission temporary Power Com- Wednesday authority issued to 14 in-}| dependent Aneth producers to sell gas to E] Paso Natural Gas Co. for. pipeline transmis- sion to New Mexico, Arizona and California. “All the companies have started producing, and all gas is now being sold to El Paso Natural Gas Co.,” the Phillips spokesman said. “We're trying to get rules and regulations for operating at the capacity of this system and at the same time prevent underground waste gas,” he added. of oil . and and Gulf. A spokesman for. Phillips COMPANIES represented at said the Denver meeting of various operators was called the hearing here, in addition, to draft a plan to present testi- to Phillips, were Carter, Shell, Superior, The mony quickly and prevent a Continental, Texas Co., Aztec Oil & Gas Co., lengthy hearing. Interior Secretary Fred Sea- | Three “ States, Pure %