Mr. Robert c/o Trippet, B. Ballantyne Newcomer, Yoakum & Thomas 1140 Rowan Building 458 S. Spring St. Los Angeles 13, California Dear Bob: I have closed out enclosing a check the savings account of Elsie Marie and am to her order for $103.73 of which $95.12 is pass is capital and $8.61 is interest on which tax must be paid. Will you please see that she gets the money. Also enclosed her Best cancelled regards book. to all the family. Cordially, VAB/ba/dh Enc. <2 Val A. Browning TRIPPET, NEWCOMER, YOAKUM & THOMAS LAWYERS 458 HENRY SPRING ANGELES MICHIGAN STREET 13 4/141 WAYNE STEARNS S. KEMPER, JR. ROBERT ROBERT B. BALLANTYNE C. CARLSON HARMON G. FREDERICK August SL; 1953 SCOVILLE C.QUIMBY, @ VEATCH OF R. THOMAS CHARLES JAMES SOUTH LOS OSCAR A. TRIPPET LYLE C. NEWCOMER FRANK B. YOAKUM, JR. JR. MR. VAL A. BROWNING c/o Browning Ogden, Dear te Arms Utah Company Val: I much received the plaque in the mail Friday. appreciate your thoughtfulness in sending i had breakfast with Mother Saturday morning and gave her the latest news from Ogden as gathered on my last trip up there. She sends you her best wishes and love. Best regards. Sincerely, Joab ROBERT B, BALLANTYNE COUNSEL October Mr. RobertB. Ballantyne Trippet, Newcomer, Yoakum 1140 Rowan Building 498 5. opring Los Angeles Dear Bobs 13, 16, 1951 & Thomas Street California Thanks for stock were your letter transferred know what this Hope you and your With best regards, september 20, 1951, Lf expect to be away, price of on October 15, the books of The the shares of common company as of The price is not yet determined and as I shall request Mrs, Wilks to let you is when family are the information is: available, well, Sincerely, Val A. VAB/co/faw Browning TRIPPET, NEWCOMER, 458 OSCAR A.TRIPPET LOS LYLE So AKUM, FRANK B. HENRY R. THOMAS LUCIEN W. Ch SSE ANGELES MICHIGAN JR. SHAW ROBES & cALEAMEINE 15 Ss THOMAS F. HETHERINGTON FRANKLIN K. LANE,I MR. VAL c/o J.-M. Dear Vals: Ogden, A. & M. S. Il have 2-6/7 13 JAMES: 4!I4I SS). BE WAYNE October Browning been shares is the stock that Some time ago you 1951 NEN-EST together with you In order send me additional PALM SPRINGS OFFICE 101 NORTH PALM CANYON DRIVE TELEPHONE: PALM SPRINGS 2958 an my books Company as trustee common stock. for This up until recently was held in your name. told me that you had transferred this stock, additional 1/7 on Browning of 1/7 share, common so standing that 1 can adjust my the date of transfer share so that I can that in at my the name present as books accordingly, will and also the cost of send you a check for it. you will also and Il guess that you did the same thing for Nida and if give me the same information I will adjust her books call the matter to her attention. ward seeing to T VEATCH « COUNSEL OF Co., carrying of time there are 3 shares trustee for Mother. please & THOMAS BROWNING Utah. Mother the YOAKUM SAWYER RS SOUTH SPRING STREET I trust Best you you on and your November family ist. are well and regards. sincerely, Sowk ROBERT B, BALLANTYNE I look fore March 1, 1951 Utah State Tax Commission 118 State Capitol Salt Lake City, Utah Gentlemen : We are returning herewith your letter tracing Elsie B. Ballantyne for state tax return for the year 1949, and we ask that you change your stencil in this case as Mrs. Ballantyne has not been a resident of this state for approximately twenty-five Yours H. ccs Robert B. Ballantyne very Steckel truly, years. January Mr. Robert Dear Bobs ll, 1951 B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 South Spring St. Los Angeles, California Your letter of January 10th check will be sent as soon we can get same Signed. Your director's fees for 1950 from three companies amounted to $760.00. Regards, HS/co/dh H. Steckel ROBERT <3 RALLANT Y N-E MORROW & ITRIPPET LAWYERS 458 HUBERT T. MORROW OSCAR A. TRiPPET LYLE C: NEWGOMER: FRANK B. YOAKUM, JR. LOS HENRY R. THOMAS RF. B.BALLANTYNE EULTON 1 ANGELES 13) JAMES iy S. 4/41 ; Baer WADE, IR. O. STREET | CHARLES STEARNS JAMES ‘SPRING: MICHIGAN JOHN C.MORROW ROBERT SOUTH september 6, 19 PALM BENNETT OF COUNSEL eS : SPRINGS Ete ELEPHON Ee: PAL MS PRIN GS es2958 WHITESJUR. ERGO FUT, CLARENCE | M. HEUBLEIN AIR MALL MR, VAL c/o J. & M, Dear Val: Ogden, A. BROWNING Utah This will acknowledge your..letter of. September 2nd in which you enclosed a eheck for the balance. of Mother's come pe oe oe a ee | peny account, and had in I stopped by Sty George on*my way talked to doe... They. told.me.of the made with Dr, Chaffin, and 1 phoned Los Angeles’ last week. We arranged home»and: saw Mother arrangements you him when I arrived to have Mother enter the. Good Samaritan Hospital on her return to Los Angeles for the purpose of having a complete check-up made by Dr. Leland Hawkins, whom Dr. Chaffin recommended. These tests will “be for the purpose of background: and for determining what, if anything, is wrong with Mother's digestive system. Dr. Von Hagen will. return from his vacation on September llth, and we plan to have him examine Mother as soon thereafter as possible. Mother returned from St. George yester- day and iS now comfortably situated in the will try to keep. you informed from vime to Tam having several photostatic. ‘Apreement, made, and will send you one “Liwas pleased to receive the OFFICE 10} NORTH PALM CANYON DRIVE 516, hospital. time. I copies of the Trust Leber this. week, announcements Of Your son's marriage.and of.your. daughter's marriage later this month. [expect the arrangements will keep you and Ann pretty busy. 1 very much appreciate your making the arrangements with Dr. Chaffin. He has been most helpful, and 1 am sure Phat everyone feels that we are all doing everything MoRROW Mr, TRIPPET & Val A. September Browning 6, 1950 Page we possibly can. 1 shall look forward to seeing the directors' meeting and discussing Mother and with you at that time. With best regards, Sincerely, ot Robert RBB:re B. Ballantyne you. her 2 at affairs September Mr. Robert B. 2, 1950 Ballantyne c/o Morrow & Trippet, 1140 Rowan Building Lawyers 458 S. Spring Street Los Angeles 13, California Dear Bob: I have received your letter your vacation and hope that rest. Responsive of August 31. you and Betty | Suppose that you are now back from enjoyed yourselves and had a good to your request I am enclosing a check for $77,222.91 which completely closes out Elsie's balance with the Company. I will be glad to consult with you about the placing of these funds at any time you care to do so, in the meantime, your “government bonds On August 19 your Mother worried said Dr. about her Reichman and suggestion listed telephoned physical in St. condition Doyle. placing stocks and advises I did not know himself. the appeals me from St. George protein but has no facilities go back to Dr. of preferred wanted shock to me. George. advice treatments She likes where larger to him, as She to part of it seemed what in ; very much to do. and injections She of but says she will not get in touch with you, but I told her that I would ask the advice of Dr. Chaffin in Los Angeles and let know. I called my brother-in-law, Dr. Chaffin,and after several telephone conversations with him, he recommended a doctor in Los Angeles by the name her of Von Hagen. Dr. Von Hagen was to have left on his vacation this weekend to be gone two weeks which would get him back around about the 15th of September, I should think. I called St. George on the telephone and talked to Joe; told him what before I had done and after talking to him, doing anything more. I so informed my I decided to await your return brother-in-law and told him I would ask you to telephone him or to get in touch with him on your return fran your vacation. He will be pleased to give you the benefit of his extensive acquaintanceship in the medical profession in Los Angeles and any other advice which you might want from him. He is acquainted with Dr. Doyle and says he as a rather brusque mannerism which might offend certain people and might have disagreeable to Elsie. I hope that you will telephone Dr. Lawrence Chaffin his office arrange moment. at the Medical Arts Building at an appointment for Elsie with Dr. JI suppose that this would depend be able to about this find an apartment or place at your early convenience. for once and that we will be able her go to. Please let me to been at Von Hagen at the earliest possible to some extent on how soon you might to know Robert B. Ballantyne Company meetings Los Angeles, California for August | 7 _ September were not held and on Friday, the 29th of September. away from the 11th to the 25th of September, meetings advise will you be held formally. as Jack Rice it is probable expects to P.S.: Encl. VAB/faw Please let final form A. We will, of course, Browning me remind you to send us a copy of your if you have not already done so. be that our next Sincerely, Val 2, 1950 trust in its August Mr. 8, 1950 Robert B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 South Spring Street Los Angeles, California Dear Bob: I have your letter of August lst, and I shall get in touch with Dr. Chaffin to see if he can recommend somebody who specializes in treatment of cases such as your Mother's, Dr. Chaffin himself is a surgeon, but I have a great deal of confidence in his opinion I think it would be better for as to competent men in other lines. me to do this without coming to a decision We not mentioning any names of the previous best course to follow. doctors who have examined Elsie, and as far as possible I shall just put the case up to him hypothetically. I have heard nothing directly from Joe, but indirectly have heard that Joe seems to be pleased with her progress, but Carrie not so much so. I will, of course, discuss the matter with you and possibly Jack in the hopes of have as determined to the a date for the next Company meetings, several of the directors are either on vacations or planing vacations, and it may be necessary to postpone the usual date of holding. We are anxious that you should be present to take part in certain discussions at our next meetings concerning value of Company stock and soforth, and if you care to give me your address for the period of your vacation I will promise not to abuse the privilege of bothering you any more than to inform you of meeting dates. With best regards. Sincerely, Val A. Browning August 2, 1950 Mr. Robert B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 South Spring Street Los Angeles, California Dear Bobs While over to the house, I furnished am us attaching hereto an at the time we were to find in a value for home time, shop connection Ken's described and yesterday with estate. I the basis You will approximate dug out for what your I hoped Mother's appraisal that Joe Olson attempting to arrive at value note of on Parcel $6,000 at 3, that your I believe that you could use this document as supporting evidence in the event that you would be questioned as to your basis. I would suggest that you endeavor to find additional capital expenditures made during the time your folks occupied these premises, as in arriving at the gain they undoubtedly will compel you to deduct depreciation from your You may further basis. retain use for please advise. letter, these papers Would appreciate them, If we permanently can be an will have no acknowledgement of this | of Regards, H. Steckel as we any more assistance & UST This Trust THAT WHEREAS, REEMEN Agreement made this 30th day of August, heirs at law 1935, WITNESSETH; J. M. Browning, of them their the deceased, undersigned, have respective had as distributed interests in the to them assets of and of and said each estate; | WHEREAS, the 29th heirs at day of law, are Rachel T. September, 1934, entitled distribution of the estate, save only to said estate to Val A. assets the and the died the in testate on or about undersigned, as her sole to have distributed to them, upon the of her said the whole of said following which Browning, Browning estate, described undersigned have real estate this day belonging quit claimed to-wit: Beginning at the Northwest corner of Lot 6, Block 2, Plat A, and running thence South 130 feet, thence East 137 feet, thence North 130 feet, thence West 137 feet to the place of beginning, in the Also, beginning 205 feet South corner of said Lot 6 and running of the thence thence beginning, feet, thence proportion set West East 137 137 feet, feet to opposite place their thence of Northwest South 67 North respective 67 feet, names as follows, to-wits John Browning <Val A. Browning Louie B. Carrie Monida Ford B. B. < = = one+-seventh one~-seventh one-seventh one-seventh one-seventh one-seventh one+seventh «= <+ = «+ Olson = = Cummings Elsie B. Ballantyne Elizabeth B. McLeod AND each WHEREAS, for the purpose to of said estates intact and affairs, all of assets of will be placed have been the in opened up the of each Val of A. estate Browning, and under the name of J. assets of each of said the will entered and wherein each of credited or be credited with his seventh interest; and or M. the the said all will holding facilitate wherein be of charge of conduct of have been set of a Browning estates assets of its or books Estate have been aforementioned heirs her one- respective or is WHEREAS, each consideration the undersigned has sell, assign, transfer and of the assets heretofore J. M. Browning, deceased, estate of Rachel T. titled as aforesaid, said assets be said Val Browning in of in the A. same set as held, owned, as a equitably, by said Val all vested Rachel T. Browning, expressly provided. NOW, J. M. A. interests books en- with the and hereafter to owned, to dispose of the Browning, listed and any and all other may be found, to and nevertheless, conditions, of their estates of deceased, as shown by the property which of said trustee same in trust and beneficial inter- follows: 4-9 said the to-wit: ownership 24-4..84% as McLeod of, property of waive entitled, B. invest, each be Ballantyne transferred and to Louie B. Ford + Carrie B. Olson + Monida B. Cummings~- The all T. equitable B. expressly Rachel the Elizabeth presents, the 1. «~ and trans- and Browning legally assign, terms Browning both sell, following A. and same the HOLD, is extent the premises, TO estate the the AND trust by of TO That administered that herein are HAVE intent as in and express except them and are distributed, of in they estate either deal which said estates protect, to of the which hold, the estate have any, be of all they if to assets the to and nature, cause the estate whatsoever 2. of Browning, aforementioned, Elsie all Browning, estate John as A. and Val from Val unto shown the him thése or in by by and est Browning, and listed the A. solely deceased, deceased, upon Val undersigned Browning, or unto hereby over title others consideration fer rights, the in do set of THEREFORE, undersigned and the each and single though in with controlled as rights promises, deceased, end manner the well Browning, the their over received to mutual agreed of one+-seventh one-seventh one~seventh one~seventh one-seventh one+«seventh oneeseventh, shall possession name, and into his sell, hypothecate, or the assets trust fi own take of said to of and thereafter otherwise estate handle, and the proceeds therefron, as the said in every though Val Browning, estate were expenses of his best trustee (a) as the death in beneficially all of The from his written resignation tion, or aries, and with under (a) the trustee, 5. That Browning, of said the death otherwise child in shall beneficial of estate said 5 trust of hereof, in the the the himself of a court or the shall be distributed the last surviving or successor (b) the simultaneous the acting trustee) trustee may this of trust the then mailed by or or, to said deceased benefici- delivered registered of filing if be United persons resignation any jurisdic~ income resignation at by competent survivors, with as last trustee on of if living, shall become his any party hereto dies without to his or hereto, the children party of of thereafter, said deceased said shall any thereupon and to disposition event interest owrership and Browning hereunder, on decedent of and Browning, interest heirs, heirs in death the the equitable John the in issue, the upon That estate, incur addresses 6, trust necessarily or trustee and A. said shall such as Ship charge any disability, respective said to incompetent, the of and Val as said trustors to successor beneficially, with States A. A. resignation or persons, Val Val herein, said with said interested to file completely the by (excluding personally mail and the discharge the declared not fully as parties trustee resign legally conditions solely of or the time or and whatsoever, paragraph at (b) fit, terms limitations and assets of 4. owned control the provided time any judgment concurrence any see such therefrom, That either may which protection, 3. upon equitably all proceeds and without with the upon and property management, as Browning legally, exercise and A. respect said when, and upon child beneficial trust estate, ote party succeed said descend to the decedent the shall death owner-~ in and to said of any such child, thereupon interest equitable her of succeed said to deceased the 7. The discretion, may, out of he said trustee, in his sole and up reserve account in such amounts as inheritance taxes, or from time to time, set net income of said trust estate, shall deem proper, for the payment of for any other the same from pay the balance of at times the thereto tion, may necessary time such and and and beneficiaries entitled as his discre~ John Browning, such amounts said trustee shall and serve his he, and in named in the foregoing referred and which the trustee severally to trustors; sets property added agree all and correctly of the above as he ‘shall out said are of and trusts mentioned or which to be held, therein named, and we trust may and hereby jointly approve, ratify and August, 1935. /s/ Browning of under managed, do the declaration terms is to, we disposed and confirm the particulars, the this Signed in /3/ J. BE. Russell N. W. day presence of of Margaret J. Shipley Joseph E. Olson Joseph E, Olson Cummings Stewart F, T, my the that declaration that therein consent compensation, certify thereto and Dated instrument, successor, without hereby be Signify disburse the to undersigned, hereafter in likewise require, income in may may the upon same and occasion he We, fully by as net appointed, therein trust said That when persons time and determine, 8, if to contingency a uncontrolled by A. this B, Elizabeth Browning, joining acceptance Dated Monida McLeod Val John Louie B. Ford Carrie B. Olson Elsie B. Ballantyne in the of this 9th day the trustee execution name Gummings B, McLeod in the of this instrument, September, 1935. /s/ Browning trust, of Val A. foregoing STATE OF UTAH) : SS. COUNTY OF WEBER ) On appeared the before foregoing executed 9th me Val instrument, the day same, A. who of September, Browning, duly one commission August 1, 1938 expires personally of the signers of acknowledged to me he /s/ Margaret J, Shipley Notary Public Residing My 1935, at Ogden, that Utah the ~ J. M. & M. S. BROWNING ACCOUNT ELSIE B. COMPANY OF BALLANTYNE JULY 17, 1950 Debits | Jan. Check-Robert B. B. Feb. " Browning Arms Co. Check-Robert B.B. Mar. Check-Robert B.B. 175.00 Apr. Check-Robert B.B. 175.00 May Check-Robert B.B. 175.00 June 28th Check-Robert B.B. 175.00 July Gun Revenue Stamps..on July--Transfer to Robert Utah l7th-as dated under B. Trust June 9, 1950 in Elsie Brought Forward 77534723 1h7.2h 175.00 Transfer from Savings Acct. 326611 1,000.00 Stock Interest Savings Acct. 95.00 15.00 Ballantyne Agreement - Total Balance 175.00 transfer Construction trustee a Credits .174230.10 78,52. 3s B. Ballantyne's Account as of June 9, 1950 78,42»3ly 75,325.10 MoRROW & LAW-¥4565: HUBERT T. MORROW OSCAR A.TRIPPET LYLE SOUTH LOS C.NEWCOMER TRIPPET ERS SPRING MICHIGAN FRANK B.YOAKUM, JR. JOHN C.MORROW HENRY R. THOMAS STREET ANGELES July 12 [3 JAMES S. 414! 1950 LUCIEN W. SHAW CHARLES STEARNS ROBERT B. BALLANTYNE BENNETT OF COUNSEL BOR PALM 10| SPRINGS NORTH M. HEUBLEIN MR. A. BROWNING J.M. & M.S. Ogden, Utah Browning Dear OFFICE PALM CANYON DRIVE : TELEPHONE: PALM SPRINGS 2958 R. F. WADE FULTON HAIGHT THOMAS F. HETHERINGTON CLARENCE =f VAL Company Val: inenk you foryour letter of July loth. very much appreciate your assistance in arranging the transfers as mentioned in your letter. <i for IT, of course, did not know anything about the trust agreement of August 30, 1935, pursuant to the terms of which you hold the common stock. I would very much appreciate your sending me a copy of the trust. Since no mention was made in your letter of the transfer of the interest from which mother has in the past received royalties, I assume that these are either assets held under the trust agreement of August, 1935, or that some other arrangement will have to be made regarding them. I take it also that you will in the future, as trustee, distribute mother's proportionate share of the common stock dividends to me as trustee. The checks which have in the past been mailed to me and charged to mother's account should be discontinued. Will you please ask Mrs. Wilkes to send me a complete statement of mother's account from the beginning of the year to the present date. In order that 1 may properly set up my books, I should like to know the cost basis for the 71-5100 shares preferred stock of Transportation Securities Company. Some time ago I asked Mr. Steckel for information concerning the cost basis to mother of her home in North Hollywood. Inasmuch as this property has been sold it MORROW & MR. TRIPPET VAL A. BROWNING —2- duly 12, )1950 7 will be necessary to report on her income tax this year the difference between her cost basis and the selling price. Since the property stood in your name perhaps you have some recollection or can assist Mr. Steckel in what the cost of the property should be. With best regards, Sincerely, gee f hereby assign and ‘BALLANTINE, as Trustee, under into “3, to the Trust agreement between. : ELSIE. B. ‘BALLANTYNE, BALLANTINE, right, , the Trustor, entered and RCBERT all my oe dated dune 9, 1950, title and interest in and be tie Following property: interest in any preferred stock de Ail & HS. Browning 2. All of my dH. ; the a6 AOBEAT B. as Trustee, : @f transfer duis & BSy of my Company. interest in any common: stock Browning Company, to Al of my | of | interest in any contract, reyateys, security or other property of whatsoever kind or nature, specifically including known J. ag the H, ay interest. in Browning any Yeol and any : of the apgets interest. in any of the aasets of J. 4, Browsing or Rachel c, Browning. estates. kee other Ak property of my including interest my in agcount any credit, with the money Golly or & M.S. | Browning Company now. in the possession or under the control of said company. - See Ali of ay’ “‘Gitopeat’ in any stock Construction ‘Company. to any Sane of is person : This Assignment, is. ‘dnténded to be ail the now any other whether | for or the of above deseribed standiue of person same as Trustes, ox ‘the Veoh record in of corporation in the komt» possession effective as property whether ny name or Ain for the my Henefit, or eontrol Attorney-in-fact or the name | or or any “other custodian my benefit. Etine By BaLuan ELSI | @ = } @ | ‘The undersigned jointly and severally for them selves, their approve and any person any of and eause or the any Liability end any agree assigns hereby and request of possession ow contret out said Lesicument therein referred’ to, to be made and any person or corporation making any. or cauping the such person or transfer release of and Assignment earry to property transfer in consideration such having corporation foregoing the foregoing to the consent devisees legatees, heirs, of whatsoever to save any liability on account same to be made, corporation nature person or from we any do hereby and ali in connection therewith, corporation harmless thereof. from & July 10, Mr. Robert Los Angeles, Dear Bobs B. 1950 Ballantyne 110 Rowan Building 458 S. Spring Street I have your and Release" California letter signed of July 7 together by yourself, with Rachel a copy Beverly, of “Assignment and Elsie Marie. I am enclosing a copy of a memo dictated this day instructing as to transfers of Elsie's J. M. & M. S. Browning Company account and 572 sheres of preferred stock to your nam? as. trustee, and transfer of hev U.C. stock amd Transportation Securities Company stock to your name. Regarding the common stock is all in my name and held dated August 30, 1935. of the J. M. & M. S. Browning Company, by me as trustee under trust agreement this Under the terms of this agreement the common stock is to be distributed to the various owners upon my death at which time the trust terminates. In the meantime, as you know, all dividends on this stock have been am are distributed as received. Sincerely, Val VAB/faw Encl, A. Browning Elsie 5. Ballantyne Mre. F. V. Browning A. A. Accounts Wilks July 10, 1950 J. M. & M.S. BROWNING Please transfer "Robert B, the J. M, the & M. S. COMPANY account Browning Ballantyne, of Elsie Company as trustee to 8. Ballantyne a new under account trust standing the 573 shares of Preferred in the name of Elsie B. CONSTRUCTION Transfer name the of Elsie TRANSPORTATION Transfer Company the shares of Ballantyne SECURITIES 71-50/100 standing dated on the name of June 9, as of June 9, 1950. books of 1950." to "Robert B. Ballantyne, as trustee Company held in the COMPANY 3,000 B. the stock of the J. M. & M. &. Browning Company Ballantyne under trust agreement dated June 9, 1950." UTAH under agreement Robert’ would like to know the amount of the balance Transfer as it stands in the stock of to "Robert the B. Utah Construction Ballantyne". COMPANY shares name of preferred of Elsie B. stock of Ballantyne V AeBe the to Transportation "Robert B. Securities Ballantyne". Elsie B. Ballantyne Robert B. Ballantyne V. Browning A. July 10, The Account 1950 Company has standing instructions check for $175.00 and charge from her account. Elsie to send you If the total amount a monthly of her account is transferred to you, as trustee, it would seem that we should have your instructions, as trustee, to continue mailing this check. Let me know what you think of this, and, in the meantime, I an requesting Mrs. Wilks to hold up the actual transfer until I hear from you. MORROW & TRIPPET LAWYERS 458 HUBERT T. MORROW OSCAR A.TRIPPET LYLE C.NEWCOMER FRANK B.YOAKUM, JR. SOUTH LOS HENRY R. THOMAS W. STREET ANGELES MICHIGAN JOHN C. MORROW LUCIEN SPRING guly 7, 13 JAMES ' 1950 BENNETT OF COUNSEL as PALM SPRINGS OFFICE SHAW 1Ol CHARLES STEARNS ROBERT B. BALLANTYNE R. F. WADE FULTON HAIGHT THOMAS F. HETHERINGTON CLARENCE S. 414! NORTH PALM CANYON M. HEUBLEIN MR. VAL A. BROWNING J.M. & Ogden, M.S. Utah Browning Dear I to DRIVE TELEPHONE: PALM SPRINGS 2958 Val: understand me Company as the trustee lawyers of have mother's now cleared company stock, the transfers account, providing it is agreeable to you and Marriner. has indicated to me that he is prepared to make fers and I assume that you feel the same way. etc., Marriner the trans- On March 9th of this year I sent Marriner certificates 78, 120 and 180 representing 573 shares of company preferred stock registered in mother's name, which she had endorsed to me. These shares should be re-issued in the name of "Robert B. Ballantyne, as Trustee under Trust Agreement dated June 9, 1950", Mother's company account should also be transferred to the Same name until investment plans for the future are made. It will not be necessary to transfer the account here, but I would like to know the amount of the account as of June 9, 1950, and that the account has been transferred so that the funds are subject to my order. It is important that all securities, credits, contract interests, royalty interests or other property in. which mother has an interest be transferred to my name as trustee. The purpose of this trust is not only to provide for the management of her estate during her lifetime, but also to provide for its disposition upon her death without the necessity of probate proceedings. Therefore, if all her property is not now transferred to the trust, the purpose of avoiding probate will not be accomplished since property not standing in my name as trustee upon her death MORROW & TRIPPET MR. VAL would fer. A. BROWNING have to be -2- probated in wuly order to secure 7, its 1950 trans- I am enclosing a copy of the Assignment executed by mother which sets forth generally all of the property up there which is to be transferred. I sent the executed original of this Assignment to Jack Rice yesterday with the request that he forward it on to the company. You will note that the Assignment covers mother's interest in the company's common stock, the assets,if any, of the so-called J.M. Pool, royalty, or contract interests and other securities. I have a recollection that there may be some miscellaneous shares of other stock held up there in mother's name, although I do not have an accurate list of them at the present time. 1 would like to have all these items transferred as wea tice hee preferred stock and the account. Any securiti@s,;i fle Browning of Company should be transferred to my name alone if possible in order to avoid the necessity of presenting the transfer instrument to various transfer agents and other companies then the necessity for transfer may arise in the future. In my letter of March 9th, I also sent Marriner certificate 310 for 3,000 shares of the Utah Construction Company. This certificate had been endorsed by mother with her signature guaranteed for transfer into my name. I did not know who the transfer agent of the company was and, there- fore, sent the certificate to Marriner with the idea he would know where it should be sent. JI would very much appreciate you asking him to secure the transfer of this certificate and re-issuing of the Utah Construction Company stock in my name alone; although this stock is held by me as trustee I would rather not have that appear of record in order to avoid complications with transfer agents. I am sorry that an appropriate opportunity to discuss this matter with you did not arise on my last trip. I particularly wanted to discuss with you whatever problems may arise in connection with transfer of the common stock and I would appreciate your writing me in this connection. If any further signatures, documents or additional instruments are necessary to complete all of these transfers, please let me know. Would you also please send me a list of whatever property other than mother's preferred stock MORROW & TRIPPET MR. VAL A. BROWNING and company account -3is now being July held up 7, 1950 there, | My sisters and I have received several long letters from mother and she is apparently doing very well with the Olsens. JI hope that the next time I come up we shall have an opportunity to discuss these matters together since I should like to look to you for counsel as I proceed, RBB:c Sincerely, ea, MORROW & TRIPPET LAWYERS 458 HUBERT OSCAR LYLE T. MORROW LOS A.TRIPPET C.NEWCOMER FRANK B. YOAKUM, JOHN BenROW SOUTH SPRING ANGELES MICHIGAN JR. dune HENRY R.THOMAS STREET: 19 < 13 JAMES ; BENNETT O:F-C O.UNSBE SPRINGS OFFICE init ee 1950 PALM LUCIEN W. SHAW CHARLES STEARNS ROBERT B. BALLANTYNE R. F. WADE FULTON HAIGHT THOMAS F. HETHERINGTON CLARENCE S. 4141 101 NORTH PALM CANYON DRIVE TELEPHONE: PALM SPRINGS 2958 M. HEUBLEIN MR e VAL A e BROWNING c/o J.M. & M.S. Ogden, Utah Dear: Browning Co. Val: In accordance with your letter of June 17, mother is now Staying at the Las Encinas Sanitarium, 2900 Blanche Avenue, Pasadena 10, California. The physician in charge there is Dr. C. W. Thompson. However, mother was originally under the care of Dr. John B. Doyle whose address is Suite 601, 1930 Wilshire Boulevard, Los Angeles 5, California. Dr. Doyle was most fully informed as to mother's condition and the last time he examined her on June 1, he mentioned certain suggestions which I will discuss with you when I see you this weekend. I would very much appreciate you having Dr. Chaffin get in touch with both Dr. Doyle and Dr. Thompson to make any suggestions or recommendations he feels may be helpful. I agree with you that mother's cash balance with the company should be put to work, however, I have recently completed preparation of the Trust Agreement which I discussed with you some time ago and I am enclosing a copy of it so that you may review it and so that we can discuss it when I see you. In March I sent to Marriner mother's Browning Company stock and Utah Construction Company stock which she had endorsed for transfer to my name. At : Marriner's suggestion I discussed the proposed transfers with John Rice and we agreed to hold the matter in abeyance until the Trust Agreement had been prepared and signed by mother and approved by my sisters. This has now been done and I will bring the executed copies with me when I come up. MORROW & TRIPPET MR. VAL A. BROWNING I am today sending a copy of Rice so that in the meantime to examine it also. -2- June 19, 1950 the Trust Agreement to John he may have an opportunity Sincerely, wind “TRUST AGREEMENT_ THIS TRUST AGREEMENT is entered into between ELSIE PB. BALLANTYNE, as Trustor, and ROBERT B, BALLANTYNE, as Trustee, The Trustor without any in attached the the said transferred delivered to the his part the deseribed which is a part pehedule A, receiptof which property, together later become subject trust estate, and shall by Trustee as provided the and consideration on Sevbensic. Tne has is with property of Chis acknowledged by any other Trustee Prust the property that to this trust, shall constitute be held, adwinistered Trustee, may the and distributed time to add’ to herein. “ARTICLE I, 7 The this Trustor trust additional Trustee, other shall property property, Shall nave right aceeptable updn become the its a part to the any Trustee, which and acceptance by the trust estate. — receipt of at the ARTICLE Iz. The -pespect rights, Lo: the powers and tanagement dubics and i i. The for.such time by him or not of: ini en “Prusteé as hereunder of the trust. (B), he ae is: ey the isted of ie: Reh ae te SRR eo aughori2éed the with investment shall be as follows: (A) af trust ‘ Ee “toSean retain yeh, Re a may deem-adVisable any property during egta the.existence ofthis trust, received whether character*permitted by law for the trvestment - funds.. The Trustee shali have the. power with respect to the property or aa trust upon such terms and in convey, exchange, estate, such and control; to. lease for terms of this any purpose; for trust purpose, and deed of pledge, trust, to part as he may within endumber. or or to or deem beyond borrow otherwise; to ad- to to trust, of trust the with respect estate, as he may the deem mortgage, may deem trust; litigation any of the such for insurance visable the term carry as the Trustee of the by and in such amounts expense’ manage money h¥pothedate and advisable repair, such kinds at thereof, improve, convert, sell, and any manner to trust we commence or or derend any. property advisable at the expense of the trust; to invest and reinvest the trust funds in such property of as the Trustee may deem advisable, for a character permitted by law funds; and respect to securities hela in vote, give pay assessments or other with proxies participate in mergers and and foreclosures, liquidations, the whether investment to committee upon such terms the Trustee exercise or nell stock subs¢eription rights; and the Trustee shall have as may now or may be trust in accordance with such gonferred enable. the the to any title to charges, to transfer necessary trust.to thereto and hereafter be the trust ineident with to of consolidations, securities and nov reorganizations, and as or deposit protective may daau or him Trustee to provisions of other wbvisabie conversion additional upon or by powers law or as administer this this Agree- Trust ment. (C) The in this own name, trust or Trustee may hold securities or other property~ in his name in the name as of Trustee his hereunder, nominee , or the or in his Trustee hay hold such securities ownership ot will pass by (Db) ‘All taxes, ineluding whatsoever ) expenses ? delivery. income, nature , assessments, fees, protection of this trust, Aneluding Sruaten as provided herein, estate shall be paid or in full ous er and partially tions as out the ‘advisable, : of the such matters his final shall ‘be in this “(g) by the of Trustee in determination interested shall the in taxes and other may the trust of the out trust estate, and propor-— determine ‘to be property; to conelusive persons howsoever Ss | staan ali oe | have ful) power princgipal of ¢he trust eBtatey, gross net distributable atts the the of ‘the Trustee with respect trust. of full or. of distribution of ‘the ‘trust absolute the determination upon such ‘manner diseretion the Trustee shall income in the ineome: of in his diseretion under and : constitute therefron, and the ‘germs. ‘Of bhis. ‘wrust, and he. Trustee with chee this erusty ; © Respect ao all. such “aneeua 1. : Zee for Trastor the: net her Lifetime 80 ‘much’ of Trustee's aiseretion the trust estate’ as in or desirable her care, comfort, ‘support (8) not for ‘So much of the in Trustee's: oe Ze A). Mae Trustee shall pay. Aad or. ube during e authority eee what shall ineone ail of shall be eonelusive upon alk persons howsoever, ee terested is other charges be a charge determine oe on“ compensation Trustee each of. them, prior to and : gift ineurred by the Trustee dn the administration principal. ( unregistered in puch eondition that net diseretion the. be pnefit may be and income of ‘the trust required for income the . or necessary maintenance. estate a5 purposes: ot — paragraph (A) accumulated to above in principal, may in whole or in or be may Trustee's part discretion and: from distributed ain time either Se whole be time or ‘in ee added . part to or used for the benefit of Trustor's ehildren, grandehi laren | and the be living spouses of Trustor's, children who. may time to time during, frustor's Aifetine, | it gifte for has of the taining been Trustor's practice money or property purpose of assisting their aad education for their for many in establishing and main- families, in providing the care their children, and in providing comfort aL support ana that. of and intention under “that this lifetime ) his pheil continue in such manner ne diseretion deém practic 6 to ‘Buch from in making eraph (B) did aren and the shail consider each spouse and children oF and, exeept of serious butions as family ay, by erustee equal in unit as may distribation (B) to - member Kind accident, “4liness made nearly or for or for as the members each under amount be to this or for Trustee may Anmediate as Trustee may in and the trust under this para- the Trustor's paragraph the family unit need not or member (B) benefit anne of make this necessarily members be be each however, under case all distri. Provided, or ehil- provided in the emergency, o ghild. as wee a8 such that’ paragraph benefit of a particular family unit thereof (B} Trustor's. the partieular other practicable. which of hereinafter or their the. best interests “of of ineome “&. scetniees fe ani, oe generally during distributions ctu time this paregraph extent advisable and for time: to for Trustor,: Trustor!s. children and grandehildren estate, to make them families, Tt is iruster's trustee years children ef care, ee her homes to rom of or the same thereof, and — distribution may be made by Trustee in money, and may be ficiary directly or either in or delivered trustor rib; applied , In other the event emergency or member eit of net income (A) the unit or of trust estate the any sueh- event the sufficient at time reasonable Trustor, of the in case any and to Trustor's of occurring with gomfort, for ¢hiidren serious the oF illness respect ing inte consideration care and Support of not any available apply to the bpene~ =e. mueh of the required and estate and reasonable income, such and or any or or in- of support of them, SRETSOnsy grandchild, funds ehild be maintenance or ae child be nec- to provide care :Aren, para- maintenance the trust unit under discretion discretion such to OF. family support other or aceident support accident to ‘any bene- | prandons or her thereof. erushnete BETS» or care, income au provide is member bene- any thereof forthe net to in frustee's familyor Should to 25 or or ; respect pay to the his iliness of member and as may particular the with family (¢). for serious occurring hereof essary in the of for | thereof, “eruates may aha graph of paid either in property or tak- means of grandchild of. which Trustee may have knowledge, Trustee may in his diseretion pay such child much of his to Truster or diseretion In deem making under paragraphs shall give tions-as apply grandchild the prineipal (p) or her benefit. or apply for his the trust estate necessary or proper any distribution (B) or (¢) consideration to such Trustor (A), of for may from time to to any or her benefit so as sruates in for such of income of this make pay may purpose. or principal Article, lnstruetions time or or with Trustee recommenda- respect s thereto with without, any such however, being instructions or required ¢@retion from Upon pay from and or whatsoever frustor, principal debts, or last inheritance, may income, or estate, may be due otherwise. Ali such debts, nature that may be paid against and paid comply bares of the gift by in his or dis- partially funeral and burial other reasonof taxes Trustor's expenses and taxes by Trustee shail be charged prineipal or income from the trust vided for. the Trustee illness, that respective or IV. nature proportionately the of either any whatsoever death, of death each, Trustor's expenses, of the follow recommendations. ARTICLE (A) to estate of heved butter pro- , (B) Upon the trust estate One-third death of Trustor, Trustee shall into three equal shares as follows: the trust estate Shall be sét of divide aside for the benefit of RACHEL BEVERLY PURRENTINE, daughter of Trustor; one-third of the trust estate shall be set aside for the benefit of ELSIE MARIE CARD, daughter of Trustor; and onethird of of the ROBERT trust B., estate BALLANTYNE, Notwithstanding division he | of the he to is required provided; put Stee each undivided son Trustor: estate his sole diseretion, the be of set aside the ‘foregoing trust and administer shall into provisions shares, defer such trust for the relating the Trustee division estate as a unit maintain until such time therefrom as ‘n such event, separate accounts shall interests in which the trust shall. be ebtate, may , may distribution to to and make beneficiary, benefit assigned as hereinafter sd be kept aka lec ‘ (CG) and i Woow the death of distribute the net “shares of Rachel the trust Beverly Ballantyne, trustor, Insome and trustee principal for benefit of the of ‘Trustor, child's convenient of said and Robert | | BL instellments to ehild for whom the share was iisetine,. oF until earlier termination said or this trust as hereinafter provided. (2) Upon frustor's the death of a child death, OF ‘Should ‘Trustor, ‘then upon pet other of such of such es from issue and time such to. time amounts or used set for’ aside oe “ at Living. at any. of such. children. predecease the Spouse : net ineome from, the. enild shall ‘be ‘aistriputed convenient inbtallments the Ae who was Trustor's death aside for. “or be each : the benefit of as follows: . during may of apply The net income from each share shall be distributed or other share shell Turrentine, Blsie Marie Gara monthly the 7 estate set aside children . (1) a oe to or uped for the OF such deceased in canting benefit chia : : a5 living, until termination of. this ek, in and ceased child may designate written instrument proportions to each as such and appoint ‘ian the souk other than a will, executed ae~+ : unrevoked by him or her at any time after the date. of creation of this trust, ‘and on | > file with. the Trustee at | a 3 if there should any portion be the: ‘crust estate, of or. as a result - Ment by such the of cesoanen ee of ‘such be. a failure or net the the disposition income of such either shila! S death. deceased in “eonnection non- exercise of ali er ghild's with the exercise peat 4: thea, upon, the death of euch predecease the Trustor, all net upon the Trustor‘s ieee of: such power of ‘Appoint-— ‘deceased ‘Ghila,: or ig such ehiid ‘should then share death, of the income ’ of auek deceased disposed for of, the child's shall benefit be of share of the trust ébtate distributed in equal shares issue from time such child's not to to 80 or used time living until termination of this trust, and if there should be no such issue this trust then share not Bo from the shares of the and ali of disposed other tered living any time the net ineome of of the of at said prior ¢hitdren distributed in the Upon Beverly the balance for income the benefit to be held, adminis- same manner as the net income a of Turrentine, Elsie Marie Gare the distribute aside the Pristor death shall to of the trustee last survivor of and Robert and deliver Rachel} B. Ballantyne, all of the remaining of each such child's a of inheritance or estate taxes that may Trustee may be required to pay, to spouses of such children, ve then living, and proportions to each, as such child may designate and appoint in the last will executed by ereation of a time of : this such unrevoked trust te there: should either in the and due such of written on file trust be ein the in auad Trustee at ats be a failure of ‘disposition of aid or estate | as a result of ee then non-exereciseof such power of appointment by any child, last survivor of Trustor's three children, all of such of death, such: child's share of ‘the trust of the than. date with the death | amounts other the the ehild's exercise share of or the trust estate any which. dnd connection upon less and joie after the estate, thereon instrument him or her at any time ehild’s any poevion of any as of deceased child's equally set of said other ehildren's shares. (3) termination of. such shall. be added trust estate to not Bo disposed of shall 9g her sieviving be no such be issue surviving of ‘the trust equally to in equal issue, estate the distributed not shares and all of disposed of ‘the delivered shares, then 50 and of trust his there should such éhild's share shali be added estate if to set aside for the benefitof the other of the said children of Trustor to be distributed as part of said other children's shares, tively. | (4) Phe principal (2) ‘of and limited his oF i power her Soe children may exercised by after the date of. ereation of bime , and. any revoked will exercise or modified executed each of such power | by a written and hereinabove provided, ‘The power granted be exercised spouse each or issue, and of such if entitled inédhe er. principal trust estate. than .a ¢hila to herein only in — | favor of a which | such spouse ‘the ehild's share of the. 7 issue shall be limited to children, ehilaren, Limited to and whom with the | of any, ehiia: oF Truster, person to whom the child child was living at such the date of his or her death. (5) of in favor Original be married be such ree legally time “to of legally was Gime exceed one-third ‘ shall any in no event. | spotise from exercised be and and appointment shall - dneluding at instrument other the share of income or principal As used herein, to. each of Tristor’s may subsequently ‘spouse of and filed with the’ Trustee as by shall iheome ehild this trust enila his or her such to URACE subsections (c). eranted such may by an share ‘hereinabove this. paragraph be he of appointment (3) of respec - If at any time in the discretion of Trustee of said children of Trustor, or the issue any or spouse of any .. "deceased should OF . ehild of rristor who may be a beneficiary hereunder, for her any reason be an need of additional. funds for his proper care, inte consideration able to any maintenance or other income, funds guech beneficiary. for. has knowledge, er support, apply such education, OF means purpose of Truste’ may in his absolute for the benefit taking avail+— whieh Prastee discretion pay to. of the particular child or other beneficiary, such amount from the principal of such child's of the trust estate, eutate as to whieh any @Aiie is the beneficiary, ‘up ‘to the “> share . or up to proportionate APrpustee may the use frustor to this the estate of the trust or sponse of the ceceaned ‘whote of wuth such other child's beneficiary’ ag deceased such the child, as may of any or. other: at any time be terminated such to him beneficiary, : any other provision: of this. Trust ROHUEAEY trust child, at after by the written death of declaration, enildren, or the survivors the date of ‘any week: declaration. termination, the set aside for each ehild who is ‘distributed - from time to time, deem necessary or: advisable for of. them, ‘living event the share of a by all of ‘Trustor's survivor i share issue of any Notwithstanding Agreenent signed whole and ‘benefit of 46) ven the of share the or from share or her free share of or . the trust | then living shall be of ‘trust, and the share of : any ehild of Trustor who is ‘then deceased enell be distributed | as provided in subsection (3) of this paragraph: AG)«. (7) ‘This trust, vip’ the provision Cease and terminate the ‘Trustor, unless sooner terminatea in accordance hereinabove forth, shall an upon: the death ‘at the last survivor Rached Beverly Robert B. Balldatyne., set Turrentine,. any event of ; EBisie Marie. Ga rd and ARTICLE inaar estate trust Ineone any. of the provisions -@lusive upon all persons howsoever of Trustee discretionary aubhors by of. this cron’ Agreement decision the and alt | persons ‘howsoever from (B) Whenever net income by accrued or Trustee shall be ¢on- interest in this trust, him under any provision to in this upon eonelusive binding and be Crust. - ; to payments of any peneficiary or otherwise, all such payments Trustee at by. the to distributed entitled benefielary the such of date the to the next suceéssive interest hereunder... (c) (of the Upon any division or partial of the estate property divide Trustee may eluding undivided and make such in cash and es to what either in or to and a proper or. upon any If at ineompetent any time person, distribution provided, the in-— in. his. absolute dis- in property @ash, or partly decision of the Trustee of the trust division distribution thereof, , any bonetioiery hereunder may in his estate, ahais : Trustee the kind, in or any part of such all distribution kind; constitutes or upon all the beneficiaries. (D) an partly prior ‘binding division or final as herein therein, interests oe Such property 44 neribute the Trustee may. sell eretion or or trust _ whieh to terminate, death = as shail be shall. Truat. hereunder undistriputed tevntnatton this prineipal of yeason either | of natters Labéwentea right — the of all. other granted is shall the or in with authority or, principal nek of the deterniination the Agreement, | of payment the to siinent | diseretionary his In exercising (A) v. be , is a minor diseretion make any such to whiehpal any distributionor inéome or princi beneficiary i6 sotual the or: may rf astedy at be. entitled, to the euch’ penbficiery without interver Sica’ ‘by a ‘\ecsl guardian, appointed guardian person, may. apply Buch or person having of auch funds person, ox or necessity the legally directly to such directly for to of the penefit of any beneficiary. ARTICLE WL ‘No beneficiary alienate the of ;. encumber. oF principal or snail Such oof his or her or other ‘process this. trust hypothecate income interest oF the or any or ment, or any of law. revoke any subject NOP. wo elaine : of the amendment executed by vir. | frustor's legalty alter, provisions thereto, of the and Trust Agree instrument. in Z delivered Lncompetency appointed: ‘guardian amend of this by an the ‘Trustor In the event to be manner, in in whele or in part ane to alter, “Prustee. right her. Anterest in any beneficiary right tO Pruator shall have the right at any bine togreveke anend na or any creditors. or liaple ‘to “attachment, execution this 9Trust Agreement : Wethi his trust ARTICLE The shall have or revoke this shall 66 the: a of Trustor, ee have ae the same Trust Agreement or any provision thereof as is hereinbefore reserved by Truster. . ARTICLE VIII. All rights avaneae to any person by any provisions of this. Trust Agreement may be exercised by such person at: any time during his or her lifetime and competency, unless otherwise specificelly _ Purposes of this presumed she that ghaii trust each have _ duriadietion to Agreement such bien person determine : Triste : resign At. any to competent unless he 3 eourt having is by shall have ‘the right appoint Any thereupon succeed as Trustee without necessity petion. in Robert B. gomcnaae executed sucessor dma ee to. a. successor. ‘trustee trustee, event or : in the all conelusively instrument such for i$ shall he “ARTICLE Ix. and writing and such ineompetency, herein ‘named time herein; declared Aneompetent | “The provided by him and py such trustee ‘BO appointed or by successor shall | of court of the death incompetency Rachel Beverly Turrentine of and Elsie Marie Card, or the survivor of them, shall appoint a corporation duly authorized successor to transact a trust trustee hereunder, by. instrament th weiting cuted by them or the survivor “CLOT as © Any such | any. Sime Lt : either under ‘by ‘Trustee, secure of aif the should be of the competent trustee shall. succeed necessity of. court ection. impossible. be secure foregoing methods any, ‘OF any beneficiary of the appointment of jurisdiction a oxen of them and by such corpora~ successor. corporate frustee without business. as | a Trustee , the this Lee at : here - resigning trust, may auecessor ‘trustee by eB court av Lied expense or the trust. all ti tle of : anton ee : Any suecessor ‘trustee shall. the Trustee ; diseretions, “hereunder were to the trust: estate, obligations and succeed ‘$6 “Bhd all powers, rights, Inmunt ties oF the Trustee” with the same effect as ‘though such successor originally named heredin as Trustee. | ARTICLE XI, The Trustee herein named hereunder shall receive as bereices Hibh or the time Seen survivors agree upon class Trustor ‘and of all of ‘hem, his or shall. from trustee acting hereunder shall fees that would then trustee in the the noronate children, time any exceed LtsS Trustor's provided, ‘however, time a first for writing;. event by compensation trustee 0 of any successor or Survivor compensation at an and any that to the in no be charged locality where this trust is being administered for administering a trust of | this Kind . ARTICLE XII. | Phigs be trust administered validity, ; be of “> the been in the accepted State construction. ‘and governed this has by Trust remaining the laws Agreement provisions: of by the Trustee of California, add rights shail be shall the trustee have shall tr any peovinien ‘iyalia thereof and its thereunder that ‘state, ae win er unenforceable, continue to De fully “effective. The haveudent Trustor the PD and aay of a «@ aE See Close executed this + 4950; A. Bll.Lave pone Truster. @whet Trust d - Latleats Otne srustee. STATE OP CALIFORNIA, | COeEy. of hos Angeles. on this , hag of Deane. ay 1950, hte. me, a Notary Fubiic in and for the said County of Los. Angeles, State of California, residing. therein, duly commissioned and sworn, personally known to me to be the appeared ELSIE 8, person whose name the : Within dastrument, and same, acknowledged: : IN WITNESS WHEREOF affixed my official seal first above written. | $0 me Shat I have hereunto the : wee: and oe : BALLANTYNE; personally: is subscribed to the She exequted set my hand and year an: Shis certificate : 7 otary Fublie in aad Tor seta” Gounty ‘STATE OF CALIFORNIA, County @ of Los State. BB 4 Angeles. on this. GL Notary Public tn and iay of and for : ae eo : yon0, the said soumey of Los betiee me, Angeles, — State of California, residing therein, duly commissioned . and sworn, personally appeared ROBERT B. BALLANTYNE, per-. “sonally $0 known to me to be the person whose the within instrument, and “executed the » IN affixed 7 i £aeey same. WETNESS WHEREOF; my official seal above. ueunace I aoihowiedged name is subssribed to me that he have’ Kaewante’ set my. “Veink and the Bac <_< | deacaal in: “his eeptaticate. ache aie Mate AWetary Publie in and for Sara a hee one sean Pe I, of RACHEL the chiidren “‘spust of instrument, the trust in ali or BEVERLY TURRENTINE, the frustor nemed that I have epasel and provisions. particulars hereafter cavity the in. sean that dust ca ae foregoing understand i ‘approve ‘the said trust and consent piaced in tuk all of agreenent all ‘property. originally shall tered and distributed by. phe. ‘Trustee as crust agreement or in any amendment Dated \ day of Oe be held, proviced ) adminis - in Peueh thereto. a 1950. STATE OF CALIFORNIA, Countyof Los Angeles. me, On this | ee of California, a Notary. Fubite. State - day or in and Tor residing Sata County » therein, duly 1950, of Los before Angeles, commissioned and sworn, personally appeared RACHEL BEVERLY TURRENTINE, personally known to me to be the person whose name is subseribed to the within instrument, and magenee to me that she executed the same. © IN WETNESS WHEREOF, I have hereunto set my hand o affixed first my above official written. seal the wed and year “Wotary in this Pustio” in at pases and State. certificate | Tse Bait I, ELSIE MARIE CARD, children of | strument: the Trastor that certify that I am one of the named Pe have: read and said provisions, [ approve particulars and eonsent tha v in trust hereafter end placed distributed eredmant. or Dated by in the any OF CALIFORNIA, County of Los on this a Notary the such the amendment Angeles. Public day trust shall as alt trust “in- of trust the agreement property be in sole originally held, provided or. administered in such trust. awoke, of ) foregoing understand all Trustee dey STATE me, inthe ca Lub. County of Los S85. of in ana for core ah 1950, ae Angeles, etate of California, residing therein, duly commissioned — and Sworn, personally appeared BLSIE MARIE CARD, personally known to me to be the person whose name is subscribed to. the within instrument, and acknowledged to me that she executed the same. 7 . IN WITNESS WHEREOF, I have hereunto set affixed my official seal the perl and eee in cate first above written, Wotary Public catacaie my hand’ and this ORESTEL = and and State. for e said” a : SCHEDULE A. Lot 6, Block 4, | County . of Los Tract + 8064, in the City of Les ina, angeles, State of California, as per map | recorded in Book 100, pages 47 to 49, inclusive, of Maps, in the office of the County Recorder of said County, also known as 4409 Talofa Avenue, North Hollywood, Californias . Let 10, County Block 26, of Tract 4677, of Los recorded Angeles, State in Book 92, pages of in the City of Los Angeles, 24-31, California, as of Maps, in tae First Security Corp. per map office - @f the County Recorderof said County, also known as 1686-__ 4688 Manning Avenue, Los Angeles, Californias | 1064 shares Clase Certif. L&945 for Gertifs. 90 A. C4975 - Comsen, 498h, inelu. 64 shares. shares Common, Union Paeifie ¢ O6L954. 272 shares 3 Permanente Radway Goes Cement yap Certife, for 136 shares each, shares of J. Me & x. S. bocuning 76, shares Utah Certificate Be Browning Goce and preferred, someon: Construction: Company capital No. certit. sv su 152 Ganeudy, 120 and 4805 shines We Me &M. 3000 : | SV160 Certificates of Ogden, se for 100 shares , and stock: stock, 310, _ right, title and interest of Elsie B Ballantyne in. or” any of the assete of the so-called J. M. Srowning Pool, nes any securities or other property held by the J. MN. & KM. S. Browning Company or ead ee for. the benefit of Eleis oe Ballantyne. : : 5 face value $25,000, $5000 Qu /2%inte A Ltenal 754201 bearer form. 16 face value $500 i. Si bends - - B9MOLSL » D940199. — | § face value 1941, $1, 000. U.S. M225854,198 to 73 ~ Seen, cea Series D, Bonds, ‘Serkua M22585423E, ‘total 75413C, issued ‘Jen E; 5 inclu. a: iecued bec. | 5 face value $1,000 U. 3, Bonds Series E, issued Jane 1942, 622585413 to N22585417, 5 face value $1000 U. 8. § value $1000 U. inelu. Bonde, Series Z. Bonds, Series 1943, M22585,068 - hea5e5ki2e, inelu. face 1947, 3. M22585388E to a N2B585 3925, issued gE, issued inclus .. ) Jan. Jen: & : eee sie sche 16. 5 face value 17, | $5000 Us 1 face vélue ADDL, V3293 74" . AS. Balance . | 1944, & HM. of = Balance of secount Se 1948 5. Bonds, Series Bond, oe Jeries G, E, issued June, inelu. F, of Eleie B. Ballantyne Browning checking Household ~ M2Z5E5401Eto H22565405E, Company, | account, | Ogden, Bank oe Utah, of America, : June, = decued with the J. uM, in the furniture, Bekins Studebaker Van furnishings and equipment & Storage Six Coupe Co., Horth automobile, = Main located Hollywood, _ amount Hollywood as California, ie oe amount inthe Los Angeles, i4 at $1000 U. . valif, —_ — June 17, 1950 Mr. Robert B. Ballantyne Morrow & Trippet | 1140 Rowan Building 458 South Spring Street Los Angeles, California Dear Bobs Mr, Val Browning asked your Mother's account, us to send you a statement and the balance as of June Regarding the For your convenience we are furnishing which shows all of the transactions to the basis of of 9th, the attached, date, Transportation Securities Company, Preferred, your basis on this is nil, as this represents the Ogden Transit Company stock and came to the holders on defaulted interest on the old Utah Rapid Transit Company bonds, the interest being used as Foreclosure on the Company. Regarding the basis on the home, my letter of January 3rd to you advised that unless you could dig up some basis at that end I would proceed to go to the shop and try to establish Ken's cost, which the I time will you do shortly come for and the may next have Regards, H. something directors Steckel on meeting. this by June 17, 1950 Mr. Robert B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 Los South Spring Street Angeles, Galifornia Dear Bobs I expect that you will be up here the end of next week, but in the meantime I would like to ask you to send me the address of the sanitarium where Elsie is, and her doctor's name, I would like to ask my Brother-In-Law, Dr. Chaffin, to get in touch and advise us of her condition; with the hopes that through his I think that of the from the connections Elsie's Company bank here he cash account in to you before, that way. and : Looking forward regards, to her if might balance to name, you seeing be the agree you I helpful. should A. transferred Department I handle it with best had soon, mentioned will and Sincerely, Val be Savings Browning this June Mr. Robert 458 South Dear Bobs: B. 7, 1950 of June Ballantyne Morrow & Trippet 1140 Rowan Building Los Responsive returning a Spring Angeles, form of and an Hope you regards, Street California to by your air Grant identity and letter mail today,duly covering Deed statement family in all are Elsie's duplicate. well. Sincerely Val VAB/ab Enels. Airmail A. Browning I 2nd, executed, am house, With best MORROW & TRIPPET LAWYERS 4596: HUBERT OSCAR T. MORROW SOUTHISPRING LOS A.TRIPPET LYLE C. NEWCOMER FRANK B.YOAKU M, JR. STREET-:: ANGELES MICHIGAN 13 JAME oe 4I4I gg JOHN C. MORROW HENRY R. THOMAS PALM LUCIEN W. SHAW CHARLES STEARNS ROBERT B. BALL R. F. WADE FULTON HAIGHT THOMAS F. HET HERINGTON ae CLARENCE 2 dune SPRINGS 101 NORTH 195 O PALM OFFICE CANYON M. HEUBLEIN MR. VAL c/o J.M.& M.S.Browning Dear Val: sold Mother's Ogden, and A. BROWNING Co., Utah. As an I escrow may house for have at the told 4409 sale you when Talofa is now I was Avenue, pending. up there, North I have Hollywood, For convenience in managing the property, some time ago Mother deeded it to me so that I was under the impression that title stood in my name, Title search in connection with this sale shows that the property stands in your name and that it was conveyed to you deed was executed by thought title was in of the property from came in and what its by deed dated November 5, 1937, which John and all of your sisters. I had Mother's name because she has the deed Nida and Neff to her. Where that deed purpose was, I don't know. I am enclosing a form of Grant Deed and an identity statement which I should very much appreciate your executing and returning. The Title Company advises me that if you were a married man on November 5, 1937, your wife should join in executing the deed. If this is the case, please type on the deed "Val In after your name, your wife's name, so that it will A. Browning, a married man, and Anne Browning, his this ment, case, public, All please have signatures If there is any of which I do not know, I know at once, inasmuch as completed on June 3. Best RBB: VT Enclosures regards. Anne also execute an should be acknowledged identity by a read: wife." state- notary complication in comnection with this should appreciate your letting me — the sale was supposed to have been Sincerely, 3 DRIVE TELEPHONE: PALM SPRINGS 2958 Sore ROBERT B. BALLAN TYNE CREX CONTROLLER OF THE & STATE OF CALIFORNIA 520 Rowan Building Angeles 13, California Los April 25, 1950 Morrow & Trippet 458 South Spring Los Angeles, 13, St. Calif. Attn: Ballantyne Robert Re: Nephi B. Villard Cummings (4d) Mr. Wyn R. Shay has referred to me your letter of April 6, 1950, for assistance in determining the value of the preferred stock of the J. M, & RH. 3S, Browning Company. The following additional information determining that value: 1 Please furnish a copy of Incorporation regarding the fer of the stock, will be Article 5 of restrictions 2 Please furnish a description of the of stock, From the information given, see just what preference the preferred 3 Is the Browning Gompany of a holding assistance in the Articles of on sale or trans~- rights of each class it is difficult to stock has, company for the assets of the holders of the common stock? seems to participate in a number of It is noted that it unrelated activities 4 Please the of Investments rather the than balance Stocks Bonds engaged furnish an sheet Real Estate the event Notes In being and of sheet of and loss in one specific itemization December described 21, as of business, assets 1949, follows: under carried the on caption $2,265,501.24 1,673,584,36 252,087.99 receivable interests in any of 648,013.99 the subsidiary investment companies, in stocks please those companies at December 31, statements for five years prior represents furnish a balance 1949, and profit to that date. Page Two Morrow & Trippet April 3 5 Please explain fully the item Royalty Carried on the balance sheet at December fully covered by a income each year, 6 an Under Liabilities there Advances-Browning arise? What is relation to the Arms is Gompany. item S$ is Is this company audited by a copy of the audit report 9 The company Is this a 10 Tf To so, two of Your shows years, William William Senior No discontinued H. $571,177.62 did this gains cattle and in KUCHEL, F. Harrison F, Harrison Accountant Controller described liability is its accountants at December each year? If so, 31, 1949 available? losses sale appear operation? obtaining account? to officers showing the year. Please show the as your knowledge, have there been at what price were they sold? cooperation THOMAS ak the of How reserve the Browning Arms Gompany and what J. M. & R. &. Browning Company? 7 Please itemize the salaries paid amount paid to each officer in each function performed by each officer, this 1950 Rights, $4,207,318.93, 31, 1949. How was this value determined and why is it I note the company has royalty aS 25, on assets | any of sales information cattle December of will in 31, 1949. this stock? be appreciated, March ll, 1950 Mr. F, Seaton Prince MullinerePrince & Mulliner Continental Bank Building Salt Lake Dear Seaton; Enclosed City, herewith Ballantyne, transfers Utah dated and etc., is a March copy 9th, together of a letter with my relating to from Robert certain reply of B. stock today. In line with our telephone conversation, you and Jack may deliberate on the matter and write Bob direct. Thanking you. Sincerely, M. MaB/eo/ab Encls, A. Browning Harch Mr. Robert 5, Deer Bobs Your letter held in of the 9th together with the enclosures was received Morning just as we are trying to get ready for a trip i would, therefore, like to ask that everything be abeyance to Lawyers California this Saturday to St. Lonis, in order 1950 Sallantyne c/o Morrow & Trippet, 1115 Rowan Building L458 S. Spring Street Los Angeles, 11, until transfer our the return. company stock part of next I am taking the 1+ will be necessary for both Val and I, as majority common stock voters, to sign a "Consent to Transfer", and this will be done on his return. Ue was supposed to have landed in New York yesterday. I imagine both of us will be back in Ogden the In the meantime, letter to the everything You that boys in our is all right. mention this latter making means affixed thereto. Hoping all the that is well legal new week, liberty of sending a copy of your in your I imagine department certificates there will be nothing with you and Mother, in order to make nane, in the Sincerely, uA B/co/ faw Me A. and nature Browning certain of trustee that 2QEL & TRIPPET MORROW 458 eS LAWYERS Street 13 South Spring Los Angeles 4141 Michigan 9 MR, MARRINER c/o J.M. Ogden, Dear 1950 A, BROWNING & M.S. Utah, Browning Company Marriner: Browning and March Enclosed are the following certificates Company, registered in Mother's name: #78 »= 150 #120- 250 #180- 173 shares, shares, shares, #310 3000 certificate for of J.M. & M.S. preferred preferred preferred shares of capital stock, These certificates have certified for transfer into my name, The been Utah Construction endorsed and Company signatures I am enclosing a scopy of a letter which I have written to the transfer agent of the First Security Corporation of Ogden, which is self explanatory, I sent the First Security stock to the transfer agent rather than to your office on the theory that you would just have to send transfer them up agent, to Salt Lake as that appears to be the office of the These transfers are in accordance with the trust plan which I recently discussed with you, I should appreciate your having the enclosed certificates re-issued in my name and returning the new certificates to me, The Browning Further, clate your sending account there, in me stock can be re-issued accordance with a check for the The next time I see you developments in this connection, I Thank you for your recent Utah Construction Company affairs, dential as you requested, in one certificate. the trust plan, I should appre~ balance of Mother's company will inform you more fully on the kind letter in connection with I will certainly keep them confi- T have been thinking of having Mother execute a form of assign~ ment of all of her interest in the J.M. & M.S. Browning "pool", so called, which includes I believe her interest in company common stock. I am naturally anxious to get everything properly transferred but do not wish to add to existing complications. I should appreciate any thoughts that you may have with respect to the effect of such a transfer. RBB: VT Eneols. Reg. Mail /s/ Sincerely yours, ROBERT B, BALLANTYNE January 5, 1950 Mr. Robert B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 South Spring Street Los Angeles, Dear California Bobs In answer to your letter of January 3rd. I am attaching hereto a statement of your Mother's account with the Company. You will notice on the credit side I have placed an X opposite the various items which are all taxable income. You have previously been ad-~ vised of these As the to but income I merely mention that has been sent them again. from day you received a check for $1,285.72, Mother's share of the comaon to be included ferred stock, stock this office. The other and will also have which represents your she holds, with the amount of $17,190.00 dividend on her pre The other income that was mailed from this office was $1,274.33, June $1,010.12, September $45040-12, and an amount of $63.93 sent you in taxes. These last three amounts are all on royalties that a record of her First Security and Union is all that I can think of and I would as some not through our books, letters, This 1950 them, you all of which keep are an accurate do go I have taxable. record outlined of Regards, H. HS/co/ab Enc - in Of course, Steckel these one of you Pacific recent dividends. suggest amounts my should that as you have starting receive January 3, 1950 Mr. Robert B. Ballantyne Morrow & Trippet 1140 Rowan Building 458 South Spring Los Angeles, Dear Bob: Street California of December Goine ‘back to your letter the outline to attempt I will of the various stocks and bonds, formation I have gathered. the cost regarding 8th, basis in- The matters in connection with Starting with your Mother's home. Ken's estate have been taken to the shop for storage, and in view of the fact that you may not have to account on the gain of this | until transaction over our use as season busy shop, I will of the attempt to arrive to the was and that it was first later by the Bank her My cost. and it warms recollection indicate cash in Mother's your consideration Ken was indebted to to her as a partial in enough of at the Sometime that so some after I can make that figure we of Ken's handling get a trip you may estate handled by an attorney by the name of Moyle, On account of the exorbitant | Of America. handling fees it was decided to came to your Mother from a Quit to year. close the this This home . turn them over to Neff. There is nothing Claim Deed by Neff. affairs connection. this at It is end that barely there was possible and that the home was turned your Mother, settlement possibly of this indebtedness. any that over You might discuss this with your Mother or Monida, to see what their In the absence of any recollection might be in this connection. — satisfactory information, it will then be necessary for us to as nontaxable were Gifts gift. a of nature the in this consider sifts in those years, and as such the donors basis would follow. In ken's estate matters, I am sure that I will be able to establish After you have made some value that you will be able to stand on. your inquiries at thet end you might give me the benefit of your and if it is not what you deem a satisfactory basis I will findings, | then proceedto dig out some basis at this end. Proceeding with the basis of the are attaching hereto a statement shares, number of been informed you the will note is estate pools of cost per share. matter which various showing amount stocks that you the certificate and source. arrived at, either from purchase, If you have or company dividend, the the affairs of The We hold. number, source distribution from not previously J.M. Browning and I will outline same briefly. Rachel T. Browning were handled, J.M. Browning died intestate in 1926, therefore, one third of his Court Order of distribution estate went to Rachel T. Browning. was issued in due time, but as per agreement with the heirs, the assets were retained intact and were designated as the J.M. Browning During the handling of this pool various purchases were made Pool. and placed in this pool, together with dividends accruing from the Robert JeM. B. & M.S. assets were attached, one was Ballantyne shares January Browning Company stock. as being from the number of likewise the source First One-seventh handled. Security of You In will the Corporation, shares 1934 Mrs. J.M. Browning Pool. at date Browning therefore note at of a basis held the 3, died 1950 and her on the statement $6.00 per share, of The Mrs. thirtyJ.M. Browning's death, and was so appraised for inheritance tax value. All of these various assets have now been distributed equally, insofar as this was possible to divide by seven. Any fractional adjustment was handled as a sale or purchase on their respective company accounts. We have recently requested the transfer of The Utah Construction Company stock and the Permanente Cement Company stock, as mentioned by letter of November 17th, certificates will ing thereon. to all be transferred to come in your care your Mother's name. These as well as the dividends accru. | The foregoing information could probably be more satisfactorily explained to you if you were here and I could answer any questions that might occur to yous. However, if there is anything that is not entirely clear to you {I would appreciate your mentioning them, and I will endeavor to straighten them out. Please acknowledge receipt of this letter. Best H. regards, Steckel MORROW & ITRIPPET LAWYERS 45:85 HUBERT OSCAR T. MORROW © USL Hes PRIN GCG. S bee rk LOS A.TRIPPET LYLE C. NEWCOMER FRANK B.YOAKUM, JR. JOHN C. MORROW HENRY R.THOMAS MICHIGAN FULTON ae 3 HAIGHT CLARENCE M. t3 JAMES S. BENNETT OF COUNSEL SPRINGS OFFICE 4141 2s. PALM CHARLES STEARNS ROBERT B. BALLANTYNE oes ANGELES January 1950 101 NORTH PALM CANYON DRIVE TELEPHONE: PALM SPRINGS 2958 HEUBLEIN MR. H. STECKEL Je Mc & M. S. Ogden, Utah. Browning Dear Mr. the Thank you enclosed check. Co., Steckel: for your letter of December 30 and I did receive the First Security Corporation dividend checks payable to Elsie Marie, Mother, Beverly and me which you mailed in December. I do not remember receiving any earlier during the year. However, if a dividend was declared in June I assume that I received it. of Would you Mother's account me and list of all which items were of not please send me a complete statement for the year 1949, together with a income that deposited were in her mailed account to Sincerely, Ae ROBERT Rope B. BALLANTYNE her there. or to STATEMENT OF J.M. & M.S. BROWNING COMPANY ACCOUNT Elsie B. Ballantyne-19)9 [tems Check-Robert B. B. cw - B. Check-Robert i +. Date 175.00 Jane 1 175,00 B. 8 500.00 Apr. Check—Robert Check—Elsie | Check-Robert Check—Elsie 175.00 500.00 B.B. IS 3.B. Check-Elsie B.B. Check—Robert B.B. Check~Robert B.B,. oo 1,000.00 175.00 500,00 Check-Robert B.B. 3,000.00 B.B. 175.00 Check=Robert B.B. Check-Robert BeBe 175.00 Check—Elsie B.B. Check=Robert B.B. check=—Robert B.B. 1,000,00 175,00 500,00 Check 3,000,00 Check~Robert B.B. 500,00 Col.Int.Rev.R.B.B. Check-Robert Mutual Life Check~Robert Pur. 500.00 B.B. Ins, B.B. Co, 1368/22 Permante @ 22.00 Check=Robert B.B. Check—Robert B.B. Browning Arms Check~Robert B.B. 175.00 162,70 175.00 °35 000.00 175.00 5» 000,00 145.03 175.200 38,108.45 Credit Balance Forward 775 347-3h 115,455.79 600.00 11,440.00 7 UsGs Divs 600.00 600.00 Ret. 1 Div.U.C.Stock a 15 * Div, Dec. 31. : Check Nov. # 500.00 B.B. Check—Robert Sept.13 1,000.00 B.B. 27 78,817.79 | July 12: U.C. Div. 1st + Est. 1919 Inc.Tax11,)00.72 3,000.00 Final 4% 198 Inc.Tax Check Credit Balance Forward " 29 U.C. Div. " ® Notes 500.00 4 8 Credits Items Debits Sale | Permanente 8/22 Permanente Uses Div. Co. C6. # 500,00 3,000.00 8,00 2,700.00 17,190.00 115,455.79 December Mr. Robert B. Los Angeles, Dear Bob: 30, 1949 Ballantyne Morrow & Trippet 1140 Rowan Building ~ 458 South Spring Street Replying First California to your Security letter of Corporation declared a dividend in o” ©X8500 in your case. December Dividend. December, the 29th, regarding same as The First Security June, | namely, Those checks were mailed to you just recently, and included Elsie Marie's, your Mother's and your own. Advise upon receipt of this letter if you have not received them, and we will stop payment Regarding the data prepared information but haven't letter, as it will A for 1949 check Happy New Year and to of have duplicates that I promised, gotten around to necessity Dividend be enclosed, you. ENC H. I have all the writing the a lengthy Sincerely, HS/eo/ab issued, Steckel one. Lee AF, 787 » ey December Mr. Robert B, 458 South Spring Morrow Los 1949 Ballantyne & Trippet Angeles+-13, Dear 12, | Street California Robert: I wish to acknowledge your with various questions you letter of December have regarding the 8, 1949, basis of in connection stock held by you for the account of your Mother. As stated in your letter, this does happen to catch us at a rather busy time, but I think that I will be able to squeeze in this information within a week or ten days. basis I of which surely realize the importance of your question as to the these stocks, particularly the First Security Corporation, has a very however, Security to this report, of this as was she low came basis. It will into some first organized was received that you not only stock in would want to of her costs, of take this 1928, considerable stock There back are when digging the First various angles: dividend a number know, and I will give you a complete but how she obtained same, as some by her as a company of years ago. At the same time I furnish this you. the cost on her construction stock and the statement, I will give Union Pacific shares. There can doing is any however, digging, one and of your that questions is regarding that I the income answer without explain this she receives briefly. At the time your Grandfather obtained patents Superposed shotgun, the 37 mm. Cannon, and the 9 mm. GP he assigned one half of the contract to the J.M. & M.S. on the Pistol, Browning has models. from time to time, earmarked Company, retaining one half any royalties received have Browning famihy, or in your The to do of royalty course, on the only 9 mm. "royalties". I will for himself. Since his death in 1926, always been apportioned 50% to the J.M. case, one seventh to your Mother. This with pistol the is three above received mentioned from the Fabrique Nationale d'tArmes de Guerre. The 37 mm. is out of production and no royalty is being received, but on the Superposed at the time they are imported from FN, who manufacture them, the Company sets up in their costs the amount of royalty that would accrue JM. Browning family had FN sold it to anyone else. to the We aave always been careful in advising on royalty payments, which we make periodically for our convenience, and always, label the type of firearm. The source of income from these various ypes however, money, of deal great a to at the present time do not amount Browning Val the in remaining we will be distributing the amount Trustee account within a very short time, and an explanation when you receive that check. this will serve | as Robert B. Ballantyne December 12, I hope to supplement this letter in a very mation that you need to set up her books. with all the income that has been credited short time with the inforI will also furnish you to your Mother's account will weeks for this you year. please I will remind try me not again to overlook within two Regards, H. HS/co/ab Steckel this, but time. if I should ‘ 1949 MoRROW & TRIPPET LAWYERS 4256 HUBERT T. SOUTH MORROW LOS OSCAR A.TRIPPET LYLE C.NEWCOMER FRANK B.YOAKUM, JR. JOHN C.MORROW HENRY SPRING - ‘STREET ANGELES 13 JAMES JAMES 0. WHITE, UR M. COUNSEL PALM SPRINGS OFFICE 101 NORTH PALM CANYON DRIVE STEARNS ROBERT B. BALLANTYNE R.F. WADE,JR. CLARENCE BENNETT 4141 R.THOMAS CHARLES S. OF MICHIGAN A TELEPHONE: ae S December 1949 HEUBLEIN MR. H. STECKEL c/o J. Ms Dear Mr, Ogden, & M. Utah. Ss: Browning : PALM SPRINGS 2956 Co., Steckel: Thank you for your letter of November 17, explaining the Utah Construction Company dividend situation. Soon after the first of the year I should appreciate your forwarding me a statement of Mother's account showing all items of income for the year 1949. I am trying to set up some books for Mother here and have been hampered by lack of informtion as to the cost values of various of her securities. At your convenience, I should appreciate your fumishing me with what information you have as to cost and date of ee pe gi of the following: 300 shares Utah Construction Company 35 shares Union Pacific 70 (now 5 $5000 2-1/2% U.S.Treasury February 1, (now shares, 3,000 shares) due Bonds 1965-1970, 1944; to stock split ) issued A EPS Yl!" 4 4 and the sharesof First Security Corporation ,of Ogden listed on the attached sheet. I assume the shares of Permanente Cement Company resulting from the Utah Construction Company division will be held there but if there are any other securities held up there in the company's name for Mother's benefit, I should appreciate your listing them and their cost values and she dates of acquisition also, and any other interests that has, such as those from which she derives royalties (family 409 Toluca pool - what is this, Since it during what may the be does it desirable next year, consist I to of, sell should etc.) Mother's like home whatever at informa- MoRROW & TRIPPET MR. H. STECKEL Page Two 8 December 1919 tion you have as to its cost basis to her. As you probably know, this property belonged to Ken at one time and on his death it somehow came to Mother. Ithink her deed to the pro- perty shows it was quitclaimed to her how they acquired it I do not know. by the I realize this is probably a very for you and I do not wish to impose on your send this information at your convenience. Best Cummingses | busy time regards, Sincerely, ROBERT RBB: VT Enclosure B. BALLANTYNE but time of year too much, so | ; >» fA fy L f = y y 2Z‘4 (4 ; Fy : i Nt £ > a + : 2 SOYL AA oF fo. f e, 3 pt AA” ae ff a COST BASIS FIRST * SECURITY CORPORATION ELSIE Certificate NOs : | Number : MISCELLANEOUS 116.67) Later Outright prior to exchanged 100 for four | purchase 1930 for one Viz. 31.00 68 Source 3 140.00) 125,00) | STOCKS BALLANTYNE Cost Per Share oe he B. AND 31.00 3,100.00) B 3108.00) 77o" Seeneee 58 - 23.00 1,334.00 Distribution 55 100 23.00 23.00 1, 265,00 2" 300.00} oe Dividend Company 100 100 100 23.00 23.00 23.00 29 - 100 31,7.38) 6.00 ve Market 2; 300.00) | bps. | ion. limelj-38 20.22 23.00 31 | 2,300.00 2,300.00 age ee 186.00 eehges ° 750.6 RR Quotation 15 J.M.B. oe | a From R.T.B.e Estate Div. from Pool 5.000,00) Dive Company 12-30-49 {62.75 © UNION PACIFIC RAILROAD @ 86 $1,290.00) = %76,766.00 ae S25 910.00 Split 1944 two for one = 70 shares UTAH CONSTRUCTION Market 12-20-49 Purchased 300 Exchange for 3,000 5 2s of U.S. $5,000 shares > @ $41.59 825 = “%150,00 $15.00 Treasury per per = share Bonds share 45,775.00 basis $4.5, 000,00 basis Purchased June, 1944 at \ A ) Mr. Robert B. Los Angeles, Dear Bob: February 25, 199 23, I will Ballantyne c/o Morrow & Trippet, Lawyers 110 Rowan Building 458 South Spring Street tn reply California to your questions in letter their of Febrnary particular order, 1919 attempt to answer the Your records on the First Security and the Utah Construction Company are correct. The dividend on the J.M. & M.S. Browning Company should be an additional $1,285.72 stock held in Val Mother's account, the $17,190.00 being your Mother's proportionate share of the common be care additional Browning's name that has not yet been credited to your but will be as soon as Val returns from Europe. However, must as we have reported to as $18,175.72 from the increased to take of this the government dividends received J.M. & M.S, Browning Company. $1,285.72 by your Mother Your Mother owns 300 shares of Utah Construction Company stock, but stock is being held in the name of the J.M. & M.S. Browning Company dividends share, are received With reference the various to the capital owners are i credited gain on $,200.00 with par value their U.I.C. this and as proportionate bond, could use for your purpose that these bonds were acquired in March 1942 disposed of in March 198 resulting in a long term gain of $1,501.25. yon and Your information is correct on royalty payments received. There is no depreciation allowance on these royalty payments as all royalty contracts were fully depreciated prior to 1937. These payments represent royalties received ' from FN on the manufacture and sale of the 9 MM G.P, Pistol on which the Construction J.M. Browning in making assignment to the company of several patents retained one~ half ownership for the benefit of the J.M. Browning Family. This particular pistol was one of those particular patents. Paragraph dividend, the total having been received 1, Page Regarding our letter have able 2--Your information is to you of October 7, correct on Utah by her for the year as $7,590.00. 198 I am sorry to state that I misplaced my copy of the letter to you, but Mrs. Wilks, fortunately, was to decipher her notes and I am of the opinion that I must have dictated b1,203,00 proposed instead to assess of $2,103.00. a deficiency Regarding the deficiency of tax the Department tax of $2):}6.09 in lieu of their adjustment, but Mr. Robert Los “ngeles, B. Ballantyne | California | February 25, 19h9 on:a we availed ourselves of in my letter of October of $2,103.00. but it claiming an additional exemption which as 7th exhausted her specific and made a net I am unable undoubtedly was to find where we ever paid the tax on this deficiency mislabeled and entered out as we and the declaration for 198, however the amount would be’significant devote With much time reference in digging this to the last paragraph I am sorry that this of February 23, 198 furnished returns for California and the had been made of $23.6) which be made. I mentioned taxable rift as some other and I don't believe are terribly type busy of tax deficiency; it would pay us to at this time. our letter you a copy of your Mother's final 19,7 tax Federal with information that an overpayment should:be applied on the March 15th estimate declaratio.: was to not made, but 1 doubt very much not, us you. if the Collector in your the J.M. & M.S, Browning district would penalize you if he Company dividend was not received has information that until the end of We your hear December 19);8. hope this answers all : questions, but if Yours very truly, H. HS/co/faw Steckel let from MORROW & TRIPPET LAWYERS 456-SOUT:H HUBERT OSCAR T. MORROW LOS A.TRIPPET LYLE C. NEWCOMER FRANK B. YOAKUM, UR. JOHN C. MORROW HENRY R. THOMAS CLARENCE STREET. ANGELES MICHIGAN 13 JAMES 23 R. F. WADE, JR. SANDER L.JOHNSON JAMES O. WHITE, JR. M, & M. S. Ogden, Utah Attn. :. Mr, BENNETT Be Dear Mr. February BROWNING OF COUNSEL SPRINGS OFFICE 101 NORTH PALM CANYON DRIVE 199 TELEPHONE: PALM SPRINGS 2958 CO. Hh . stecitet Re; Eisie B. Ballantyne Steckel: I am preparing Mother's 1948 Income Tax Return, in connection with which I should like verification some of the figures and certain information. following According to dividends verify: in M. I realize 194.8, records, which I Co. Browning S. M. & Je Mother's First Security Corporation Utah Construction Company not S. 414! PALM M. HEUBLEIN ROBERT B. BALLANTYNE pm. SPRING received their amount receipt, Company, as 1 that there, paid have I in the but have 194.7. since First With depended upon like you | / no to Utah ee ; “1 Z me were record were in statements of her of the same Construction account prepared by you. Incidentally, I have no record of the numberof shares which she has in Utah Construction Company, nor where the certificates are located. Would you please inform me on this? " | that {\ for is, I $2,698.75 term gain the bonds were. ing have sale of a and record Utah sold of Idaho one capital Central for $4,200.00, of royalties gain Railroad I have $2,234.63. records In this connection I transaction, Bonds, purchased resulting in received Mother of $1,501.25. Will you please were purchased, when sold, and let how should 4 [v1 1,662,000 [. fv 74 13290.00 they respect to dy P dividends kept the 17,190.0 > Ogden Security that received should of Mother assumed she of a long- me known when many bonds there by like to total- know if there is any allowance for depreciation on account of these royalties, how it is calculated, what the source of the royalty is, and how her interest is described, ” 7a MORROW J. & M. Page TRIPPET & M. S. BROWNING CO. Two 23 The is statement last Utah item of receipt that Construction Company in the amount of $5,790. any other receipts after Co. dividend, which In your certain should letter information stated that 1937 for sions and gift valuation the she would specific know whether turn was or not be ° appears on Mother's dividend, October 31, reported. to me purposes 199 Please let me know if there were that date, other than the Browning of regarding Collector tax February October prior gifts, $31.02 per valued at have made this is exemption a the stock gift of 7, in 198 in gave it was me transferred in share. excess $2,103.00. correct, you which of Please since your At this the let letter exclume states that the net gifts are $1,203.00, which looks like an inadvertent transposition of the figures. I assume the 1937 re- also the filed total at tax any interest for 1948, last March that paid during 1948. Office in mated I was pared pears on Salt the Lake. finally Tax, I the the statement debit for any discovered I was you on deficiency. In looking over which shows no Income Will paid going that you to prepare please 1937 let gift, me know excluding of Mother's account payment of 1948 Estimust the have 198 assumed Declaration. under the impression that the Declaration had been preand filed there, as in the past. Consequently, it apthat no Declaration and no installments of tax were I will the Collector's Office income tax returns and Los Angeles. attempt to work the matter out with here, and undertake to file all future declarations for Mother at the Collector's Best regards, May 25, 1948 Mr. Robert c/o Haight, B. Ballantyne Trippet & Syvertson 1140 Rowan Building Los Angeles, California Dear Steckholder: We are attaching hereto Government Form 843 your ineome tax effectto Glaim For Refund of Income Taxes in duplicate. The information shown on this form is selfexplanatory; however, it will be necessary for to the recompute overpayment 1947 of $279.53 which giving you represented nonetaxable income. Gomplete the balance of the form showing the 1947 tax as paid and the correct tax as arrived at by your recomputation, It will then be necessary for you to sign before e notary publie and ferward this claim to the eolleetor in the district where you filed your income tax return. | Yours very truly, J.M. & MeS. BROWNING COMPANY Form 843 TREASURY DEPARTMENT INTERNAL REVENUE SERVICE (Revised July 1947) TO BE FILED WITH CLAIM THE COLLECTOR WHERE ASSESSMENT WAS MADE = OR TAX PAID The Collector will indicate in the block below the kind of claim filed, and fill in the certificate ‘on the reverse. [_] Rerunp or Taxes. ILLEGALLY, ERRONEOUSLY, OR EXCESSIVELY COLLECTED, ee) REFUND OF AMOUNT PAID FoR STAMPS UNUSED, OR USED IN ERROR OR EXCESS, |_| ABATEMENT oF Tax ASSESSED (not applicable to estate, gift, or income taxes). STATE OF _ COUNTY OF COLLECTOR’S STAMP (Date received) Name of taxpayer or purchaser of stamps TYPE OR Business address PRINT (Street) (City or town, postal zone number) 3 (State) Residence The deponent, being duly sworn according to law, deposes and says that this statement is made on behalf of the taxpayer named, and that the facts given below are true and complete: 1 . District in which return (if any) was filed 2. Period (if for tax reported on annual basis, prepare separate form for each taxable year) from 3. Character of assessment or tax ; dates of payment 4 . Amount of assessment, $ 5) . Date stamps were purchased from the Government 6 . Amount to be refunded ee 7 . Amount to be abated (not applicable to income, gift, or estate taxes) of 8. The time within which this claim may be ey filed expires, under section 5 19 £5 March ._: on ‘ 43 T “riternat Revenues Code (Revenue Act or Internal Revenue Code) The deponent verily believes that this claim should be allowed for the following reasons: ~ ~ which To exclude were paid from taxable income dividends out of capital. Of the total received dividend during the year 1947 paid by the J.M. & M. S, Browning Company, according to audited figures, 61.365% was paid from earnings and profits and 18.635% represents a return of capital. as dividends from the J. M. & M. S. 3 J. The texpeyer reported $_ non/ taxable and $ are -r2) 27 / $ Browning Company of which for difference, following the in results A recomputation of the tax taxable, which refund is claimed; Total tax paid Correct eliminating of on 1947 return tax after recomputation, capital Difference for dividends which paid refund out is claimed (Attach letter-size sheets if space is not sufficient) Subscribed and sworn to before me this Signed day of (Signature of officer administering oath) ’ (Title) (SEE INSTRUCTIONS ON REVERSE) 16—15504-3 CERTIFICATE I certify that an examination of the records of this office shows the following facts as to the assessment and payment of the tax: eighth column.) ASSESSMENT List Month LIST Account Year Page No. oR | Amount assessed Line PAID, ABATED, OR CREDITED Date Pd. Ab. Amount Claim No. Class of tax and taxable year or period (Show, in the ninth column, by symbols ‘‘Pd.,”’ “‘Ab.,” or “Cr.,”’ the nature of each entry in the Total, $ Total, ba $ I certify that the records of this office show the following facts as to the purchase of stamps: To WHOM SOLD oR ISSUED . Kind | . Ps ae Date of sale Denomination or issue If special tax stamp, state: Amount Collector of Internal Revenue. Claim examined by— Serial number — COMMITTEE Amount claimed_.. $ Amount allowed_.. $ Period commencing— (District) ON CLAIMS Claim approved by— Chief of Division. Amount rejected_._ $ INSTRUCTIONS 1. The claim must set forth in detail and under oath each ground upon which it is made, and facts sufficient to apprise the Commissioner of the exact basis thereof. : 2. The claim must be sworn to by the taxpayer or his duly authorized agent. Whenever it is necessary to have the claim executed by an agent on behalf of the taxpayer, an authenticated copy of the document specifically authorizing such agent to sign the claim on behalf of the taxpayer shall accompany the claim. The oath will be administered without charge by any collector, deputy collector, or internal revenue agent. “ 3. If a return is filed by an individual and a refund claim is thereafter filed by a legal representative of the deceased, certified copies of the letters testamentary, letters of administration, or other similar evidence must be annexed to the claim, to show the authority of the executor, administrator, or other fiduciary by whom the claim is filed. If an executor, administrator, guardian, trustee, receiver, or other fiduciary files a return and thereafter refund claim is filed by the same fiduciary, documentary evidence to establish the legal authority of the fiduciary need not accompany the claim, provided a statement is made on the claim showing that the return was filed by the fiduciary and that the latter is still acting. 4, Where the taxpayer is a corporation, the claim will be signed with the corporate name, followed by the signature and title of the officer having authority to sign for the corpogggion. : U. S. GOVERNMENT PRINTING OFFICE 16—15504-3 © FSISMTWTFSISMTWTFS/ISMTWTFEFSISMIWTFEFSISMIWT 6 7 4) ES 5 15 1617 18 19 20 21] 121 22 23 24 25 26 27 28 | 192 29 30 31 LAST 262 MONTH 1950 AUGUST 1950 SUN MON TUE WED THU FRI SAT NEXT SEPTEMBER 345 6 9 101112131415 16 17 18 19 20 21 22 45 25 26 27 28 29 MONTH 10 111213141516 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Q rT > AUG. Q, 1950 - 144