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The answer is simple. Saginaw was the subcontractor for the receiver. Inland assembled the carbine. Lots of manufacturers used subcontracted/transfered receivers.
IBM-AO
Underwood-Inland, S,B,W and T, IP
Winchester-Underwood
NPM-IBM, Underwood
Rock-Ola-Inland
Std, Prod.-Inland
QHMC- Universal Windings
Inland-Saginaw
just to name a few....
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