This particular stencil is actually of the Pan American made model 42M vintage 1939. This model was a stencil line and introduced in 1939. The greater share were stenciled for H&A Selmer Co under their Geo M Bundy brand. However as this one shows many other brands were also stenciled on this model.

The Kleartone trademark name was registered by Grossman Music Co of Cleveland in 1924 with claim of first usage in 1923. This instrument is likely stenciled for that brand.

However, in the 1920's there was a Kalashens Kleartone brand from New Yrk, but I have yet to find its trademark registration. These instruments were engraved Kalashens Kleartone, thereby separating them from the Grossman brand.

Pan American was a manufacturing subsidiary of CG Conn Ltd with their own models and distribution. In this case CG Conn Ltd is a holding company much like General Motors with GM, Cadillac, Buick, Chevrolet etc subsidiaries.

Thus CG Conn Ltd was a holding comapny, a manufaturer and a brand. The holdiong company had many subsidiaries.