My brother inherited this beauty many years ago, most likely issued to my Dad when he joined the USN to fly nice quiet blimps after getting shot down a couple of times for the RCAF. I'm guessing the P5454 serial number put it fairly early on in the 1942 production run.
My question regards "adjusted to 3 positions." Crown up, horizontal dial-up, what's the third? Dial down? Crown at 3:00 or 9:00?