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I’ve explained this many times. In the early 30’s if an Evinrude or Elto motor has a seven-digit number stamped into it, either on the tiller arm bracket, serial number plate, or a freeze plug, the first three digits are the model number, and the last four represent where in the manufacturing sequence it was built.
In the event that you find an eight-digit number, then the first four digits identify the model number.
Thus,, you model number 407 is indeed a 1932 four HP motor, and its the 53rd motor built in that model series.
Hops this helps.
Best,
PM T2
He's livin' in his own private Idaho..... I hope to go out quietly in my sleep, like my grand-dad did..... and not screaming, like the passengers in his car...