Hi Folks:
The interesting old bike with the Williams skip-tooth chainwheel and the road looking dropouts should be presumed to be just a neat old bike.It does have a proper P'mount rear hub...
It is my direct experience that back in the 70's someone brought a decedent's 40's Paramount in to Santa Cruz'Dutchman Bicycles as a basket case.The construction details(lugs,fork)looked like 1940,but the ends were simple road type,and the chainstay and downtube were brazed-on for Osgear.One of the mechanics snaffled it,used it as a town ride for years,and took it with him out of state,whereupon it vanished from my screen.He lost the original running parts,which had come in with the whole basket.Oh,well...Anyhow,the old Schwinn catalogs allowed for the possibility of a truly custom P'mount that could offend the orthodoxy of the careful collector.
Have Fun,Play the Market,Seth Finkelstein,Santa Cruz,CA