I don't know Paramounts at all, but if I were hazarding a guess I would say that frame had a chain guard at some point. That forward eyelet on the right dropout looks about right to anchor the back of a chain guard, and there isn't one on the left side.
Doug Van Cleve Chandler, AZ USA
And in case anyone's harboring the thought that that may have been a converted Paramount Tourist frame, my '61 P-11 Tourist (with 3-speed Sturmey Archer) has eyeleted Campagnolo 1010A's with the extra eyelet for the chainguard brazed on.
Ed Granger Lancaster, PA, USA
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