Not only were ALL Chicago Schwinn electro forged frames painted with red oxide before any kind of top coat paint was applied, they were dipped in it. If you cut one of these bikes apart, you will find that the interior of the tubing is indeed coated with red oxide. This will also explain the the dripping paint, or more precisely, the painted over dripping primer found on the bottom brackets of so many of these. Schwinn really was all about quality in those days.