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Need help ID'ing motobike

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repeater

On Training Wheels
Hello everyone,

First time poster. I've long been looking for a good pre-war bike to pickup and restore to go along with my hot rod addiction, and stumbled across this one in the basement of an antique store the other day. Once I got it home, I began trying to ID it. I assumed it was a Schwinn...something late 20's...early 30's. The bike had been slathered in green paint at some point in its life, but amazingly, a quick swipe with a rag soaked in lacquer thinner pulled the paint off and left the original paint completely in tact. The headbadge had been removed, but left a nifty decal under it from a cycle and key shop in Minneapolis (I live just north of the Twin Cities) so I spent the last 2-3 weeks scouring everything online trying to ID it. What's making the entire thing a challenge is the peculiar "arrows" that are on the paint. I cannot find a bike anywhere with these. Initially I thought it was a Schwinn, or variant of a Schwinn, but I don't see a single one with arrows like these. Here's some other stuff that might help.

Serial number is 328467. Under the number is the number 2, with a diamond on either side of it.

Tires are balloon tires - 22.5 inch wheels, 26 inch tires. Not sure if this is standard.

Having trouble with the skip-tooth sprocket. I see late 20's Westfields with this sprocket, and some Aerocycles, but I'm at a loss.

Has a Marrow hub on it.

If anyone can help, I appreciate it and the advice!

<img src="https://www.flickr.com/photos/61604379@N00/22784526453/in/dateposted-public/">

<img src="https://www.flickr.com/photos/61604379@N00/23303237612/in/dateposted-public/">

<img src="https://www.flickr.com/photos/61604379@N00/23329151781/in/dateposted-public/">

<img src="https://www.flickr.com/photos/61604379@N00/23329151781/in/dateposted-public/">

<img src="https://www.flickr.com/photos/61604379@N00/22783345794/in/dateposted-public/">

<img src="https://www.flickr.com/photos/61604379@N00/23115934220/in/dateposted-public/">
 

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That chain ring sure looks like a Schwinn ring, 1938ish.
 
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That chain ring sure looks like a Schwinn ring, 1938ish.

I looked this morning at the hub and could not find a single letter or number anywhere on the hub, where normally it would be stamped. I will check again though. Is it correct though that pre-30 Marrow hubs are not dated or stamped anywhere?

I will double check again.
 
Also, I'm racking my brain on this sprocket. It looks almost identical to the late 30's aerocycle sprockets, but those are not skiptooth, and this is. It looks similar to a late 20's Westfield sprocket, but those also aren't a match. I haven't been able to find anything that matches it.
 
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