In my opinion that looks like a pre-21, Iver Johnson, Model 90 Truss Frame Road Racer. It may appear to be a "kids or boy's bike as it is the small (20") frame. The wheelset may have been changed out and the fork throws things off a bit as it should be Nickel plated, but other than that it looks pretty darn good. Given the chance, It would take me between 5 and 6 seconds to buy it if the price was reasonable..............................................and maybe 15 to 20 seconds if were priced a little high.
Pete in Fitchburg
Do you know how many teeth are on the sprocket? I have seen some of the early 24 inch wheel boys' bikes from this era and they often have 22 tooth sprockets. Full size bikes usually have 26 tooth sprockets. Womens' may have 24 teeth. You might can use that as a gauge of if it is really a 24 inch-wheeled bike. Here is a photograph of an Emblem Brand bike I bought recently; some of you folks may have even seen it for sale. It is a good example of how an early 24 inch wheel boys bike may appear. The seat is about half as large as a full size long-spring seat. The Iver Johnson looks like it might be full sized to me, but I'm not certain.