Nice bike! With the locking fork it probably did not spend a lot of time at the velodrome but was a trainer out in the real world. The Schwinn Dural hubs are a nice extra. I have a 1947 New World set up the same way- 3pc cranks, fixie dural hubs, drop bars, aluminum stem and a Persons "racer" saddle. The schtick I got from the previous owner was that it was a rental bike at a velodrome. With 90 inch gears it is not fun to ride in the city, but Schwinn used their own threading for sprockets so I haven't been able to find a larger one. I did find a smaller chainring, but it misses the clearance dimple on the chainstay. I need to get cracking on it because I do not need another wall hanger.
New Worlds are nice bikes, and one of the few bikes built well and built for grown ups in the US at the time. Even a Raleigh would leave them in the dust, but they are sturdy and comfortable.