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1941 New World race bike

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That's very interesting. I would have figured the singletube wood rims would have been long gone!
I'll have to think hard about choosing a set of wheels for this build.
 
Finally got the stones to try an OA bath on my 41' Schwinn New World. Did a test run on a girls bicentennial stingray with similar rust stains. Never tried it before, so quite nervous. Didn't want to ruin a great bike. Attempted to go with the 1 Tbsp per gallon, but only had a 1 tsp measurement. Thought I went under on the OA concentration, but after 30 minutes, this is what I had. Wanted to preserve some aged look rather than bleaching away all of the patina so I pulled it out. Wd-40 and wax followed after the pictures.

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I've used a lot of OA and never ruined a bike. I think people get nervous when they see the word "acid". A grapefruit probably has as much acid as OA. I never measure----just fill up the kiddy pool and dump some in. The bike came out nice. I'd go with the wood wheels just to add more cool factor to it. V/r Shawn
 
This was an interesting find with a number of unusual features. If you like oddball Schwinn lightweights, this is a good one. The OA bath worked just fine on it. You may want to blast the inside of the frame with some frame saver or fluidfilm to preserve. OA can be a problem with some of the oxide red paints (turns them pale pink) but it depends on the paint and condition of the bike. Test on an inconspicuous area before soaking if in doubt. The OA really brought back the white on this one.
 
Your bike seems to be set up more for racing than recreational riding-no fenders or chain guard, and the wooden rim/single tube tire wheel set would be more for racing due to their lightness and higher psi. Also, the pedals look to be for racing, too. The frames were seamless Cro-moly fillet brazed, which would also indicate a bike built more for speed than cruising.
 
Just noticed in the 1940 catalog bloo posted, it looks like it has a 28" wood one piece racing rim listed. I think wood is going to be the only way to go on this one. I'll try to keep posting as the progress comes along.
 
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