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Your brake looks very much like a Musselman caliper brake. I am posting photos of a NOS Musselman brake and lever for comparison.
I was thinking the same thing, when I first saw the brake set, but wasn't sure, so I held my opinion.
I looked through some of my old catalogs, but couldn't find anything exactly like what is on the Drysdale bike.
I do think, you nailed it though.
Musselman seems pretty likely.
I didn't see this thread until now, so pardon my belated reply!
The bolt-on seat stays suggest an "Alvin" model, but the decals clearly say "Velox." Velox was the name of Alvin Drysdale's bike company in the 1930's, but it was also the name on one of their models (along with Ace and Alvin). I cannot recall having seen another Velox with bolted on stays, but I don't always notice such things.
There may be a serial number under the bottom bracket and on the back of the fork crown. All the Drysdale serial numbers I've seen were six or seven digits. The first was always a 3, the second a 6, 7, 8, or 9. I assume the first two digits indicate the year (so, 37... means 1937) but I cannot confirm this.
The serial numbers that I've seen were evidently stamped on before paint, and may be difficult (or impossible) to see through the paint. If so, don't worry about it. Don't mess up the original paint.
Oh, I think it very likely that saddle is original. It certainly could be, the date is correct.
Those Persons saddles sometimes have a number stamped on the underside of the cantle plate (the C-shaped steel part of the frame). The number appears to be a date, such as 1940. I don't suppose yours has that?
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