So, I got this same frame from
@mrg but without components. The below photo depicts the 1937 Snyder Frame, correct Paisley Chain Guard and Hawthorne Chain Ring. The 37 frame & rear fender brackets are void of dropstand stops so it points to a ZEP....Agreed??? I see a hole in the lower rear fender but suspect that's for a reflector and not a drop stand.
This is the reason why there is only one hole on the fender, because early Zeps had a drop stand with a side clip. No other bikes had this kind of clip, and very few are around. This came off of a true Zep