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Yours is a Murray built Elgin (vice the Westfield built Elgin).
Value is a tough one. As is, it could bring $300, maybe $500/$600 to the right buyer...but that's pushing it. It does appear to be complete, straight, and the paint and chrome looks average. I haven't seen many war-time Elgins, so it is slightly rare. I'd clean it up and throw on some fresh rubber and see what ya think!
Here's the catalog pages showing the "better" and "best" bikes:
Beuffy's bike is interesting as it has over-the-fork fenders with a fender-mount torpedo.
Also the paint on the fends doesn't look like any of the 1942 models I've seen. You can just barely see a representation of it in the drawing.
The "better" model was available in maroon and light brown.
This bike would have come with chainguard, enameled trussrods, and the very hard to find handlebar mount horn.
The rack was sold by Sears as an accessory for $1.19
Is there a hole in the rear fender, just behind the seat?