I think so too - 1940 or 41 tourist frame converted to a makeshift racer probably. Looks like it was overpainted, unfortunately. The really early ones have backward-facing rear forks. There was also a dedicated New World racer package, but this looks like a converted tourist.
[QUOTE=" There was also a dedicated New World racer package.[/QUOTE]
I'd like to see the specs for that, if available. I have a New World that allegedly was a velodrome rental bike- three piece bottom bracket, aluminum Schwinn hubs, fixie , flip flop stem, drop bars and geared to something like 90 inches. I SHOULD measure the wheelbase, etc. but it has been a very back burner project. I do remember seeing in a Schwinn catalog that any Superior or Paramount components could be ordered on a New World.
The earliest Racer versions came with the rear-facing dropouts, but I have seen later (but still pre-war) versions with the forward-facing drops. The key identifiers for legit New World Racers are: frame chain stay crossbar is closer to the bottom bracket (less clearance as the Racer wouldn't have fenders like a Tourist model); the steeper fork with less rake (often without drilling in the crown for a brake); and the special crank on the one-piece crank models (the W1-R). The crank and chainring have subtle differences to the standard ones...no dog-leg offset for a guard, flutes on the arms, and an offset chainring for inch-pitch chains.