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To me it looks like the lock is in the "locked" position already, it's just been moved up along with the stem, so it has been defeated. No key. When it's in this "locked" position, it should be harder for the stem to get loosened because of the metal shield covering it. I think we can see that with tools, that's not fool proof.
I agree with @piercer_99, if it isn't locked to something, don't count on it being there when you get back.
I'm also with @GTs58 and @rollfaster with 38 from the serial and rear forks.
Other sweet prewar stuff I see - Miller kickstand, fillet brazing, Y shaped connection point for rear mudguard stays, seat lock integrated into frame...
Does the chainguard look home made? I’ve never seen one like that before, also those forks seem odd I’ve never seen forks that blocky on a schwinn before
Thanks for all the great input. I will try to get some more pics soon. The chainguard doesn't look to be homemade, but I will try to clean it up some. Also the bike has very narrow fenders.
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