The frame and the fork are Westfield products. The serial number is in the Westfield pattern and connotes a build date during mid 1936 which is about the time Westfield started using dropouts with ears on some models. It is not the typical frame that is associated with Sears as the geometry of the tank aperture is different. The badge holes are also not Elgin pattern. It is possible that the bike was badged Mead as they used both Westfield and Schwinn as suppliers at that time. If the bike was sold by Mead it might explain some of the differences from standard Westfield specification including the fender braces and the 1/2" drive train. It is also possible some of these items were changed out at a later date.
Check out some related bikes on the Ratrod site here:
http://ratrodbikes.com/forum/viewtopic.php?f=1&t=22393&p=224849#p224849