Charles, your Velo King shows the one weak point of their design on models from the 30s and 40s - the front pedal cranks. The hub has a square opening which the squared off pedal crank ends fit into, held together with the long bolt and nut. After years of heavy pedaling, the pedal crank ends tended to wear and round off until the ends could actually turn inside the hub, so the cranks would end up being other than 180 degrees out from each other. This could possibly be corrected using sheet metal shims inside the square hub hole to snug things up again and keep the crank ends from turning in the hub.
Dave