I bought this bike a week ago at a swap meet. I paid $10 for it. I don't know much about the bike. The headbadge says, "Maholwald Cycles". Mahowald was originally a blacksmith shop in Mankato Mnnesota that gradually turned into a bicycle/ motorcycle shop, then more of hardware/ sporting goods store. They sold bicycles made by major manufacturers and then re-badged them with their own logos. In thr 60's they used Schwinn products but prior to that I don't know whose bikes they were using. I haven't been able to find much out on this bike regarding its age or original manufacturer. The serial number on the bottom of the bike reads, "5796A" or possibly, "3796A".
My wife had been wanting me to build her a bike for a while. I thought this one might be a good candidte. The bike has seen some better days. At some point in its life it had received a blue rattle can paint job. A lot of that paint was flaking off and looked pretty bad. It wasn't until after I bought it that I noticed this mess on the bottom. Someone had done some pretty bad welding on the chain stays. I think I can clean most of it up and make it better.
After a couple hours time I was able to take something that had been fairly well preserved for 50-60 years and turn it into this mess.
The current immediate plan is to get the frame stripped, the bearings cleaned and re-lubed and some tires ordered. Then I'm going to try to fix up that shoddy welding and get this in paint in the next couple of weeks.