You scored a reasonably rare frame. Does it have a Hiawatha badge and can you tell the badge is original?
Typically that frame/bike was sold as the Hawthorne All American and was built by Cleveland Welding (Some may have also been produced by Snyder, I'm still investigating that). The design was patented in 1940 by Walter Dorwin Teague and according to the Ward's catalog was partially the result of a poll of American boys to find out the looks and features they most desired in a new bike. Originally the bike was exclusive to Ward's and never offered by CWC as an in-house Roadmaster counterpart. I have a late frame (1942ish) that is badged for Western Autos as a Western Flyer so at some point the model was offered beyond just Hawthorne branding. These bikes were top-of the line bikes for Montgomery Wards and sold in reasonably small numbers between early 1940 and the end of 1941. The frame is one of only two CWC produced prewar straight-bar designs. Both prewar designs use unique (and rare) tanks that are not interchangeable with each other or the common postwar straight-bar tanks
I'm interested in two things; I assume the frame is CWC , proof would be in the configuration of the upper rear fender bridge which I assume is a piece of straight tubing rather than arched to follow the cross-section of the fender. The second thing would be the serial number information from the bottom bracket to see how the frame dates out and compares with others.
Good score even outside of the low price!