This is a Vintage 1950 Schwinn Hornet balloon tire bicycle.  This hornet is all original but is missing the headbadge and rear rack. 
Notice that the mid-tube has a slight bend in it - different than most of the standard Hornets.
Skiptooth drivetrain. 

Light blue with cream accents.  Paint is rough with quite a few scratches and some dents - especially on the fenders.  The paint, especially the white, has lost its gloss. 
One of the fender stays on the front has a broken end.
No real chrome left other than the seat guard.
Missing the original tank and rear rack.
The "Rocket Ray" front light is missing the top half and lens.

This bike has forward facing dropouts, built-in kickstand, semi-tubular fender stays, and a removable seatpost binder clamp.
This Hornet was made on March 9th of 1950.

Measurements:

Seat Tube 18"

Top Tube 22"

Stand-over Height - about 30"

Specifications:

Seatpost - straight steel post

Saddle - Original Troxel springer type saddle with chrome edge guard.  Saddle top is drying out and cracking.

Stem - original steel quill stem

Handlebars - 22" wide bar, no chrome left, mismatched grips

Crankset - original 1 piece dropforged steel with skiptooth 5 heart chainring

Pedals - block style pedals, worn, 3.5" wide blocks - not sure if original

hubs - New Departure Model D rear hub, Schwinn script front hub
rims - original cream painted steel balloon tire rims, 26", with 2 black pinstripes

Serial #G055057

Reference #29711