This is a vintage 1953 Schwinn built Admiral Meteor balloon tire bicycle.  This bike is all original with a nice seat.  The seat has some life left in it but has some tears and divots along the edges.    This bike would make a great rider with a little work.  The rear brake would definitely require some Fred Flintstone stops, so best to get it rebuilt if riding.  Wheels are mostly straight and rideable.

Skiptooth drivetrain. 

Red with cream accents.  Paint is rough with some scratches.  The fenders have a couple dents but otherwise look decent - the rear is missing the reflector. The paint has lost its gloss and the red on the frame is starting to darken.  The front light is showing some rust along with the rear rack. 

One of the fender stays on the rear has a broken end.
Handlebar and stem chrome is rough
The rear rack is bent down on the end.
The Delta front light has a cracked lens and shows some rust.  The inside is clean though.  The 2 ever-ready batteries are still in the light but haven't leaked. 

This bike has forward facing dropouts, built-in kickstand, semi-tubular fender stays, and a removable seatpost binder clamp.
This Meteor was made by Schwinn in Chicago in May of 1953.

Measurements:

Seat Tube 18"

Top Tube 22"

Stand-over Height - about 30"

Specifications:

Seatpost - straight steel post

Saddle - Original Troxel springer type saddle.  Saddle top is drying out and cracking.  Has a few rips.  Bottom is just starting to show some slight rust.  Good shape.

Stem - original steel quill stem, rough chrome

Handlebars - 26" wide bar, no chrome left, with Schwinn oval logo black grips which are slightly worn but definitely usable

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

Pedals - block style pedals, worn, 4" 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, starting to show some rust

Tires - matching Goodyear All Weather balloon tires are in great shape and hold air.  Rideable!

Serial #K07624 - found on the rear dropout

Reference #37478