This is a vintage Elgin Collegiate (what we believe) balloon tire bicycle from around 1941 (+- a year or two).  The paint on this bike is very nice.  Most of the details have survived - 4 stars on the fork with the white arrow, the details on the top, middle, down, and seat tubes have all survived fairly well.  The white has started to show more cream than pure dazzling white..  The main frame has very few scratches.  The fenders and chainguard have almost no scratches. No rust
The un-breakable stem (defender of the universe) has decent chrome and looks good.  Handlebars need some cleaning too, but good shape.  The grips are in excellent shape too.  Love the bell.

The front rack, chainguard, and rear rack all seem to be accessories added on at time of purchase. 

Overall, the bike is in great shape and only needs some polish and some 0000 steel wool to make it show worthy - ok, the rear tire doesn't hold air and the front one is ripped but nothings perfect, eh? 
Love the bell. 
The bike was made by Murray in Ohio.  Very neat smooth welds.  Sweet headbadge too.  Teal and orange.

Frame - black with white details
fenders - gothic style fenders, white trim, few scratches.  No holes for lights.  There are a few small dings/dents mars.
chainguard - chrome, needs shining but no dents, nice shape
rear rack - black, straight, missing a bit of paint in a few places, but overall good condition
frame details - more cream than white
fork truss - painted white but showing some rust, headset plate missing some chrome

Measurements:

Seat Tube - roughly19"

Top Tube - about 22"

Stand-over Height - about 30"

Specifications:

Seatpost - small diameter L bend post

Saddle - made in USA Troxel leather saddle in black, good condition with a little wear on the tip and sides.  pan and springs still black and just starting to show some rust

Stem - unbreakable quill stem, ok chrome, should be able to be cleaned

Handlebars - 22" wide cruiser bars

Crankset - steel one piece crank, skiptooth Elgin chainring, need cleaning but good shape

Pedals - Meteor #3, in decent shape, with some wear

hubs - Elgin air cooled hubs, front and rear, good shape and roll well
rims - painted to match (white with black pinstripe), drop center rims, showing white.  Will need to be cleaned
Tires - Allstate tires (original)

Serial # (in 3 different lines)

SE
MOD 502.158
SER 75134

Reference #60694