We were told when we took it for a crankset a long time ago that it was a Paramount. I have found a head bearing nut stamped Olmo, and the frame gussets look more Italian than Schwinn. The story the bike mechanic told us when he told us it was a Paramount is that it was handmade in the '50s for the Tour 'de France. I know it was old when I picked it up in '74.I have no idea why he thought that. This was in the late '70s or early '80s. He did offer us $450.00 for the frame. All components have been replaced, I think only the frame is original.
It might just be a frankenbike, but it is fast and smooth. The shifters are friction. I think dad installed them or had a bike shop do it sometime in the early '80s. He was only 5'9" and this bike is too tall for me at 6'.
I have details of the parts in another post. I just wanted to upload pics while I can- honey-dos are waiting.