Those saddles were known as "hygienic" for some reason. The hub is a Morrow. I think this bike is just getting some basic repairs and clean-up and some corrosion protection. I am sure this bike could be ridden but I am sure not going to suggest such a thing. The handlebar is a "Fredrick adjustable" the cranks are Fauber (I suspect), the rubber things are known as "buffers" and are placed where frame damage might occur.
I don't know what pedals this bike has but these are the ones on my Nashua 1898.
Eric, did I mention I knew where one of those stems is hiding? Ill shoot ya a PM.
1890's pedal by
barnstormerbikes, on Flickr