Yeah, that's a '36 Schwinn. Note the rear dropouts and the straight down tube. The frame is worth a buck or two, easy. The rest is unfortunately not original and only worth what it would cost to piece together from Ebay. There might be 325 in parts there.
I paid $50 for mine (without the brooks and the bars) and I'm real happy with it. Since this photo it's gotten chrome fenders and a real springer and proper rack. It's a 1950. Note the curved downtube and rear dropouts;