Ann Phillips nicely outed the following Paramount Tandem. Although somewhat older, the bike is very similar to one friends had in Princeton, NJ a few years later. WRT the bike and the description, I'd make a few comments that might be helpful to the list and to the seller (copied):
1) All tandems of that vintage were pretty close-coupled (short front-to-back). The back rider in particular typically had a postion like on a "roadster." This may be longer than our Town & Country (61" wheelbase) on which we have done much more than 10,000 mi, but it ain't like your fit-kit or equiv. single. Notice the short rear stem.
2) Of course the frame material is steel. I have never seen one labeled as Reynolds 531, and the catalogue for that year makes no tubing claim for that model; they were generally considered to be aircraft-grade 4130 (similar to Columbus, but not butted). BTW, the "twin lateral" design has been largely discarded: expensive, and doesn't give good torsional rigidity.
3) The gearing has been changed substantially. These came from the factory as 10-speed with same-side drive, front derailleur mounted on the rear seat tube. This has been changed to drive from the front (which I have done, too, on curved-tube tandems), and has been converted to cross-over drive.
4) Schwinns come from Chicago; Chicago may have wind but it doesn't have Major League Mountains. At that time, Schwinns did not have a third (rear hub) brake. Where we rode, this made me uncomfortable, and I have always preferred the safety and redundancy of the third brake (which, however, I did not put on my mountain tandem, which never went fast,,,,).
In short, it has been changed to improve performance, and it will certainly meet needs of many couples, and bring a lot of fun. But, there are some errors in the description, and work would be required to make it wholy authentic (like finding two left-side and one right-side TA crank arms), which would make it less useful. It would be a great "starter" tandem if the price is right and the buyers understand its limitations, but most "serious" couples would move on for a primary tandem, finances permitting.
Your mileage may vary.
harvey sachs mcLean VA
or ebay # 3672204072
With description carefully cut and pasted from the Schwinn Lightweight databook <g>.
Ann Phillips, Decatur Ga