The object picture is indeed bicycle related. It is a bag that gets hung from the top tube and fits inside the frame. It was designed to carry whatever you want. An early attempt of panniers?
> While cleaning up the basement this morning I discovered the mysterious
\r?\n> canvas artifact illustrated. It was found in close proximity to a stash
\r?\n> of old bike parts and its shape is vaguely reminiscent of a bicycle
\r?\n> frame. It is marked "PARAMOUNT" in large red letters and, clearly, has
\r?\n> never been used. It bears no labels of any sort carrying information
\r?\n> concerning country of origin, material composition or instructions for
\r?\n> cleaning. Is it bicycle related? Can someone identify it?
\r?\n> The tape measure gives the scale. On the left is a velcro tightening
\r?\n> cuff. To the right of that is a buckle on a short strap and farther
\r?\n> right there is a long, never used, canvas strap. Finally, the bag widens
\r?\n> at the extreme right to about seven inches and contains a full length
\r?\n> What is this thing? Half a straight jacket for a Schwinn addict?
\r?\n> Martin Needleman
\r?\n> Annapolis, Maryland