Julian Shapiro outed this bike at Bicycle Trader.
The seller has this listed as "1938 Paramount Track very rare - $15,000" really?
Ted Ernst would have much better knowledge, but I'd bet this is much younger, probably mid-1950s. Reasons:
1) I don't remember chrome finish in the '38 catalog, but haven't read it closely. 2) Seat stay "eyes" are not ball-end, like my '38, but beveled like my "donor" frame, a '53. 3) Although it could be a retrofit, it sure looks like a Cyclo-type derailleur with door-spring, one that has fallen on hard times. I do not remember that option in the '38 catalogue, either, but don't have time to check tonight. 4) I never heard of a 531 frame decal on a pre-war Paramount.
But, I could be wrong, and certainly don't want to rain on anyone's parade with mere hypotheses.