Your hub might simply have a cut-to-size replacement axle, to replace a damaged one. I bought a 1980 Cheltenham-Pedersen with 10-speed gear and 114mm Pillisier HF hubset, on dimpled 27" alloy rims. A lot of dish but it worket fine (I re-spaced my frame to 130 when I upgraded to 700c wheels, and have been recing Cyclocross with it).
>i have recently purchased a wheelset that is built around a pair
> of pellesier hubs. i don't know exactly how old they are, but i
> would guess from appearances no earlier than the 1970's.
> while wrestling with the freewheel i noticed thew rear hub looked
> a little odd. when i put it in a truing stand, the OLD came
> out to 115. this seemed odd, so i checked it against all the
> other rear wheels i have, and it was indeed narrower than
> the other 5 speed wheels i have.
> then i realized what was botering me in the first place about
> the hub. the rear axle has been cut down to a shorter length
> with a saw. i am at a loss for an explanation, and would
> appreciate anyone's better informed ideas.
> yr obdt svt
> Stephen Fredette
> Hull, Massachusetts