Iron Horse

Found this on Craigslist Friday. Bought it on Saturday. He was irritated because the fellow who had replied before me was a no call, no show, so he offered it to me for $100. He was asking $150. He said he didn't think the handlebars were original, and he had a ridable replica seat on it when I got it. I replaced the seat with a cheapie I had in the basement, and tightened a few loose bolts. I've taken it for a few short rides. Bearings feel a bit on the dry side, so an overhaul is in the works. The handlebars say Hercules and are extremely narrow. Also the pitch is low and my knees hit the handlebars in a mild turn, but there appears to be no way to adjust them, so my knees are everywhere riding around town. Tires are 28 x 1 1/2 by Kenda. I plan on replacing them soon. The rear brakes seem wrong for this bike, but I can find no fittings anywhere that would indicate this bike ever had rod brakes for the rear. Anybody have any ideas on this bikes id and or a history?