Identify old bicycle w/locking steering column? Pulled this bike out of an old shed on a property we just purchased. Believe it to be an aluminum frame but was more intrigued with the locking steering column. The badge is not on it; can anyone tell me more about it? 

Additional Info:

The home is located in MS and was built at the turn of the century. The young girl who rode it would have been 12yo in '38. I had moved the bike to a garage and took this photo. Regarding the badge, I looked at the head tube and saw two holes (vertically spaced ~2-3 inches apart) and an outline. We were visiting over the holiday and unfortunately don't have the opportunity for more detailed photos at this time.
Could be a Aluminium Monarch Silver King.
Good luck!