1890s Victor Victoria ladies pneumatic safety bicycle. The Victor was made by Overman Wheel Co.
(image from oldbike.eu)
Here are some amazing images of a gentlemens model (1893 Victor Flyer), this webpage is also full of Victor ephemera as well.
Outboard bottom bracket bearings, found now on current high end performance bicycles
Very cool Victoria tilting saddle clamp.
Saddle tilts forward to help a lady get on and off her bicycle with less effort.
(update Nov 2011- bike sold on Ebay for $2100)
Via Bicycle 