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A rubber button mounted on a nickel silver ferrule pulls out from the bottom of the reel seat allowing easy mounting of the fighting butt
Original bag and a Payne tube I believe
Also of note is that the aluminum acorn cap on the bottom of the seat pulls out to reveal a nickel silver ferrule with which the fighting butt can be attached
The rod is described in the 1921 William Mills catalog as follows
Horton "Meek 54" Fly Reel - Abercrombie & Fitch 4 Weight A rubber button mounted onFor sale here is a very scarce Meek 54 fly reel made by the Horton Manufacturing Company in Bristol, Connecticut. These reels appeared in the Abercrombie & Fitch catalogs and this one includes an A&F stamp on the back of the frame. Serial number 2037 on the foot. Nickel silver spool latch with spiral knurling. Excellent condition overall. Designed for right hand retrieve. The diameter of the reel is 2. 9" with a spool width of 5 8". Weight 4 1 2 oz.