Unfortunately this razor has fallen victim of the cell rot.
If you can hand sand the shank with some 400 sandpaper it might reveal the maker, hope it is legible.
What is cell rot?
David - Formerly The BoardSMITH
Now just retired and looking for work
it is caused from celluloid scales.
they emit acid fumes which cause deep pitting on carbon steel blades.
Something in the celluloid (clear seems to be the worst culprit) breaks down over time. you can tell by the localized heavy rust. One thing is well known, that cell rot affects all carbon steel around it, so keep suspected scales apart from other razors till you can remove the aflicted scales.
That looks more like just plain intense rust to me, but it's hard to tell based on that picture. The reason I suggest that is that the scales look to be dyed horn and not celluloid. If it is cell rot, maybe the razor was stored around some kind of celluloid...
Either way, it won't be able to hold a clean edge, because the pitting left over from the rust will put microscopic (and sometimes not so microscopic) holes in the edge.