The Schrade Cutlery Co. tang-stamped knives did not usually carry any kind of pattern stamp on the knife. So you have to go by the look and description of the knife for an I.D.
Your knife looks like an Equal End slim pattern jack knife, 3 1/8" long (closed), brass lined, with nickel silver bolsters and shield. From the factory, it would have been cleaned inside, with a crocus finish on the mark side of the large blade.
The pattern number should be 2424?. The "2" represents a 2-bladed knife, the "42" represents the pattern or style of the knife. The last "4" represents the type of handle material, in this case celluloid.
Now, the question mark usually inicates the color of the celluloid. I find no reference to "butter and molasses" in the color chart of my Catalog "E", but we have all come to use that term. In the absence of that choice, I'm going to say the question mark will either remain blank, or I might put a "K" in there, which is the "brown lined cream". But I agree, it definitely look like B&M.
The tang stamp as described should put that knife between 1917-1946.
I always loved cell handles, although they are a little suspect on stability. You may choose to leave it like it is for sentimental reasons, but a knife like that might make a nice restoration project. There are some good knife tinkerers we know who could do a nice job on this, and they might have some old blades that would work with that.
Regardless, if it belonged to Gramps, then it is priceless...
Glenn