Reynolds were a UK company, formerly part of the TI industrial group amd reknown for their range of alloy steel tubing. Most famously, they developed the first butted steel tube, 531, which was the ubiquitous frame material from about the 50s to the 80s. In the 70s they launched 753, a lighter, heat-treated tubing used for top-quality frames. There are also other steel tubesets, such as 631, 653, 853 and more recently 953. With the advent of aluminium alloys and composites, they are less common today, generally used for touring and bespoke frames. Some very basic frames may have used Reynolds tubing for the 3 main frame tubes, but cheaper plain-gauge chrome-moly for the seat and chainstays - so Reynolds tubes doesn't necessarily means it's of the highest quality - Raleigh for one did this commonly. Suicide levers were often fitted to low rent frames, so it sounds as though you've got a fairly basic frame.