Good find, Gary. I think you're spot on: Ellery Arms is what you would call a "distributor" of pennants. I highly doubt they manufactured pennants.
In my research, I've found this to be true for many of the order-by-mail retailers of the day that circulated catologues featuring felt pennants, e.g., Spalding, Sears Roebuck, etc. These catalogues were thick; sometimes hundreds of pages long. Pennants made up only a few pages within these catalogues; and therefore represented only a small part of their business.
In most instances, pennants sold via these distributors would feature no label; but, sometimes, they featured the label of the distributor--not the maker. Which has only added to the confusion as to who made them....
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