Well Sports geek that I am I know a litte bit about Spaulding bikes. They did in fact make their own bikes ,very well made. They had a contract with the US army to make bikes for troops. The 43rd Mountain more famously know as Buffalo Soldiers were tasked with testing them and determining the value bikes would have in combat. This would be around the time of WW1.
I looked them up because I have a very old Spaulding pin with a bike wheel background.
Hope this helps.
J
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