Thank you, that's a very interesting tip. I did a search for photos and it sure looks like Davis either made the frame or supplied the bits and pieces for the Canadian company to weld together (to get around tariffs). What do you think about the lower tube not being parallel with the top tube, was that a Davis thing or just poor assembly?
Yes, I can post a photo of the badge. I held that back at first because I didn't want to influence people's opinions on who made it. It was assembled by The Berlin and Racycle Manufacturing Company in Kitchener, Ontario, Canada. Here is what I know:
In 1897 in Berlin, Ontario (later Kitchener) Arthur Pequegnat began building Berlin bicycles (his own design) and assembling Racycle bicycles from Miami in Ohio. Miami stopped production of the Racycle in 1918. The Berlin and Racycle Co. stopped making bikes in 1923.
So what did Pequegnat do between 1918 and 1923 when there was no more Racycle hardware to import? With Goldenindian's tip, here is my theory (yes, I'm guessing!
Pequengnat was already accustomed to sourcing bikes in Middleton Ohio, so he went down the road to the Davis Sewing Machine Co. in Dayton and sourced his bikes from there, either complete frames, or the parts necessary to weld one together. And then, about to lose his second supplier in a row with Davis set to be liquidated in 1924, he decides that 1923 will be his last year of bike assembly and he will focus exclusively on making clocks, which his company did until 1941.
So now we have a Canadian assembled Davis bike with a Racycle badge on it and a CCM crank hanger. Does that sound right?